San Francisco condo report - Van Ness Corridor

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Real Estate Agent with Compass CA DRE# 01215160

It's no secret that San Francisco has faced a tremendous housing shortage in the last few years. As a result, many new condominium projects have been built recently and are recently completed or nearly completed.

Many of these are in the South of Market area, near AT&T Park or Mission Bay.

However, other in-fill projects have gone up along or near the Van Ness corridor, and that's our report for today.

Looking only at units with condominium ownership, excluding BMRs (below market rate) TIC (tenancy-in-common) or stock co-ops here's what our multiple listing showed for this area as of 3 days ago:

Lobby of The Rockwell, San Francisco17 Active listings currently for sale. These range from a resale studio of approximately 470 square feet price at $460,000 to a new penthouse with 2 bedroom, 2.5 baths, about 1485 sq.ft. listed at $2,675,000.

Of the 17 available units, 12 are new construction, either completed or still being built.

15 listings have pending sales. Prices of these range from $749,000 for a 1-bedroom, 1 bath unit to $2,423,000 for a 2-bedroom, 2-bath penthouse. 

10 of these pending sales are new construction, and 4 of them are in a complex not slated for completion for another couple of months.

Can you imagine the state of housing if these new developments hadn't been built? 

I recently wrote a post about The Rockwell, one of the new developments in this area. Later this week look for a more detailed report about 1450 Franklin, the other new development scheduled for completion soon.

 

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Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Anyone thinking of buying or selling a home in your area should call you.

Jan 31, 2017 04:47 AM #1
Ambassador
3,919,379
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Lottie

You once again showed your knowledge of, and expertise in, the San Franciso housing market. Given the shortage of housing I would imagine these condos will be sold fairly quickly.

Jeff

Jan 31, 2017 04:12 PM #2
Rainmaker
1,739,746
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Gita Bantwal - sometimes I think I live and breathe this stuff! Seriously, knowing my market place is crucial, and something I enjoy.

Jeff Dowler - thanks for the compliment. I have an appointment at 1450 Franklin tomorrow and am anxious to learn when occupancy is expected and how many units of the 67 remainunsold at this point. Yesterday I learned there was only one 1-bedroom unit remaining. Stay tuned!!

Jan 31, 2017 04:59 PM #3
Rainmaker
3,246,758
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Lottie

Adding the new condos to the San Francisco California real estate market will be welcomed by the home buyers.

Good luck and success.

Lou Ludiwg

Jan 31, 2017 08:04 PM #4
Rainmaker
1,739,746
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Indeed, Lou Ludwig - new condos are purchased before they've been seen, months before completion. Lots of buyers need places to call home.

Jan 31, 2017 10:02 PM #5
Rainmaker
1,964,191
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Lottie Kendall - I sure hope we're not heading for a population explosion! I hate to say it, but it seems like that's the direction the United States is going and I don't see the trend of low inventory ending soon. So many people want homes and there's quite a shortage. So many new and smaller apartment buildings and they just don't fit a large family. I agree with you, there are a lot of buyers who need "Places to call home!"

Jan 31, 2017 10:31 PM #6
Rainmaker
1,739,746
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Housing for families isn't happening in San Francisco, Patricia Feager - virtually all new construction consists of high-rise condos and apartments. It's a real issue. Habitat for Humanity just completed a small in-fill project for a few families.

 

Feb 01, 2017 08:25 AM #7
Rainmaker
1,964,191
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Lottie Kendall - it must be some type of national conspiracy! When I first moved to my area, they had a moratorium in place and didn't build anything new to protect the open spaces. Well in recent years a lot has happened and those darn high-rise condos are making somebody very, very rich! And as for the apartments, the ones that nobody ever wanted to live in long, but had to for temporary reasons are not available because they have wait lists and the builders/developers are building apartment all over! 

Feb 01, 2017 08:46 AM #8
Ambassador
1,769,715
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Hi Lottie, great reporting on the Van Ness Corridor of San Francisco.

Feb 01, 2017 09:20 AM #9
Rainmaker
1,739,746
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Noah Seidenberg - thanks! condos here sell like hot cakes!

Feb 01, 2017 11:25 AM #10
Rainmaker
1,218,679
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Glad to hear that your market's housing needs are closer to being met, Lottie Kendall ... and hopefully your phone is ringing constantly .. and soon with many wanting to view these new properties ...

Gene

Feb 01, 2017 12:56 PM #11
Rainmaker
1,739,746
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hello Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - the condo market is slowly stabilizing in San Francisco; average rental prices are dropping ever so slightly. We'll see how things progresss in the next couple of months. 

What do you see in your part of Illinois?

Feb 15, 2017 08:18 AM #12
Rainmaker
633,936
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Lottie you always do a great job with your market blogs. Your style is so professional and yet personal, really a pleasure to read.

Feb 15, 2017 02:21 PM #13
Rainmaker
1,739,746
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - interesting learning a bit about your condo market. Because of the strength of the Silicon Valley job market, condo demand in our suburban markets is also strong. Urban living is definitely in vogue, with new San Francisco condos sold before they are built. Not every bank will lend on those.

Feb 16, 2017 08:23 AM #14
Rainmaker
1,739,746
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Kathleen Luiten - I'm glad you like reading my style of market report. I try to impart the feeling of the market in addition to giving bare statistics and numbers. I enjoy dreaming of Kauai, so thank for keeping those listings coming.

Feb 16, 2017 08:26 AM #15
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Lottie Kendall

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