San Francisco Apartment Market Heats Up After Pandemic Tumble – CBS San Francisco
SAN FRANCISCO (CBS SF) – The property sales season has got off to a hot start this year, and the San Francisco condominium market has strengthened significantly since last summer’s pandemic lull.
Despite last year’s weak condominium market, the Four Seasons Private Residences in 706 Mission are hosting the two highest closings for luxury high-rise residences in 2020.
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KPIX 5 received an exclusive preview of the first luxury condominium to officially open in San Francisco during the pandemic.
The ultra-post-ultra-luxury project has been in the works for 12 years. It fills the last remaining buildable space in the Yerba Buena district.
NBA star Stephen Curry also reportedly bought a condo in one of his two towers.
“It was pretty dead last year, there wasn’t much movement during the COVID from anyone wanting to see something with an elevator, lobby, or shared amenities,” said Gregg Lynn, broker at Sotheby’s International Realty.
Lynn says things changed last November.
“When the presidential election was over and Pfizer announced that they would start vaccinating in the next few months, things began to change in the San Francisco condominium,” said Lynn. “Since then we have had ten weeks more to do than in all of 2020.”
KPIX 5 toured a 3-bedroom, 3,590-square-foot unit on the 37th floor that was available for $ 11,290,000.
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Amenities include a games room, as well as a bar and lounge. The Grand Penthouse costs $ 49 million, making it the most expensive condominium in San Francisco.
“I like the neighborhood I’ve been in for 5 or 6 years, so I definitely like it,” said Grace Lin, who lives in the area. “You obviously have the MOMA, you have a lot of good restaurants.”
Jon Banks lives one block from development.
“I’ve seen activity in the area increase over the past month, activity increased – vehicle traffic, pedestrian traffic,” he said.
Buyer interest has also increased.
San Francisco condominium sales in February were up about 48% year over year. And year-over-year, the median sales price for condominiums fell 8%, according to Compass research data. The introduction of vaccines could further increase sales.
“We have never worked so much with people who tried to help them find a home. So yes there is an exodus, but there are still very large numbers of people who are moving here and moving here, ”said Lynn.
Interest rates hit record lows at the beginning of the year, which also fueled the market.
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“If you’re a buyer looking to find the best spot in San Francisco, you might be considering looking for a luxury condo than now,” said Lynn. “You will either find the best value or the best unit with the least competition.”