San Francisco Space’s New Launches: House Consumers and Builders Are Wanting Past the Metropolis

Although the 2020 pandemic lockdowns halted, or at least slowed, most industries in the US – including the San Francisco area housing market – there were some silver linings on the horizon.

“We had to rethink everything in general, all of us. But now with the Delta variant, we are no longer as shocked and know how to react, ”said Sandra Eaton, Regional Director West Coast at Compass Development Marketing Group. “We adapt to this new normal and make progress. It won’t stop us like it did a year and a half ago. “

But Eaton says the developers made good use of the work stoppage. “Taking a break from anything and everything gave developers a chance to sit back and really understand what buyers are looking for on their way forward. I think this time has been used well and people are very eager to move forward. “

So what are buyers looking for? “People always value personal space and walk-in neighborhoods and see their home as an oasis,” said Ms. Eaton. “But what used to be a wish is now a need and the developers really pay attention to it. They make sure that they get it right for today’s buyers. The developers we work with are very enthusiastic and optimistic and look forward to 2022. “

And while the spring signs of recovery in the form of new developments in San Francisco have flattened for this year, Ms. Eaton said, “What we are seeing this year is different than last year – and is significant and notable – is that we have seasonality . We have a more normal market, that’s encouraging, and the first and second quarters of this year were exemplary. “

According to the Compass Development Marketing Group’s New Development Market Insights report for San Francisco, Q1 sales increased 42.6% year over year. Prices also rose, rising an average of 12.9% year over year to $ 1,649 per square foot.

“Much of the inventory that was taken off the market during the pandemic and then replenished and reabsorbed in the first and second quarters was more significant than we have ever seen,” said Ms. Eaton. “This applies to the entire market, not just to new developments.

“We actually had more sales in the first quarter of 2021 than we did in all of 2020 and even in 2019,” added Terri Tiffany, Compass California public relations consultant. “So that’s really optimistic.”

Here are some of the new condos that are attracting buyers to the San Francisco area.