After a year of pandemic indolence, buyers returned to the downtown San Francisco condominium market in the fourth quarter of 2020, grabbing second or primary homes with larger interiors and luxurious finishes and amenities for personalized service.
“The pandemic widened the scope and allowed some people to grow,” said Sandra Eaton, West Coast regional director for Compass Development Marketing Group, adding that many people who withdrew from the city were returning because of them missed the vibrant lifestyle it offered. “This trend will continue in the new year.”
She noted that California’s lockdowns and work-from-home routines were forcing people to reassess their homes.
“Indoor spaces have become increasingly important to them, but they still want outdoor spaces like community parks and dog parks, and services like car and dog wash areas,” she said. “Some people realized they wanted a bigger kitchen or personal space where they could hold zoom meetings or take yoga classes.”
People also started rethinking their transit options. “All of California is very car conscious, but San Francisco is getting less and less,” she said. “Residents are learning to live without two cars, or even a car, and are taking advantage of car sharing services that some condominium developments offer.”
According to the Compass Development Marketing Group’s report “New Development Market Insights”, all of these new activities resulted in an 8.7% year-on-year increase in sales in the city center in the fourth quarter.
The resurgence in sales didn’t help prices, however: they fell an average of 10.4% year over year to $ 1,056 per square foot, which is their lowest level in five years, according to Ms. Eaton.
Ms. Eaton said the dynamic downtown market is shaped by people trading in land – some buyers moved their primary and secondary homes, kept their primary residence in the suburbs and a pied-à-terre in the city.
“San Francisco is a legendary world-class city,” she says. “When it came to housing, there were fewer choices before the pandemic. There are now more choices, but this window will close. I can’t predict when that will happen. It will depend on a number of factors including the economy and Covid. “
Here are some of the new San Francisco condos that are tempting buyers.