The Market is very active in San Francisco

The demand for condos in San Francisco has been strong throughout January and February, but new construction is shrinking! The market has been very active.  According to sales office data collected by the Mark Company,  80 condos were placed under contract or sold in January, a 70% increase over December, and a 344%  increase year over year.  Pricing is up 6% compared to this time last year. Inventory is down 34% . Many of San Francisco’s most illustrious towers are on their way to being completely sold out. Lumina has sold 95% of its homes and The Harrison has only half of its units left. 75% of One Mission Bay is gone.  But new buildings are on the horizen.  There are opportunities to purchase at 815 Tennessee and  Stage 1075 is gearing up for their grand opening. A new construction in Jackson Square, called 288 Pacific is not officially open to the public yet, however I can get clients in early to see the residences and reserve a unit.  If you are considering purchasing a new home, please do not hesitate to contact me!

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A Four-Story Dream Home with Dazzling Views of the City & Bay


From the outside, 22 Portola Drive looks much as it did when it was built in 1948. One of a group of row of homes in Diamond Heights, its impeccably preserved facade remains true to the architect’s cohesive vision. Inside, however, this 4-bedroom, 3.5-bathroom home dazzles with sweeping views of The City and the Bay, a grand top-floor master suite with a solarium and deck and a custom-designed glass and steel staircase that is a four-story work of art.

Beautifully remodeled and expanded in 2003, 22 Portola is truly one-of-a-kind. In addition to allowing direct access to the garage and housing a 144-bottle Sub-Zero wine refrigerator, the welcoming foyer offers the first glimpse of the grand staircase created by Oakland artist John Lewis, whose work includes the Oklahoma City Memorial. Rising from the ground floor to the skylight-capped top level, the planes of rippled, textured glass create a stunning waterfall of light at the center of the home.

On the second level, broad windows in the open-plan great room bring breathtaking views of San Francisco and the Bay Bridge into a cozy living room with fireplace, a dining area with custom-designed lighting and a modern chef’s kitchen with granite counters and dual Miele ovens. Remote-controlled window shades filter morning light and provide privacy at the touch of a button. Behind the kitchen, a large family room doubles as a home theater, with sound-proofed walls, 7-channel surround sound and a convenient half bath. A private garden offers a leafy retreat just beyond the back door.

The third level features two comfortable rooms with gorgeous views at the front – perfect for bedroom or office use — and a full bath with two sinks, tub and shower steps away in the hall. A third bedroom with en-suite bath overlooks the back patio. And a laundry room with elevated, front-loading washer and dryer rounds out this floor.

At the fourth level, the staircase opens out to a solarium with windows that stretch from floor to ceiling and wrap into skylights at the top. Sliding doors grant direct access to a spacious deck with jaw-dropping panoramic views and room (and structural support) for a hot tub.

Designed for entertaining and relaxing, with plenty of space for lounge furnishings and a built in wet bar, this sunny aerie also fills the house with fresh air, warmth and light. Remote controlled windows at the top of the stairs create cross-ventilation that cools the entire house on hot days, and when San Francisco’s famous fog rolls in, 7-zone programmable radiant heating keeps every room snug and warm. Solar panels on the roof (accessible via a pull-down ladder on this level) supply most of the home’s electrical needs.

Tucked at the back of the fourth level, the grand master suite is a serene oasis. Its large en-suite bath features two sinks, a glass-block shower and a tub. A walk-in closet offers ample storage space, while a hidden laundry chute eliminates the need for a hamper and for carrying clothes downstairs – just one of this home’s many thoughtful design features.

Located at the heart of San Francisco, 22 Portola is close to shops, restaurants and transit stops in Noe Valley, the Castro district, Glen Park and West Portal and offers easy access to downtown, as well as freeways to the East Bay and Peninsula.

    

 

22 PORTOLA — FLOOR BY FLOOR

1st Floor

  • Entry foyer with direct access from garage
    • 144-bottle, 2-zone Sub-Zero wine cellar
    • Hidden under-stair storage
    • Doorbell / entry lock hardwired to allow guests to be admitted via telephone from upstairs
  • Spacious one-car garage with room for bikes, tools, etc.
    • Plus plentiful on-street parking just across Portola

2nd Floor

  • Open plan great room with sweeping views of downtown and the Bay Bridge
    • Wood-burning brick fireplace
    • Double-paned windows, custom-designed to open at the top (for ventilation and child-safety) or to the side, and fitted with light-filtering, remote-controlled privacy shades
    • Dining area has custom-designed overhead lighting
    • Chef’s kitchen equipped with two Miele ovens (regular and steam), stone counters
  • Sound-proofed media/family room wired for 7-channel surround sound
    • Built-in bookshelves with cabinets and flat-file drawers
    • Half-bath with pedestal sink crafted from original support beam
    • Access to private back garden patio

3rd Floor

  • Three welcoming bedrooms and two baths
    • Two bedrooms in front with views of the city and Bay
    • One in back with en-suite bath
    • Additional full bath in with double sinks, shower and tub
  • Laundry room
    • Elevated front-loading washer and dryer (no bending!)
    • Purpose-built space for a cat box, complete with dedicated ventilation system

4th Floor

  • Solarium lounge
    • Grand window wall to maximize light, air and views
    • walk-out deck with panoramic views (engineered and wired to hold a hot tub)
    • Custom-built shelving
    • Wet bar
  • Master suite
    • Spacious, serene bedroom
    • En-suite bath with two sinks, glass-tile shower, hidden laundry chute
    • Walk-in closet
    • Access to roof for easy cleaning and maintenance of solar panels (a spigot and hose on the roof means no need to lug a water bucket)

All Floors

  • Stairs are built with ½” thick stainless steel stringers, and each step is supported by two 1” diam. solid stainless steel rods
  • Programmable 7-zone radiant floor heating system powered by a super-efficient Munchkin boiler
  • Programmable lighting throughout
  • Cat5e and RG-6 cable wiring in every room
  • Insulated interior walls for efficient climate control and sound-dampening
  • Designed with maximum cross-ventilation for natural air-conditioning on warm days
  • Solar PV system: 16 185W Sharp panels
  • Whole-house fire suppression system
  • Engineered for earthquake safety

Please call Leslie Bauer 415.205.3899 or Michelle Balog 415.810.7890 for private showings.

New Construction in Jackson Square

A new building named 288 Pacific is in its final phase of construction and on schedule for a certificate of occupancy (TCO) in late April. It’s not open to the public yet but they are allowing some agents to show clients and you could reserve a unit. Located in the architecturally interesting, historic Jackson Square district, the new building has a very Barbary coast style that sets it apart from other condo buildings. The neighborhood is well loved for its charming brick buildings and historic warehouses that have been turned into art galleries, restaurants and boutiques. There will be a total of 33 condos available, including  two Studios, seven One-Bedroom condos, a nice selection of Two-Bedrooms, and three unique penthouses with impressive great rooms and terraces. The building exhibits a high level of craftsmanship and style. Residences are luxurious, with elegant design features using exotic and hand crafted materials. Each has wide plank european oak wood flooring throughout, eleven foot high ceilings and plenty of natural light. Floor to ceiling windows frame with double or triple exposures views of downtown, with the Transamerica Pyramid to the south and bay views and bay bridge views to the east. Kitchens have natural stone countertops and back-splashes with Taj Mahal quartzite from Brazil, striking dark wood cabinetry and millwork, unique unlacquered brass fixtures, and state-of-the-art Sub Zero and Wolfe appliances. Bathrooms have awesome soaking tubs along with separate glass enclosed showers and dual vanities, incorporating Italian Grigio Fleury marble and Waterworks unlacquered brass fixtures. Two bedrooms residences have good square footage and some come with dens. Secure indoor parking is provided for each resident and the building as two rooftop terraces with sensational views. The seventh floor terrace has a fire pit and outdoor kitchen. The residential lobby has an elegant concierge desk and seating area,  with an oversized fireplace, original artworks and framed mirrors,  oak-paneled accent walls, an ornamental ceiling, and geometrically patterned marble stone floor. This is a great opportunity to live in one of San Francisco’s best historic neighborhoods, just steps away from the Ferry Building Marketplace, the waterfront, and within great proximity to downtown and the financial district.

    

While under construction. Bay Bridge View.

Thinking about buying a home or condo in San Francisco?

Thinking about buying a home or condo in San Francisco? Please join us for a free workshop at the Mission Bay Condo Store on Sunday February 25th at 6 pm. Learn everything you will need to know to be a successful home buyer. The market has been very active so far in 2018, and  we will be seeing even more activity as the season gets underway. Let us help you compete in this tough market. There are so many opportunities to purchase in San Francisco. We would be glad to help make it a smooth and enjoyable process.

An Exciting Year for SF Real Estate

My office put together a year-end report for San Francisco real estate activity in 2017. It was a great year! The median sales price for both single family homes and condos was up 9% throughout the city. Properties sold quickly and at higher prices than at any point in San Francisco’s long, rich history. Neighborhoods like Cole Valley and Hayes Valley saw the highest increase in median sales price, though not as many properties sold in those areas than in the previous year. Other neighborhoods like SOMA and South Beach saw an increase in the number of properties sold. There were 976 condos and lofts that sold in SOMA/South Beach, which was not a large increase over the previous year’s number of sales, however condos sold fast, reflecting the ongoing demand to live those neighborhoods. The median sales price for condos and lofts in SOMA/SouthBeach also increased by 5.9%. And as sellers gain more confidence we will expect to see more properties coming on the market as our spring season gets underway.  Read the report.

Seller Confidence on the Rise

According to the San Francisco Association of Realtors housing demand in the city remained incredibly strong throughout 2017. With less homes for sale than in 2016, prices were consistently up and properties sold more quickly. Buyers may not have benefited from higher prices, but sellers did, and confidence is said to be on the rise. We are expecting to see more listing activity as the year unfolds. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers. Home building and selling professionals are optimistic, despite the fact that mortgage rates are likely to increase in 2018. One of San Francisco’s leading authorities on market trends, The Mark Company, announced robust buyer activity right away as the year began. It appears as if the 2018 buying season is starting earlier than in previous years. The company’s Condominium Pricing Index indicated strengthening market conditions in December with momentum being as high as the spring market of 2017.

There were plenty of new construction condos available with the start of the new year, and still more are in the pipeline. But some new constructions which had only released units earlier in 2017 are already sold out. La Maison, 72 Townsend, Laguna Hayes,The Rockwell, and The Pacific are down to having only a few homes left. One Mission Bay, the new condominium community across the channel from AT&T baseball park, brought  270 new residences to the neighborhood, however there are only 80 homes left. The Knox and Rowan were just completed in 2017 and are completely sold out. Lumina has sold 670 of its units and has fewer than 50 homes are left. There is still plenty of opportunity to find something elsewhere however, and several new constructions will be releasing new condos in 2018. If you you are looking for a new home, don’t miss out on the opportunity to get in early and get first pick.

Bamboo Is Making Its Way

                  

Bamboo is a great building material that we are seeing more and more in home design, not only in landscaping and furnishings, but also as wall accents and flooring. Bamboo is one of the world’s most durable, sustainable and renewable materials. It’s natural aesthetic is beautiful with its subtle variances. It is a great material for flooring as an alternative to wood, and it comes in a variety of colors. It’s unique structural properties give it a higher tensile strength than any traditional hardwood and even many alloys of steel.

 

Tech Taking Over San Francisco Offices

Over 3 million square feet of office space was leased to tech Companies in San Francisco in 2017 – companies like Facebook, Amazon, Google and Dropbox – making it one of the strongest years on record for tech tenant leases. Seven companies signed for mega-blocks of space, leases that were for over 150K square feet, accounting for nearly 70% of the total space leased. The South of Market neighborhood saw most of the year’s leasing activity, and is reported to have the highest asking rent of any other neighborhood in San Francisco. 2017 overall saw an increase in asking rents, attributed in part to particular lease transactions, like the record breaking Facebook lease. The company rented all  436,000 square feet of 181 Fremont’s office space for its new headquarters, one of the biggest corporate leasing transactions in San Francisco’s ever, costing Facebook nearly $80 a square foot, or $35 million.  

Economic expansion is expected to continue in San Francisco, so demand for space is expected to continue. However with even still more new constructions on the horizon, will there be too much space? And as tech companies expand there is a growing need for employees, which presents some challenges. While there is a lot of employment talent currently in the Bay Area, less and less people are moving into the area. That may be due to the high cost of living and transportation woes.  But  there has yet to be significant movement from tech companies to move out of the Bay Area, which many had predicted would be the case.

The Austin Welcomes Its First Residents

I just sold a unit at The Austin, part of the first round of purchase contracts to close. With over 50% of the building now sold, the new condominium community welcomes its first residents. Offering a total of 100 residences, the new construction is located in the ever-changing Polk Street neighborhood, the epicenter of the city, close to Nob Hill, Pacific Heights, Cow Hollow and Russian Hill. Now that its model homes and amenities are finished the building is gearing up for its grand opening. There are studio, junior one-bedroom, one bedroom and two bedrooms still available with pricing from $695,000 to over $2,000,000. Featuring high-end finishes, flexible floor plans, and floor to ceiling windows, residents will enjoy natural light and sweeping views of the city. The building’s amenities include everything from a Zen -like courtyard to a dog-washing facility, outdoor fire pits, bike parking and a lobby “work hub” lounge with a fireplace and coffee shop, said to be one of the city’s best lobbies.

 

Luxury Condo for Lease at Mission Bay

110 Channel Street #531, San Francisco – $3,600

Located in a brand-new building in the heart of San Francisco’s vibrant Mission Bay neighborhood, this bright and modern junior 1 bedroom, 1 bathroom condo offers impeccable style. As the home’s very first resident, you’ll enjoy luxurious designer living.

The open floor plan showcases a spacious living room with a wall that offers separation from the bedroom. There is ample cabinet and counter space; the new refrigerator and dishwasher are cleverly concealed behind wood panels. In-unit laundry and 1-car parking complete the home.

One Mission Bay affords residents the utmost in luxury living. The last condo building to be built directly on the channel, One Mission Bay’s residents have some of the area’s best views and best park access. Nothing else compares to being directly next to the water and overlooking AT&T Park. The building offers numerous amenities including a 24-hour doorperson; an outdoor heated pool; resident dining and lounge areas; a large terrace with a fire pit, cabana, barbecues, and outdoor dining; a state-of-the-art fitness center; a business center and library with private meeting rooms; a reservable guest suite; and an adjacent hotel.

Thriving Mission Bay continues to be one of the most up-and-coming neighborhoods in the city with significant corporate investment, family-friendly playgrounds, and soon-to-be completed the Exchange offering world-class shopping, retail, and office space. You are close to Spark SF, Reveille Coffee Co., and the Market Hall. Public transit abounds in this area, making your commute a breeze. A UCSF campus, the Warriors’ basketball stadium site, and AT&T Park are minutes away, adding a unmatched level of energy and vitality to the area.

  

Address: 110 Channel Street #531
Community: One Mission Bay
Neighborhood: Mission Bay
City: San Francisco
Bedrooms: Jr 1 BR
Bathrooms: 1 BA
Style: Condo
Parking: Assigned
Security Deposit: 1.5 Months
Lease Term: 1 Year
Asking Rent: $3,600