After 20 years of sitting empty the Pagoda Theater in North Beach was torn down, with a plan to replaced it with a luxury condominium complex. The new construction will be 5 stories tall with approximately 19 residential housing units — 15 two bedrooms, two one bedroom, and two three bedrooms. The building will be across from the iconic Washington Square park in the heart of the North Beach neighborhood, a rare location to find new construction. The condos will occupy the top four of five floors, over a ground floor restaurant that will be approximately 4,700 square feet. There are plans for 27 parking spots and it is assumed that each unit will have one parking space and that the remaining spaces will be used by the restaurant. All of the homes will have with very high-end finishes. Some of them will have private decks. There will be a shared roof deck for residents. The developer is West Builders, and construction started last year in 2016.
How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. According to a recent report by the San Francisco Association of Realtors, the median sales price for condos increased last month to $1,065,000 in district 9 – that’s an increase of 12.1% over last year. Multiple-offer situations are now commonplace, as good homes routinely go for over asking price and are off the market in a single day. In July 50% of all condominiums in District 9 sold over list price. It is evident that a favorable San Francisco economy keeps buyers in the chase. If you are curious about your home’s current market value, contact me and I will do a market analysis.
As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale, none of which is news to San Franciscans. The San Francisco Association of Realtor reports that in June new listings were down 36.0 percent for Condo/TIC/Coop properties, however pending sales increased. The Median Sales Price was up 10.8 percent for single family homes but decreased 2.6 percent to $1,145,000 for Condo/TIC/Coop properties.
How much is your property worth now?
Want to know what your home’s current market value is? Regardless of whether you are looking to sell or just curious about the market, I would be glad to do a comparative market analysis.