| Luxury home market in San Francisco picking up. . . | June 16th, 2009 |
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In 2009 to May 22nd, 39 houses sold for $2,000,000 or more: their average size was 4062 square feet, with an average price of $3,400,000 and an average dollar per square foot of $773. In the same period, 14 condos sold for $2,000,000 or more, with an average size of 2300 square feet, an average price of $3,000,000 and an average dollar per square foot of a whopping $1317 (think spectacular view condos in very prestigious buildings). Almost half these home sales, 21 houses and 2 condos, took place in the Pacific & Presidio Heights/Marina district. 10 house sales occurred in the Noe-Eureka-Haight area; 2 houses and 7 condos sold in the Russian/Nob/Telegraph Hills area; and 5 high-end condos sold in the South Beach and SOMA districts. A few sales also closed in neighborhoods such as Sea Cliff and St. Francis Wood. Year over year, virtually every neighborhood saw drops of 50% or more in the number of sales of these very expensive homes. As an indication of the increase in activity in this market segment, there are currently 20 homes priced $2,000,000+ which have accepted offers, but not yet closed sale. 12 are in the Pacific & Presidio Heights/Marina district; 3 in the Noe/Eureka/Haight district; and 2 are in the Alamo Square area. Leave a Reply |
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Upper-end home sales seem to be picking up as well, though the rate of sales is still far below that of previous years. The financing situation for expensive homes continues to be difficult, so buyers for such properties typically pay all cash or put down-payments of at least 30-40% of the sales price. Though cash-rich buyers are moving back into the real estate market, until financing becomes easier, high-end sales will remain far below previous levels.