Luxury Condo Market in San Francisco Still Hot
SAN FRANCISCO (KPIX) -- The half-floor penthouse designed by Jay Jeffers at The Avery is the newest of its kind to debut in San Francisco.
The 53rd floor luxury unit features 3 bedrooms, a library and 5 1/2 bathrooms across 4,300 square feet. It reflects a modern design and offers spectacular views of the bay.
It is listed at $15.95 million and it's hitting a market that analysts say is still wild.
The current median condo sales price in San Francisco is $1.25 million.
"It's a big rebound from last year, it's very exciting to see how many condos have sold and it seems like they're not staying on the market very long," said Compass broker associate Diana Nelson. "We always have a pretty small inventory."
Nelson specializes in luxury condo sales in San Francisco's SoMa neighborhood.
The Avery penthouse is part of 118 units and 250 rentals the building is adding to the neighborhood. Its first condo residents will move in July 1.
"A good percentage of our renters, as well as our buyers, actually live in the neighborhood or they do work in the neighborhood," said Related's VP of development Jonathan Shum.
"So they're already familiar with what the Transbay District is about, the concentration of jobs, they like the access to the freeways to be able to go down south."
Condo sales are basically back up to the peak prices they hit last year at this time, according to Nelson. Currently, condos make up the biggest share of sales in San Francisco.
"The economy is fantastic right now, especially with all of the excitement about all of the tech companies and how well they're doing as well," Nelson added.
The under-construction Four Seasons Residences on Mission Street will bring about 150 condos to the market next year. Luxury high-rise Mira will add nearly 400 new units to the area. Nearby, 181 Fremont has sold more than half its 55 high-end residences. It has already set a record for the highest price per square foot in a San Francisco condo at $4,500.
"When we were first selling, people were like I have to have two-car parking, and now people take Ubers," said Nelson. "Or they walk."
The full-floor Avery penthouse will debut this summer for $41 million dollars. If it sells at that price, it would be a record for a condo in San Francisco.
