Part Two: Looking at San Francisco home values
Previously we started dissecting Paragon’s report on affordability by San Francisco neighborhood. Today we’re going to conclude that conversation by talking about slightly more expensive homes in the city.
If you’re looking to spend $1 million to $1.5 million, you’ll find prospects in the west and central-south parts of the city, including Central Sunset and Parkside, Golden Gate Heights, Miraloma Park, Sunnyside, Bernal Heights and Mission Terrace. As the report notes, the past two years have seen quite a bit of upward pressure on these areas.
You’ll find most condo and co-op sales in this price range around the areas including South Beach, Inner Mission, Hayes Valley, Dogpatch and South of Market, as well as in more high-end neighborhoods such as Pacific Heights, Russian Hill and the greater Noe-Eureka Valleys area. This is largely thanks to the arrival of newer condo developments that have surged onto the market over the past decade to decade and a half.
Now let’s get down to the higher figures — $2 million to $2.5 million. When you get up here, the market becomes dominated by the greater Noe-Eureka-Cole Valleys district, the St. Francis Wood-Forest Hill district, the Potrero Hill-Inner Mission area, and the Inner-Central Richmond and Lake Street area.
Then there’s the luxury market, otherwise known as homes selling for $2.5 million and above and condos, co-ops and TICs selling for $1.5 and above. (This is San Francisco, which is not necessarily your father’s luxury market.) These millions play differently depending on neighborhood. Factors that play significant roles include views, which are particularly important in the luxury condo market. The ultra-high end in the city is dominated by the northern neighborhoods such as Pacific Heights, where you’ll see houses selling for $5 million and above. You’ll find the most luxury condo sales in the greater South Beach-Yerba Buena area.
For prevailing SF median house and condo prices, Paragon’s interactive map of neighborhood values can be found here: SF Neighborhood Home-Price Map.