What’s luxury today?

Today we are defining luxury homes as houses, condos, co-ops and TICs selling for $2,000,000 or more. According to the MLS, In the past 12 months 414 houses, 220 condos, 23 co-ops and 14 TICs sold above $2M. Of those 671 home sales, 56 houses, 7 condos, 3 co-ops, 1 TIC went for over $5M. Currently, the $2M+ market makes up 10% of residential sales.

With the way things are going, this price point may seem low. Right now homes priced in the low $2M range might only get you a small fixer-upper house in one of our Northern neighborhoods. (3240 Lyon is one example.) $2M+ can get you a large gracious home in other neighborhoods, however (especially if you are ok with foggier weather). Read on for more details. . .

The super luxury homes, selling for 5,000,000 and above constitute about 1% of the city’s home sales. Houses and condos that recently closed in this price range are 614 Noe (which sold and closed in 11 days) 285 San Anselmo, (which took over a year to sell) and 1100 Sacramento #802. The most expensive house to sell in the MLS since the beginning of the year is 2701 Broadway, which closed May 15 for $31M. The most expensive condo is 1070 Green #1501, which closed for $6,875,000 on the same day.

Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com

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