One district dominated San Francisco’s luxury market when it came to both apartment and single-family home sales over the past year, according to a report out Monday from Paragon Real Estate Group.
It’s an L-shaped stretch of four neighborhoods on the northern edge of the peninsula, including Pacific Heights, Presidio Heights, Cow Hollow and Marina. The tony area rises up on a ridge that overlooks the landmark Golden Gate Bridge and Alcatraz Island and is home to celebrities and historic mansions.
This area had the most single-family house sales over $3 million in the 12 months ending July 31—a total of 77 deals at an average price per square foot of nearly $1,500, according to the report. It also dominated the city’s ultra-luxury transactions with nine sales for mansions priced over $10 million.
The Pacific Heights-Presidio Heights district also led in the luxury apartment market. Over the past 12 months, there were 115 sales in that area for apartments priced over $1.85 million—Paragon’s threshold for luxury condos and co-ops.
Paragon’s report is based on sales reported to the multiple listing service.
“What you get in different neighborhoods for your millions of dollars will vary widely,” wrote Patrick Carlisle, the brokerage’s chief market analyst, in the report.
For instance, views have a major affect on home value, particularly in the high-end condo market, “where the most expensive units often offer staggering views from very high floors,” Mr. Carlisle wrote.
The second-biggest district for luxury apartments sits on the northeastern corner of the city, a bayside sling of neighborhoods that includes Russian Hill, Nob Hill, the Financial District and Telegraph Hill. The district saw 78 luxury condo and co-op transactions over the past year, with nine deals over $5 million, according to the report.
One of those sales was a three-bedroom duplex penthouse on the 24th floor of new development Ten Miller in Nob Hill. The apartment, with sweeping views over the city and Bay Area, sold for $7.1 million four weeks ago, according to property records.
Besides areas like Nob Hill and Pacific Heights that have traditionally led the city’s priciest sales, the current market recovery has seen new neighborhoods creep onto the luxury scene.
“There have occurred some very large shifts in the luxury home market, with districts other than the old-prestige, northern neighborhoods becoming major destinations for (very) high-end home buyers,” Mr. Carlisle wrote.
For instance, condo values in South Beach, South of Market, Mission Bay and Yerba Bay have exploded since before the recession. There have been four ultra-luxury condo transactions for apartments priced over $5 million over the past year in the district encompassing those neighborhoods.
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