San Francisco’s luxury housing market continues to grow, thanks in large part to the booming tech industry. In fact, the city was ranked the No. 1 hottest market in the U.S. in December 2016 and January 2017 according to Realtor.
"The luxury home buying momentum that typically commences after Super Bowl Sunday actually started in mid-December 2016," Alan Mark, president of local real estate consulting firm The Mark Company, told Mansion Global.
More:How San Francisco Houses Were a Better Buy Than S&P 500
"Interest rates jumped from about 3.5% to over 4% following the election [and] anticipation of further increases over the next few years has created a sense of urgency among some home buyers," said Selma Hepp, chief economist for Pacific Union International and The Mark Company. "Buyer demand in the Bay Area is bolstered by a strong job market. Plus, potential buyers who are invested in the financial markets have benefited from the incredible U.S. stock rally."
Prospective buyers have a number of new condominium developments to choose from. Amenities cater to not only human residents, in the form of high-end communal spaces from outdoor yoga areas to rooftop solariums, but also to their canine companions. Rooftop dog runs and shared pet washing stations are becoming standard in new developments.
Three of the new developments featured below are also beneficiaries of the simple and modern interior design of Edmonds + Lee, who work with environmentally sustainable materials that enhance energy efficiency.
Also of note, a couple of the new developments below are located in the South of Market (SoMa) section, a large and sprawling neighborhood home to many successful tech companies—Twitter, Salesforce, Dropbox, Fitbit, and Yelp to name only a few. The neighborhood, and those surrounding it, have the shopping, restaurants, museums and other attractions to meet its sophisticated dwellers.
Here are some new developments coming on the market this spring:
The Austin features contemporary design, like floor-to-ceiling windows and modern kitchens.
The Austin at 1545 Pine St., Nob Hill
Tucked away in a community called Lower Polk, on Pine Street between Polk and Van Ness streets, with an alley called Austin Street behind it, the Austin is a 12-story condo development with retail space on the first floor, and 100 condos up top. A fireplace will warm up the ambiance in the lobby, and concierge will be available to residents. Dog guardians won’t have to venture far to bathe Fido, since a pet-washing station is also listed among the amenities. Cyclists will be able to easily access their bikes, conveniently stored in the lobby rather than in the basement. Residents, who look forward to a move-in date later this year, will be able to enjoy sunsets and the warmth from gas fire pits on the finished rooftop, or meander in a private courtyard accessible from the lobby. Inside, Vivian Lee of the interior design firm Edmonds + Lee, focused on premium finishes (Miele gas ovens and stovetops, Bosch dishwashers) and luxurious materials (wide plank white oak hardwood floors).
Number of units: 100 Price range: TBA later this spring Developer/architect: Pacific Eagle/BDE Architecture Apartment sizes: Studio, one-bedroom and two-bedrooms Amenities: Wi-Fi connectivity throughout all communal spaces, including the lobby lounge (which also has its own music and workspaces), a courtyard, onsite dog-washing facilities, indoor bike storage in the lobby, concierge service at the front desk, rooftop with gas fire pits, underground parking (available for purchase) Website: theaustinsf.com
99 Rausch includes a splashy landscaped rooftop with BBQ and outdoor yoga space
99 Rausch at 99 Rausch St., SoMa
Located in SoMa, the neighborhood home to many international tech companies, 99 Rausch is a six-story condo building on the corner of Rausch and Folsom streets. The list of promised amenities is aplenty: a dog washing station, rooftop lounge, bike parking, car parking, fitness center, and an outdoor yoga space. Many of the 112 condos will feature garden stoop entrances and bay windows, adding a bit of charm to the overall picture. The first floor will be occupied by yet-to-be-announced retail and a restaurant. Edmonds + Lee will bring a modern decor to the interior design.
Number of units: 112 Price range: $599,000-$1.85M Developer/architect: Belrich Partners Rausch LLC/BAR Architects Apartment sizes: Studios, one-bedroom and two-bedroom condos, and a bi-level penthouse Amenities: Landscaped rooftop garden with BBQ, concierge, gym and outdoor yoga space, small office for meetings, underground parking with 88 parking spots and 104 bike spaces, resident lounge, webpass and AT&T fiber-optic ready internet Website: 99rausch-sf.com
In addition to a thoroughly urban first floor mixing retail and art, residents will also have access to a rooftop solarium, outdoor terrace, fitness center, and clubroom.
33 Tehama at 33 Tehama St., SoMa
Hundreds of high-end apartments—403, to be exact—are coming to the market this spring in SoMa at 33 Tehama, a 35-story tower between First and Second streets. Tenants will be a block away from the Transbay Transit Center which, when completed in 2017, will offer a multitude of travel options, including bus service to other parts of the Bay Area, and eventually, the Caltrain to Silicon Valley and San Jose. An art installation by the Japanese artist Yayoi Kusama—known for her work such as "Polka Dot Obsession" and "Infinity Mirror Room"—will be in the lobby of the tower, and Edmonds + Lee have the interior design handled, presumably, with a refined modern aesthetic.
Number of units: 403 Price Range: TBA soon Developer/architect: Hines/Arquitectonica Apartment sizes: One-bedroom, two-bedrooms, and penthouse apartments Amenities: Fitness center, clubroom, rooftop solarium, outdoor terrace, and ground-floor retail/art space Website: 33tehama.com
Mission Statement, a new condo development in the Mission District, is located on 18th Street, one block away from Mission Street.
Mission Statement at 3420 18th St., Mission District
Located just a stumble away from restaurants like Mission Chinese Food and Gracias Madre, Mission Statement is a five-story condo development on 18th Street, one block south of Market Street. Rusty Wadatz created the interiors, aiming for detail-oriented transitional design "without being ultra-modern," he said. Many of the building’s windows overlook a courtyard or the city, and the roof will feature a dog run, outdoor kitchen and two fire pits. The developer, Mr. Wadatz said, wishes to keep a low profile. The ground floor will feature retail. Presales start in April, and sales start in May.
Number of units: 16 Price range: $800,000 (without parking) to $1.8M on the top floor (with parking) Apartment sizes: One bedroom and two bedrooms. Amenities: Parking (included with some of the units), virtual doorman, dog run on the roof, outside kitchen, 2 firepits. Website: Coming soon