san francisco condominiums

The Baby Boom in Mission Bay

Mission Bay is one of the few start-from-scratch neighborhoods in San Francisco. Before AT&T Park was built in 2000, it was empty land and abandoned warehouses. When the Mission Bay neighborhood was just starting to fill in the vacant lots near the ballpark with housing, the San Francisco Unified School District asked an analyst to project how many children would live in the emerging development. The answer at the time was: not many.

With most of the housing in Mission Bay being high price-point one- and two-bedroom apartments and condominiums, the thinking was couples would move in, have one child and then go elsewhere to grow their families.

Mission Bay continues to attract young, upscale couples who want to grow their families.

Mission Bay continues to attract young, upscale couples who want to grow their families.

But over the past 10 to 12 years, housing in this borough has filled in the open area between AT&T Park and the UCSF campus. 

And, when the Mission Bay Public Library branch opened in 2007, offering Story Time for toddlers, the library staff were amazed at the response. With only 55 spots for each of the two daily sessions, all are filled in under ten minutes 6 days in advance. Strollers line the entry and hallways of the library well before the event begins.

Obviously, Mission Bay IS a place for children. There is an amazing Children's Park and talks are underway for Mission Bay to have its own Elementary School so children don't have to attend schools 30 minutes away.

The neighborhood itself is still growing, with the opening of the 267-unit Arden condominium complex and its neighbor, the Azure apartment complex with 273 units. Realtors often refer to Mission bay as 'the suburbs of San Francisco', attracting upscale, engaged families who want amenities in their homes as well as community amenities for their children.

Mission Bay's waterfront is the ideal location to call home with absolutely everything walkable needed for city living. An eclectic variety of cafes, shops and restaurants as well as Whole Foods and Safeway are all within just blocks. Nearby outdoor activities include waterfront trails, kayak and paddle board rentals, basketball courts and a children's park.  To commute out of the city, there is no better location with close access to BART, MUNI, Caltrain and the freeway.

Franck and Sara Costa of The Costa Group were among the first to own property in Mission Bay, and like many other young couples, started a family while living there. The Costa Group has many clients who've chosen to reside in Mission Bay. In fact, they have a 2 bed, 2 bath Arden condominium available now. If you might be interested in living in 'the suburbs of San Francisco', contact us to schedule a showing of this stunning property.

 

San Francisco Community & Development Update

Below is a quick synopsis of recent community activity and development in San Francisco. 

Community

Residents protest Ellis Act evictions of mid-Market building

A group of artists and musicians living in an 84-unit building on Market Street are going toe-to-toe with their landlord after being handed notices of what they say is the largest Ellis Act eviction in San Francisco history for their live-work units late last month.

Supervisor Peskin Introduces Idea for Building ADUs Citywide

Last week at the full Board, District 3 Supervisor Peskin announced legislation to allow for the construction of new accessory dwelling units (ADUs), aka in-law units, throughout San Francisco. At the hearing, he referred to building new in-law homes as a “pragmatic infill strategy” that could potentially add up to 40,000 new homes throughout the City.

San Francisco Planning Takes Lead in Modernizing Environmental Review for New Development Projects

For decades, environmental analysis of transportation impacts focused on how quickly cars moved through a given intersection, a flawed approach that was expensive to calculate, did little to benefit the environment and promoted urban sprawl rather than smart infill growth. The new approach is more comprehensive, looking at the method of travel, how far the person is going, and how many other people are in the vehicle to determine the impact on the environment.

Development

New rendering shows building that will replace Flax Art & Design

New rendering shows building that will replace Flax Art & Design

Solomon Cordwell Buenz Architecture is behind the new design, which incorporates more of a natural, textured element to the facade. The building is still slated to be a nine-story, 162-unit structure with subterranean parking, along with 4,500 square feet of ground-floor retail space.

Canton Seafood Condos Closer to Reality

The plans for razing the two-story Canton Seafood & Dim Sum restaurant at 655 Folsom Street and constructing a modern 14-story building, with 89 condos over 2,300 feet of commercial space and an underground garage for 36 cars with its entrance on Hawthorne, have just been granted an Eastern Neighborhoods based exception from having to complete an Environmental Impact Report (EIR).

Ground Breaks On Condos, Restaurant At Former Pagoda Theatre

...construction officially began this week on the Palace at Washington Square, a condo building with ground-floor restaurant space that will occupy the former Pagoda Theatre site at 1731 Powell Street, near Columbus Ave.

Transbay Joint Powers Authority Approves $160 Million Cash Offer Pre-entitlements

Generally zoned for 750 feet, Parcel F is the last remaining site available for development of a super-tall building in downtown San Francisco and the final parcel that can directly connect to the Transbay Transit Center Rooftop Park via a pedestrian sky bridge. F4 proposes to construct a tower on Parcel F containing 200-300 hotel rooms, 200 residential units, and 250,000-425,000- square-feet of office.

New Condos Proposed for Big Bubble Site

The Cow Hollow parcel upon which the two-story Big Bubble Laundromat sits at 2525 Van Ness Avenue, adjacent to Amero, is zoned for development up to 65-feet in height. And having recently acquired the site, a Vancouver-based developer, the Executive Group, is working on plans for a seven-story building to rise. The proposed 65-foot building includes 27 condos over 1,500 square feet of café/retail space fronting Van Ness Avenue and an underground garage for 27 cars

Tenant Buyout Clears the Way to Raise the Roof on Mission

With Anna’s Linens on Mission having closed, and the master tenant from which Anna’s had been subleasing having been paid to forfeit the remaining 30 years on their 99-year lease, plans to renovate the existing 12,000-square-foot structure and add four floors of residential units above are in the works. 

Checking In On Octavia's Planned Micro-Unit Apartments

It's been over a year since we covered plans for Parcels M and N, two narrow Octavia Boulevard-adjacent lots where two micro-unit apartment buildings are in the works. Despite the lack of visible progress, the project is still trucking along behind the scenes. Architect Douglas Burnham from envelopeA+D, which is handling the development, gave us an update.

For the complete list of related articles, click here.

San Francisco Residential Development-February 2016 Edition

The median new construction price per square foot has risen to $1,326. It is expected that the majority of all condominium units currently under construction will be released for sale in 2016, suggesting a potential shortage of new units in 2017. There are a number of developments in the approval, review and/or conceptual process including Tenderloin, Treasure Island, Mid-Market and Dogpatch, to name a few. 

For the most recent quarter, the median price for a new condominium was $1,290,000. 147 units closed while 516 units remain available. Price per square foot increased 11% year-over-year and 7% month-over-month.

The median price for resale condos was $1,100,000 with 562 units sold and 142 remaining on the market. Price per square foot was $958, a 1% increase year-over-year.

The below are some of the properties currently selling:

  • 450 Hayes
  • The District
  • 1001 Seventeenth
  • Lumina
  • The Rockwell
  • Luxe
  • Fulton 555
  • 72 Townsend
  • San Francisco Shipyard
  • Summit 800
  • 6 Mint Plaza

Click here to read the February San Francisco Development Report in its entirety.

If you're in the market to purchase a condominium in San Francisco, contact The Costa Group to find out how we can help you find the perfect home to fit your lifestyle.