Million Dollar Homes Make Up 57.4% of San Francisco Market

According to a recent real estate study conducted by Trulia, $1 million is the median price for a home in San Francisco. While million dollar homes make up only 3% of the national housing market, they equal a whopping 57.4% of homes in the City. Only four years ago, this percentage was 19.6. That's an increase of 37.8% or approximately 9.5% per year.

San Francisco is not alone in it's propensity of high priced housing. San Jose and Oakland hold the second and third places respectively on Trulia's list. Millions dollar homes in San Jose went from 17.4% to 46.3% over four years while Oakland went from close to the national average at 5.2% in 2012 to 19.7% in 2016.

Below are the San Francisco neighborhoods that have the most million dollar real estate.

• Potrero Hill 76.7% (triple what it was in 2012)
• Mission Terrace 50%, up from .4%
• Mission Bay 88.9% from 14%, one of the largest upticks in the City
• Westwood Park 96% of homes are in the million dollar range from 2.9% in 2012

Three caveats to consider when mulling over this data. 

1. These numbers are reflective of listings on Trulia's website, which aren't all-inclusive
2. Westwood Park is a small borough, with only 11 homes selling within its borders since August 2015.
3. The study was conducted based on estimated home values and not recent sales prices.

Click here to see how prices have increased throughout the Bay Area since 2012.

Neighborhoods with the smallest increase in million dollar homes include:

• Chinatown at 14.4%, up from 6.5%
• Bayview 6.5% up from .9% in 2012
• Visitacion Valley 2.9% VS .4%
• Tenderloin 5.4%, double what it was in 2012

Article excerpt from sf.curbed.

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.

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.

Warriors Arena-Breaking Ground in Early 2017

The Golden State Warriors have plans to construction a shiny new arena designed to seat 18,000 of its fans. The arena will be coupled with an entertainment center and office complex in San Francisco's Mission Bay district. Though there are a few lawsuits hoping to derail their plans, the Warriors are forging ahead.

Plans for the new arena were announced in May 2012. Originally, the Warriors new home was to be built on Pier 30-32 but that location was quashed. In April 2014, the team purchased a 12-acre parcel in Mission Bay, formerly owned by Salesforce.com. 

Rendering of the Warrior's new Chase Center area in MIssion Bay.

In April, the Warriors will host a meeting with potential subcontractors and they plan to officially break ground on the development in the first quarter of 2017. The $1 billion development, named the Chase Center in January 2016 as part of a 20-year naming agreement with JP Morgan Chase, will be driven by a joint venture between Clark Construction and Mortenson. If the projects begins on time, the doors should open in 2019. If the project is delayed, the Warriors will likely have to play their 2019-2020 season outside of San Francisco.

Initially established in Philadelphia in 1946, the Warriors have called the Bay Area home since the 1960s and have played their home games in Oakland since 1971. They have won 4 NBA championships.

Gorgeous Off-Market 2 Bed, 2 Bath Arden Condo

The opportunity to live in Mission Bay's urban waterfront is here! Your new home in residence 814 is filled with natural light and the open concept floor plan with an outdoor view patio that is perfect for entertaining.

HOME FEATURES INCLUDE:

• 2 bedroom and 2 full bathrooms
• Approximately 1177 square feet
• 1 car parking in the gated garage
• Private storage

BUILDING AMENITIES INCLUDE:

• Two designer lobbies
• 75' rooftop lap pool and spa
• Expansive outdoor wood deck with city, water, and Twin Peaks views
• Double height fitness studio with changing rooms
• HOA dues: $919.34

Offered at $1,475,000

FOR SHOWINGS AND MORE INFORMATION, CONTACT FRANCK COSTA.

Franck Costa

focosta@vanguardsf.com   |   415.490.7027   |  BRE#01853603