Condo Prices Pass 2007 Peak

The prospective plans for the Vida Condos and New Mission Theater. Image courtesy of Oyster Development Group.

The prospective plans for the Vida Condos and New Mission Theater. Image courtesy of Oyster Development Group.

An Vida, the New Mission Theater development next door to Mission Local’s office on Mission Street between 22nd and 23rd streets is leading the way, according to a story in the SF Chronicle. 

Two days later, 20 units were in contract – and the building won’t even open until January.

“It was a madhouse,” said Matt Fuller of Zephyr Real Estate.

If that sounds reminiscent of late 2007, when buyers lined up outside One Rincon Hill until the wee hours, it is. Median condo prices in San Francisco are now above $830,000, about 8.2 percent higher than the peak reached right before the economic crash in early 2008. The latest Standard & Poor’s/Case-Shilling home sales price index shows that San Francisco prices have jumped 23 percent in the past year. READ MORE.

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Filed under: Mobile, Today's Mission

2 Comments

  1. John

    Nice article, thanks. It’s my experience also that SF RE valuations are now well past their previous 2007 highs, especially in the “up and coming” areas like the Mission.

    And $1,000 per square foot is increasingly being seen for a variety of homes and not just new build condos.

    Interesting that the average rent now is $4.50 per square foot (per month). The implication there is that a new 1,000 square foot condo sells for around one million and rents for $4,500 a month, giving an effective annual yield of 5.4%%.

  2. Frank

    Other astounding quotes from the referenced article:

    “Vida will sell out before construction is finished.”

    “At Marlow, where the price per square foot averaged $1,060, 28 percent of buyers paid all cash.”

    “The current pipeline is all under construction – what is going to happen in 36 months when all those high-rises under construction are sold out? We are going to have inventory issues for years to come.”

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