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November 4, 2010

How’s the Market In: Pacific Heights


Pacific Heights boasts some of the most coveted real estate inventory in the city. This quintessential San Francisco neighborhood is targeted by many buyers looking for large single-family homes and condos that offer Bay views, period detail, and proximity to the Fillmore Street retail area.

You don’t come to Pacific Heights looking for a bargain. The economic downturn didn’t have much of an effect on the area, which is still considered to be as close to a sure bet as you’ll get to owning a home that will appreciate in value (or not drop in value significantly). A total of 43 houses have sold this year in Pacific Heights, at an average of $3,918,930. All were 3BR+ properties, with the exception of one 2BR cottage on Clay that was listed at $995,000 but sold for $1,275,000.

On the condo front, 98 units sold at an average of $1,024,193. The most expensive was a 2BR/3BA, 2714-square foot penthouse with unobstructed bridge-to-bridge views on Pacific that sold for $3.6M. The average 2BR condo this year sold for $993,914, and the 3BR condo average was $1,413,760. If you’re looking for a condo in the neighborhood, these ranges are what you can expect.

Sellers are offering plenty of properties on the market in Pacific Heights at the moment. There are 26 single-family homes; seven are above the $10M price point (including 2701 Broadway for $32M and 2901 Broadway for $45M). But a bulk of the houses are in the $2.8 – $4.2M range.

And 66 condos are on the market for an average list price of $1,308,758. 36 units are listed for up to $1M, with the rest for above that price.

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