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November 10, 2014

Luxury Market Going Strong in Fall 2014


San Francisco real estate in the $2M+ price range continues to experience a healthy sales volume. There doesn’t seem to be a shortage of buyers, particularly those paying in cash. Chalk it up to two factors—tech company stock options, and buyers’ desire to live in large homes in prime neighborhoods.

Case in point: 250 Cumberland, initially sold in 2012 for $1,775,000 as a major two-unit fixer that had been partially gutted by a fire. Flash forward to 2014. Rebuilt as a 5BR/4.5BA, 3,974-square foot single-family, the home was purchased by cash buyers for $6,000,000 at the end of October.

A total of 82 houses and 23 condos sold for $2M+ in September and October 2014 (and about a quarter of each were sold in cash transactions).

The most popular neighborhoods for luxury houses were Noe and Eureka Valleys, the Marina, Pacific Heights, Cow Hollow and Presidio Heights. Homes were on the market an average of 19 days, and averaged $1,069/sq foot. The most expensive home sold was a 6BR/5BA in Buena Vista for $10M (yes, cash sale).

Condos in this range stayed on the market an average of 34 days, and averaged $1,179/sq foot. South Beach, Yerba Buena and Presidio Heights led the way for the luxury condo sale hot spots.

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