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December 4, 2015

Luxury Market Looks for Buyers


Home buyers seeking a luxury property are in luck: There are plenty of single-family homes and condos on the market for $1,500,000 or more.

Almost half of the 165 houses currently available fall into this $1.5M+ price range, as well as 30% of the 230 condos listed as active in the Multiple Listing Service (MLS). (This doesn’t include much of the new construction inventory, however.)

Sixteen of these single-family homes are listed for $5M and up, including four in the $12M range. Take 101 Maple (see photo), a newly renovated Presidio Heights home with that $12M price tag that includes two laundry rooms, three terraces, two patios and a private roof deck.

A majority of the houses in the luxury category are situated in neighborhoods like the Marina, Pacific Heights, Noe Valley and Cow Hollow—with a little Forest Hill, Lower Pac Heights and Russian Hill thrown in.

There are even six condos listed for $5M+, but those are units located in buildings like The Millennium and Four Seasons that typically command such prices. However, one newcomer at $5,500,000 is a 4BR/3.5BA, two-level live/work loft at The Box Factory on Folsom Street in the Mission that also has almost 5,000 square feet of outdoor space. (I recall touring this property when it sold in 2003 for $1,155,000.)

Many of the luxury condos are in the Financial District, Pacific Heights, Yerba Buena and South Beach.

With average days on market of 66 for houses and 71 for condos, motivated buyers should seriously consider checking out this luxury inventory with an eye toward taking ownership for the holidays (with cash) or in the new year (with a loan).

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