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January 9, 2013

Luxury Market on Solid Footing In 2013


Sellers of properties in the $1.5M+ range found plenty of buyers on hand throughout 2012. The luxury home market steadily picked up speed as the year progressed, culminating in some pretty impressive numbers.

A total of 454 single-family homes and 185 condos traded hands in 2012 for $1.5M or more. In 2011, only 328 houses and 105 condos in this price range sold. So high-end buyers clearly moved from the sidelines last year and entered the ranks of San Francisco homeowners. Interestingly, the average luxury home prices were roughly $2.7M for houses and $2.5M for condos.

Though a majority of single-family homes unsurprisingly sold in Pacific Heights, the Lake District, Sea Cliff, Marina, Cow Hollow, Presidio Heights, Cole Valley and Noe/Eureka Valleys, a few other neighborhoods also saw some luxury action. These included Glen Park, the Inner/Central Richmond, Potrero and Dogpatch. On the condo front, luxury buyers flocked to Russian Hill and South Beach.

The mother of them all was the sale at 2901 Broadway (above), which hit the market way back in April 2007 for $55M and finally closed on December 8, 2012 for $28,250,000. (Though 2011 had its own over-the-top sale in November of that year, when 2950 Broadway sold for $29,500,000 with an $18M loan involved.) Eight other single-family homes changed hands for $10M+ last year, as well.

The most expensive condo sold last year was a 3BR unit at the Millennium Tower, which sold for $7,850,000.

As noted last week, cash sales were more common in 2012, particularly in the luxury market. Eighty single-family homes and 51 condos sold for $1.5M or more, and these homes were scattered across the city.

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