In some proof-positive of the law of supply and demand, prices of newly constructed condos in San Francisco actually came down 3 percent in July. The latest monthly report from The Mark Company shows that the average price per square foot of new construction slipped a bit in the last month, while we can see that inventory of new construction, currently at over 400 units, is up 8 percent. That inventory number is also 18 percent higher than at this time last year.
As Curbed notes, however, "that inventory is selling rapidly," with new developments like the Arden in SoMa and Fifteen Fifteen in the Mission at better than three-quarters sold.
And does everyone remember San Francisco's most expensive TIC ever? That building, 1100 Sacramento, has been rebranded as Park Lane, and those units currently top the residential sales market averaging $1,500/square foot. Phase 1 has already sold out, with "3 new residences coming Fall 2014." Last we heard, last fall, there were still 10 units occupied by renters who didn't want to leave, and who were either going to have to take buyouts or face Ellis Act evictions, so renovations for resale as TICs are clearly still ongoing. 21 units remain to hit the market.
Also just now hitting the market are the units in the cool, Stanley Saitowitz-designed 8 Octavia, which are going to average around $1,200/square foot, according to the Mark Co.
In summary, you still can't afford to live here.
