Smack dab in the middle of a terrible affordability crisis, San Francisco is getting a jolt of what it really needs: ultra high-end condos. Or so argues Forbes, which on Friday published a post celebrating the fact that housing in the city by the Bay has "finally" begun to cater to the super rich. Think helipads, infinity pools, and brass door-handles custom-forged "a few steps from the Seine" — you know, rich people stuff.
"After years of lacking the kinds of glossy, amenity-filled towers found in abundance in other big markets, high-end condominium developments are coming to San Francisco," the article explains. "And they are packing some of the highest price tags in the city."
The Pacific, 181 Fremont Residences, and The Harrison are just three examples of what we (well, not "we," but the super wealthy) can look forward to. The $665-million, 70-story-tall 181 Fremont Residences is expected to be completed next year, and, as the building's management explains to would-be buyers of the $3 to $15-million homes, offers up "[the] most luxurious expression of living that the city of San Francisco has ever seen. From the moment residents step foot into 181 Fremont, they have achieved a higher stratum."
The theme of looking down on the daily struggles of San Francisco seems to be a recurring one among the luxury spots, with developers of the 49-story Harrison assuring potential buyers that the building is "[more] than a place to live." Rather, "[this] is a Life Above."
The Pacific, which will sell homes for $2 to $20 million, boasts that it "[carries] the neighborhood’s tradition of elegance into a new era." And you may remember the Pacific's promo video which, and I kid you not, promised "views so spectacular it feels as if San Francisco is unfolding in front of your eyes; views of clouds, dancing like a private ballet in the sky."
But don't worry, these building aren't pulling in global investors who will buy the property and just leave it sitting empty. Rather, Forbes tells us, they are meeting a local need. “These projects will appeal to local buyers,” Alan P. Mark, the president of a high-end development sales and marketing firm, explained the paper. “Bay Area buyers are looking for projects in prime locations that will rapidly appreciate.”
Luckily for us, it seems that someone finally is meeting our housing needs.