Absorption and Pricing Key to Condo Demand

Part 1 of 2

SAN FRANCISCO–Five San Francisco condominium developments recently sold out with a total sales volume of more than $212 million, according to The Mark Company, an urban residential marketing and sales firm. The condos included Amero in Cow Hollow; 870 Harrison in the central South of Market district; 8 Octavia in Hayes Valley; Thirty Five Dolores in the Mission Dolores neighborhood and the first phase of The San Francisco Shipyard, a master-planned community in Hunters Point. Each of the projects achieved strong absorption and pricing while meeting the demand for new condominiums in San Francisco. Amero achieved an overall price per square foot more than $1,300 and several penthouses sold for more than $2,100 per square foot, evidence of ample market for luxury product. Thirty Five Dolores set the new benchmark at more than $1,200 in Mission Dolores while 870 Harrison reached record absorption by selling more than 75% of its units within the first two weeks on the market. The San Francisco Shipyard’s strong branding and marketing outreach revitalized Hunters Point into a residential destination and offered an excellent purchase opportunity in a market where many are priced out of buying a new construction home.