SAN FRANCISCO—There are roughly 710 unsold new condominiums in the San Francisco market. This is a 14% decrease from last year, leaving a 2.2-month supply of remaining inventory—a 5.5% decrease from last year, according to Polaris Pacific's December research report.
One high-rise property is an example of the scarcity of new condos on the market. Tishman Speyer's Lumina—the city's largest condominium community—has sold 600 of its 656 residences. However, there are a limited selection of one-, two- and three-bedroom condominiums still available for sale with approximately 45,000 square feet of amenities included.
“Lumina is filling up with an amazing community of residents who are taking advantage of the many services and amenities available at their disposal,” Carl Shannon, senior managing director at Tishman Speyer, tells GlobeSt.com. “Many have found their ideal urban lifestyle here, and though we're over 90% sold, there is still an opportunity for prospective homebuyers to own a home in this vibrant community.”
Homes feature both Bay and city views. Onsite amenities include a Jay Wright-designed fitness center, 70-foot heated lap pool, a full-service grocery store on the ground level, private dining room with chef's kitchen and outdoor patio overlooking downtown, landscaped rooftop terrace with barbecues, firepits and outdoor screening capabilities, bi-level club lounge, game room, screening room, children's play room, music practice room, business center, and a green space adjoining the community called Rincon Place.
Lumina residents have 24/7 access to complimentary on-site valet parking. It is also the first residential community on the West Coast to offer the exclusive Audi at home service, a car-sharing initiative that offers residents access to ready-to-drive Audi models such as the Q5 and the A3 Sportback e-tron.
“Walking through Lumina, I'm thrilled to see residents enjoying the extensive assortment of amenity offerings—groups of friends connecting over a catered dinner in the private dining room, health-focused residents taking laps or lifting weights in the 7,000-square-foot gym and lap pool, kids and their grandparents or nannies playing in the colorful children's room, and entrepreneurs working on business plans in the conference room and business center,” continues Shannon.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
