The charts below are based upon sales reported to MLS in recent 12-month periods. We’ve broken out the neighborhoods with the most luxury house and condo sales within given price points. There are exceptions to neighborhood norms scattered throughout the city and in an appreciating market these price ranges have been moving upward.
The Luxury Home Neighborhoods of San Francisco
For your convenience, there is a neighborhood map at the bottom of this report.
Rather arbitrarily, houses selling for $2 million and above, and condos, co-ops and TICs selling for $1.5 million and above are designated as luxury home sales in San Francisco: these homes now make up about 15% of total home sales (up from about 10% - 11% a few years ago). However, what you get in different neighborhoods for $2 million can vary widely – a large, immaculate house in one place, a fixer-upper in another.
Luxury home sales in San Francisco are dominated by the swath of established, prestige northern neighborhoods running from Sea Cliff through Pacific Heights and Russian Hill to Telegraph Hill, by the greater Noe-Eureka-Cole Valleys district, and, to a lesser extent, the smaller neighborhoods around St. Francis Wood. For luxury condos, the South Beach-Yerba Buena-Mission Bay area has a large and growing presence as big, dramatic, expensive condo projects have sprouted there over the past 15 years.
Luxury Condo, Co-op and TIC Sales in San Francisco
As one can see, no area has more luxury condo, co-op and TIC sales overall than the Pacific Heights-Marina and the Russian Hill-Nob Hill-Financial districts, though again the South Beach-Yerba Buena-Mission Bay area is the fastest growing luxury condo market and will probably take first position in the not too distant future. The average dollar per square foot values for luxury condos in the major neighborhoods have been climbing rapidly in the past year and not uncommonly exceed $1500 per square foot.
With the construction of new high-end, high-tech-amenity, condo projects on Market Street and Van Ness, and in neighborhoods like the Inner Mission, Hayes Valley and Inner Richmond -- now typically selling for more than $1000 per square foot -- luxury condos are now spreading into new areas of the city.
Luxury House Sales in San Francisco
It wasn't so long ago that houses selling in Realtor District 5, the greater Noe/Eureka/Cole Valleys area (which includes Clarendon, Corona and Ashbury Heights), for over $2 million were an exception. But that is certainly not the case any longer. Sales in the $3 million to $5 million occur most often in Realtor District 7, the Pacific Heights-Marina area, the most expensive house market in the city. There are several other significant areas for these high-end houses, such as Lake Street/Sea Cliff, St. Francis Wood/Forest Hill and Lower Pacific Heights. At the very top of the luxury house market, over $5m, the district of Pacific & Presidio Heights, Cow Hollow and Marina completely dominates sales. Here mansions can sell for up to $20 million or $30 million. Houses in Russian Hill are also exceedingly expensive, but there are very few houses in that area as the Russian & Nob Hills markets are dominated by high-end condos and co-ops.
Most luxury houses in the city were built in the period between 1905 and 1950, reflecting the era of construction dominating these neighborhoods of San Francisco -- and a gracious, elegant era it was. However, there are a small number of big, new houses built each year, as well as some beautiful fifties houses scattered here and there, and, of course, many of the older houses have been extensively renovated over the years. It should be noted that a fair percentage of these ultra high-end home sales occur privately, outside of MLS, and are not reflected in this chart.
Average Dollar per Square Foot Values for SF Luxury Homes
Average dollar per square foot is a very general statistic and how it applies to any particular home is unknown without a specific analysis, but this chart below gives an idea of the extraordinary values now being achieved by San Francisco luxury properties in different neighborhoods of the city.
SAN FRANCISCO REALTOR DISTRICTS
District 1 (Northwest):
Sea Cliff, Lake Street, Richmond (Inner, Central, Outer), Jordan Park/Laurel Heights, Lone Mountain
District 2 (West):
Sunset & Parkside (Inner, Central, Outer), Golden Gate Heights
District 3 (Southwest):
Lake Shore, Lakeside, Merced Manor, Merced Heights, Ingleside, Ingleside Heights, Oceanview
District 4 (Central SW):
St. Francis Wood, Forest Hill, West Portal, Forest Knolls, Diamond Heights, Midtown Terrace, Miraloma Park, Sunnyside, Balboa Terrace, Ingleside Terrace, Mt. Davidson Manor, Sherwood Forest, Monterey Heights, Westwood Highlands
District 5 (Central):
Noe Valley, Eureka Valley/Dolores Heights (Castro, Liberty Hill), Cole Valley, Glen Park, Corona Heights, Clarendon Heights, Ashbury Heights, Buena Vista Park, Haight Ashbury, Duboce Triangle, Twin Peaks, Mission Dolores, Parnassus Heights
District 6 (Central North):
Hayes Valley, North of Panhandle (NOPA), Alamo Square, Western Addition, Anza Vista, Lower Pacific Heights
District 7 (North):
Pacific Heights, Presidio Heights, Cow Hollow, Marina
District 8 (Northeast):
Russian Hill, Nob Hill, Telegraph Hill, North Beach, Financial District, North Waterfront, Downtown, Van Ness/ Civic Center, Tenderloin
District 9 (East):
SoMa, South Beach, Mission Bay, Potrero Hill, Dogpatch, Bernal Heights, Inner Mission, Yerba Buena
District 10 (Southeast):
Bayview, Bayview Heights, Excelsior, Portola, Visitacion Valley, Silver Terrace, Mission Terrace, Crocker Amazon, Outer Mission
Some Realtor districts contain neighborhoods that are relatively homogeneous in general home values, such as districts 5 and 7, and others contain neighborhoods of wildly different values, such as district 8 which, for example, includes both Russian Hill and the Tenderloin.
All data is from sources deemed reliable, but may contain errors and is subject to revision.
© 2014 Paragon Real Estate Group