Market Beat

By Joseph Lucier    

San Francisco's luxury real estate market is the toast of international markets with an ocean of tech money coursing through the veins of this reinvented gold rush town.  Enjoy my "Top 10" sound bites and market facts on our white hot luxury market.

1.  The estate of venture capitalist Tom Perkins has gone two for two with Sotheby's in the past few months.  On the heels of the estate's $13M Millennium Tower penthouse sale to technology veteran, Craig Ramsey, Sotheby's closed Perkins 1928 Julia Morgan Belvedere estate to an undisclosed buyer this week for $14.46M.

2.  Developer Trumark Urban hit the bulls eye in San Francisco's mature luxury market cycle with over 85% of this 76-unit project sold at Pacific Heights newest luxury address, The Pacific at 2121 Webster Street.

3.  Meg Whitman's son is trying his hand at luxury spec home development after purchasing Billy Getty's home at 2900 Vallejo Street for $12.5M in 2015.  He will test the rarefied air of the spec market at over $20M when this Sutro Architects project comes to market later this year.

4.  Jay Paul's uber-luxe 181 Fremont tops the high end market with a pre-sale contract of over $4400 sqft for unit 68B, a 3000 sqft half floor atop San Francisco's most exclusive residential club.

5.  Developer Grosvernor is developing the darling of the urban infill condominium projects with Glenn Rescalvo of Handel architects.  240 Pacific will deliver 33 boutique units in San Francisco's historic Jackson Square in early 2018. Get in line!

6.  Pacific Avenue has been renamed "Fixer Row" with three grand dames in need of new life closing in the last 30 days for over $10M.  3060 Pacific at $10.25M, 3383 Pacific at $10.225M, and 3515 Pacific at $10.35M.  High end contractors raised a collective glass of champagne. 

7.  Sotheby's is representing San Francisco's most expensive house ever listed at $40,000,000.  Call for more details on this Gold coast home located at 2712 Broadway.

8.  A rare sale of three merged units at Joseph Eichler's 1963 Russian Hill tower, The Summit, closed for $6.87M through Sotheby's.  In competitive bidding, San Francisco architect Geddes Ulinskas won the commission for this dream project.

9.  Family members of 1750 Taylor's penthouse owner are haplessly seeking over $30M in the city's "no inventory" penthouse market.  No takers after six months of private showings.

10.  Market bubble or not, we live in the most beautiful city in the world.  You can take that to the bank.