New Projects Easing San Francisco Residential Inventory Woes
- May 09, 2014
San Francisco—A number of new condominium developments slated for delivery this year may do much to address the residential inventory crunch the Golden Gate city is experiencing. So say officials of The Mark Company, an urban residential marketing and sales firm handling the developments.
The condominium projects are The San Francisco Shipyard, Arden, Amero, 8 Octavia, 870 Harrison and 35 Dolores.
As of early May, there were approximately 150 new condominium units on the market in San Francisco, a figure approaching an all-time low. Seven years ago, there were 3,000 units available, The Mark Company reports.
“There’s a dire need for for-sale housing,” Alan P. Mark, founder and president of The Mark Company, tells MHN. “Job growth is very strong. And Gen Y, Gen X and Baby Boomers are all looking to own a home in San Francisco.”
Scheduled to launch sales early this summer, the San Francisco Shipyard and Candlestick Point is a 775-acre development being constructed along nine miles of San Francisco waterfront. “The San Francisco Shipyard, by Lennar Urban, is almost 20 years in the making,” Mark says. “It offers a wonderful collection of flats and townhomes, sited on the waterfront with dramatic views of downtown San Francisco. There’s a great history and urban fabric at the Shipyard and surrounding neighborhood.”
Arden by Bosa in Mission Bay features 267 waterside high-rise homes set against a walkable, livable urban village. Sales will start this spring.
Amero, situated in the Cow Hollow/Marina neighborhood with views of the Golden Gate Bridge, is the first condominium building from Trumark Urban to come to market in San Francisco. It is slated to launch this spring.
Developed by DDG and DM Development and designed by architect Stanley Saitowitz, 8 Octavia in Hayes Valley will begin marketing residences this year.
The property called 870 Harrison is a boutique, 26-residence building centrally located in the South of Market community. Residents will be able to walk or bike to a number of important technology employers, among them Twitter, Foursquare and Dropbox. The property is being developed by JS Sullivan Development.
Developed by Lightner Property Group and designed by Levy Design Partners, 35 Dolores is a four-story condominium in the eclectic Mission Dolores enclave. The newly constructed property offers 33 homes and more than 3,350 square feet of common open space for use by residents.
Many potential buyers and their brokers have previously missed purchasing a home as a result of multiple offer situations in the re-sale market, Mark says.
“Our process of timing, lender pre-approvals and releases of residences is clearly laid out. We also avoid multiple offers,” he adds. “We give our potential buyers the opportunity to finally own a home.”