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New Condo Prices Up a Touch Despite Big Inventory Jump

A whole heap of new condo projects has landed on the market in the last two months, but despite this much-needed increase in inventory, prices for this new construction have continued to tick upwards. There were 401 new units available in June, an increase of 63 percent year-on-year according to the Mark Company's monthly trend sheet. Pricing was set at an average of $1,144 per square, which was up 13 percent from the same time last year and up 2 percent since the month before. The new construction is led by developments like 8 Octavia, which of course set new Hayes Valley condo pricing records last week by asking $1,384 per square for a two-bed, two-bath unit.

Developments that have come on the market in the last few months include Arden, Fifteen Fifteen, Millwheel North, and Vida, all of which have seen healthy sales. According to the Mark Company, Arden is more than half sold-out, with 150-plus units sold and 117 still available. Fifteen Fifteen and Millwheel North are both about 50 percent sold, while Vida has also seen sales of at least 40 of its 114 units. Also selling or about to sell are the San Francisco Shipyard's Phase 1, Amero, and Summit 800.

· June New Condo Construction Trend Report [The Mark Company, pdf]
· 8 Octavia Listing Lands, Sets Price Per Square Foot Record [Curbed SF]

8 Octavia

8 Octavia, San Francisco, CA

Vida

2558 Mission St, San Francisco, CA