[Correction: Although the Pacific sale is indeed impressive, it turns out that it’s not, in fact, a condo record. Back in 2015, 2006 Washington Street, #10 sold for an incredible $32 million, which amounted to more than $5,000/square foot.
As Curbed SF reported at the time:
An insider familiar with the sale has confirmed to Curbed that the 5,400-square-foot unit officially closed, with a purchase price thought to be around $30 million. [...] The lofty sale price for a (relatively!) small unit puts the per-square price in the ballpark of a heady $5,555.
We can now confirm the final $32 million price. The city records estimate that the unit is actually about 5,700 square feet. Those estimates can be spotty, but that would be a price of more than $5,614/square foot, even more than estimated at the time.]
One of the grand penthouses inside the Pacific, the Trumark Urban-developed luxury condo buildings in Pacific Heights, sold for a record-breaking price. A buyer, who purchased the pad anonymously under an LLC, paid a whopping $15.872 million for one of the building’s grand penthouses.
This breaks down to $3,921 per square foot, a record for condo sales in San Francisco.
That’s $3,921 at 4,048 square feet. However, the grand penthouse also includes an additional 1,978 square feet of terrace space. (Each of the four grand penthouses include private corner terraces.) Including both the interior and terrace measurements, the price per square footage comes to $2,634, making it still a higher price point than the former condo champ, the Millennium Tower’s grand penthouse.
(If you recall the 5,500-square-foot pad inside the troubled tower made waves after it netted a cool $13,000,000 last year.)
The 76-unit building, designed by Handel Architects, cost roughly $200 million and broke ground nearly three years ago.
According to Trumark Urban managing director Arden J. Hearing III, more than 80 percent of the units inside the Pacific are sold. And only two of the Pacific’s grand penthouses remain on the market.
While most of the buyers comes from all moneyed walks of life, a good chunk of buyers at the Pacific are neighborhood residents who reportedly go back generations.
“Some longtime residents are moving out of their 10,000-square-foot buildings and moving into condos,” says Hearing, adding, “Many of our homebuyers are people who have lived here a long time.”
But this record might not last for long. New growth in the city is that of the tony variety. And the prices are getting higher. Take, for example, 181 Fremont whose unfinished top-floor pad is on the market right now for $42 million.
- $42 million San Francisco penthouse floorplan will drop, shatter your jaw [Curbed SF]
- San Francisco penthouse asks record $42 million [Curbed SF]
- A Peek Inside The Pacific, the Swank New Neighbor in Pac Heights [Curbed SF]
- Pacific Heights [Curbed SF]
- The Pacific [site]