Heads up, San Francisco house hunters: If you’re looking to get into hot neighborhoods like Noe Valley, NoPa, and the Marina, be prepared to potentially pay more than $1,000/square foot.
Noe Valley has truly jumped the shark with its price per square foot average for single-family homes: It’s now just above $1400. And thanks to the new Amero condo development in Cow Hollow, that neighborhood’s price per square foot average leads the pack for condos in the city.
I’m not a huge fan of basing everything on price per square foot, mainly because there’s never any verification that the square footage being represented is accurate. But it is a data point that’s frequently referenced, particularly when you’re talking about new construction.
The price per square foot for new construction condos situated in very central and desirable San Francisco neighborhoods topped $1,000/sq ft last year, and it seems like many buyers are happy to fork that over for older homes, too.
When you’re competing in a multiple-offer situation, you can bet there are agents, sellers and buyers who are taking this data point into consideration. Here’s where you can expect to pay the highest price per square foot (I’m also including average price-per-square foot and average sale price):
- Noe Valley ($1,403 / $2,224,000)
- Lake ($1,321 / $3,900,000)
- NoPa ($1,318 / $1,450,000)
- Marina ($1,273 / $2,610,000)
- Eureka Valley ($1,077 / $2,700,000)
- Cow Hollow ($1,262 / $1,690,571)
- Yerba Buena ($1,200 / $1,287,571)
- Financial District ($1,154 / $1,908,667)
- South Beach ($1,151 / $1,214,126)
- Duboce Triangle ($1,129 / $1,315,667)
- Russian Hill ($1,120 / $2,651,000)
- Nob Hill ($1,094 / $848,000)
- Pacific Heights ($1,052 / $1,351,429)
- Noe Valley ($1,045 / $1,851,375)
- Marina ($1,042 / $1,562,500)
- Mission ($1,027 / $1,023,882)
Eileen Bermingham is a leading agent at Zephyr Real Estate. For more market insights, visit her popular blog at www.insidesfre.com. You can reach Eileen at 415.823.4656 or [email protected] if you’d like help buying or selling a home.