Summer off to a hot start in Mission Bay
Mission Bay’s master plan is blossoming to life and nearing the final phase of development. The neighborhood was once San Francisco’s only master planned community (followed now by Hunters Point), originally designed in 2000 with the projected completion date set for 2030. Being on the cusp of the final decade, the neighborhood is showing signs of serious demand. Chase Center is only months away, bringing a global attraction within blocks of all 4 condominium buildings.
More and more buyers flock for green space and easy access to SF and the Valley, as reflected by the ever growing asking price of residential property. The Big 4; One Mission Bay, Madrone, Radiance and Arden have seen a slower than usual start to the summer in terms of total sales volume, but the price per square foot is highlighting the increasing demand for the district.
May has seen the selling price per square foot creep north of $1,200, landing at $1,232 a foot over the first month of Summer ‘19. Madrone hosted 3 of the 7 sales this past month, with neighborhood heavyweight’s Kevin and Nini Gueco leading the charge with a successful sale of bottom floor residence at Madrone. “Madrone 103 is extremely special. It’s one of only a handful of units in the building that are bi-level with two entrances. You get the convenience of condo-living with the space and feel of a townhome! When you consider the location of Madrone, size of the condo, and luxury amenities in the building, the value of the unit was undeniable.” - Nini
One Mission Bay is beginning to see re-sales, too. OMB was one of the fastest projects to sell out in the history of San Francisco, according to a former sales executive of the development. With the amount of demand already established by the former 3 BOSA buildings, it was arguably set up on a tee for CIM Group to knock it out of the park. A handful of residences are still being sold by the developer, but the majority were swooped up at initial offering prices. A record resale of $1,504 per foot was achieved for a high floor 1 bedroom earlier this June, the most expensive 1 bedroom ever in the neighborhood. If the initial re-sales at Arden are anything to reference, One Mission Bay might be in for a huge 12 months.
235 Berry Street also set the tone this summer with an extremely impressive sale of bottom floor unit #103, selling for $1,274 a foot. With direct access and private entrance from the waterfront walking path, it’s easy to see why buyers are drawn to Berry Street. “Whether a short daytime trip, a ballpark game trip, or a nighttime twilight trip, you’ll remember you’re in a nature-filled city of California and not the concrete jungle of San Francisco.” - Fatemah Nikchehi, Adventures In Mission Bay.
As for active inventory; The remaining 6 residences at One Mission Bay for sale by the developer are on the open market as well as 2x re-sales, 2x Berry Street units and a 4th floor residence at Radiance with direct access to the rooftop amenity space.
Mission Bay tends to be a higher volume off-market neighborhood, with the top listing agents having long lists of ready and willing buyers waiting for the right unit to pounce on. The best way to have first-in-line benefits to any and all listings coming to the neighborhood is to register as a Preferred Buyer.