Maybe San Francisco is movin' on up after all.
About a year ago, in an uncharacteristically bullish piece on the San Francisco housing market, we highlighted the city's first ultra-luxury residential development, The Pacific. A retrofit of the old University of Pacific Dental School dorm in Pacific Heights, Trumark Urban took a bet that the uber wealthy would pay north of $2,000 per square foot for high-end condos in San Francisco.
They were right. According to the San Francisco Business Times, the project's first phase sold out with an average price of over $4 million.
At a time when condo inventory is ballooning and prices at new construction condos are slipping, strong demand for the highest of high ends is telling.
San Francisco has always been a destination for tourists, old Bay Area money and the tech world's upper echelons. But in this cycle we've seen the city become a magnet for the world's most affluent, with owning real estate here as essential as having a pad in New York or London. As the rest of The Pacific hits the market, the depth of this trend will be revealed.