Having ticked up 3 percent in April, the Mark Company’s Pricing Index for new construction condominiums in San Francisco is now running 2 percent higher versus the same time last year, up from flat in March but down from 20 percent higher eight months ago.

In terms of inventory, there are now 900 or so new condominiums actively for sale in San Francisco, about even with the same time last year but 40 percent higher versus the month before, not including the 55 market-rate units at 181 Fremont Street, the sales office for which opens today.

And in terms of San Francisco’s overall pipeline of new construction, which includes both condos and rentals, there are currently 7,300 net-new units of housing under construction in San Francisco with building permits for another 11,800 units either issued, approved, or in the works, as we first reported last month.

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Comments from “Plugged-In” Readers

  1. Posted by Sabbie

    These new buildings have quite a racket going. They hide the prices of recently sold units by using withdrawn status on the MLS, and also keep the price off of tax records through some dirty deal they must have made with the assessor’s office. So basically, buyers really have no idea what the units are worth and are at the mercy of the sales team.

    • Posted by Ohlone Californio

      “and also keep the price off of tax records through some dirty deal they must have made with the assessor’s office.”

      Do they really?

  2. Posted by Louis

    Really?

    I bought a new development condo, mark company was the agent, and it appeared on the tax records very quickly.

    you sure about that? think not.

    • Posted by Sabbie

      The sale appears, but the price is not disclosed. This is not for every building, but for a lot of them.

    • Posted by Sabbie

      Since we have you on the line- how did you decide what your unit was worth in relation to the other sales? Did they provide you with detailed sales data or?

      • Posted by Moose

        Because you can easily see the price online? All sales are sales are public.

        • Posted by Sabbie

          No you can’t. Just one example is Lumina in South Beach. Show me where you can find the prices.

          • Posted by Sf owner

            Closed sales at 338 Main (Lumina) via Redfin/Public Records

          • Posted by anon

            Is it possible that you are just witnessing a delay in the data pipeline from the recorded data to online sites such as Redfin?

            Perhaps the data pipeline requires some human intervention for new construction vs a sale on an existing property?

      • Posted by DrPants

        What is the concern behind this? I can agree that it adds a fog of war to market comparables, but it’s always been an option to not list a sale/transfer price.

    • Posted by JR "Bob" Dobbs

      Under state law, at a minimum, the transfer tax must appear on the deed. And from that, one can easily calculate the sale price. So there is no way (that I’m aware of) to keep the sale price out of the public eye.

      [Editor’s Note: There have been ways to obfuscate public access to the transfer tax recorded with a deed, and there still are games that can be played with respect to delaying access, but as we first reported last year: An End To ‘Confidential’ Sales In San Francisco.]

  3. Posted by Oaklandlover

    So 900 condos listed this year, about the same as the same time last year. Seasonality. That’s important.

    181 Fremont is a different ballgame folks, and only ~60 units, hardly a massive supply dump. Not relevant to us average folks so let’s just toss that out.

    It’s a tricky crystal ball in RE right now but it seems more like a “normal” and “balanced” market for Bay AreaREright now. Not any madness or obvious impending bubble burst or further inflation of this already hot market.

    In other words, the market is s bit normal right now? Imagine that…Normal…in Bay Area standards of course…

    +/- 5% or 10% in both price, supply and demand over the next year or two? VS the distorted boom bust boom cycles sice 2001 that I have witnessed? I’ll take it. But I’m probably missing something.

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