Condo Prices Hold Steady While Mortgage Rates Drop and The Stock Market Rebounds
Spring and Summer condo pricing in South Beach has recovered from the seasonal Winter slowdown and is in line with 2018 Year-Over-Year averages. In most of South Beach highrise buildings, the average price per square foot (PPSF) is higher than last year by about 12% at $1,252. Five 3-Bedroom condo sales averaged about $1500/ sq. ft. in the neighborhood.
One Rincon Hill #5903 – 3BD Sold For $1,959/Sq.Ft. Closing price was $3,285,000
Infinity #33F – 2BD sold for $1514/Sq.Ft. Closing price was $2,395,000.
Great example of inclusive staging for a highrise home. The second bedroom was staged as a children’s bedroom.
San Francisco condos sorted by era of construction shows that condos most recently built between 2005-2019 sell for the highest PPSF. Interestingly enough, condos built in the 80’s and 90’s are selling for less money per square foot than a Victorian-era condo.
Overall, in the general area from South Beach to Dogpatch, PPSF is equal to the trendy neighborhoods of Noe, Eureka and Cole Valleys at about $1,200 sq. ft +/-. See neighborhood comparisons here.
Interest Rates Drop Again
Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy.
Stock Market Hits New High
The last 12 months have been an extremely dramatic time for financial markets as illustrated above. The alternating confidence and fear generated by its swings have been considerable factors in Bay Area real estate markets. A parallel dynamic has occurred with the swings in interest rates.