Candela Turns Down For The Holidays, 6 Homes Remain

Following the lead of 950 Tennessee and Union House in withdrawing inventory from the MLS as the year draws to a close, Candela in San Francisco’s Russian Hill neighborhood has gone dark. That’s not to say private tours by appointment for qualified home buyers are not still happening, however. A half dozen 1-, 2- and 3-bedroom residences in the MAK Studio-designed boutique development are available for purchase at prices starting from $1,000,000.

Contact us today for additional information and to arrange a showing.

1458 Broadway Street #6 was the first Candela unit to find a buyer. Directly below it, 1458 Broadway Street #3 and 1458 Broadway Street #1 were most recently offered for sale in the mid-$1 million range. Listing photos above courtesy of SFAR MLS.

 

This is not the first time that marketing efforts at Candela have been pared down for the holidays, a time when real estate sales activity in the city historically slows to a crawl. Last year, following the building’s September 2021 launch, its representative 2- and 3-bed listings were canceled in mid-December. Returning in the spring with days on market reset to zero and nominal price reductions, one of the three near-identical 2-bed/2-bath residences overlooking Broadway Street then sold for $1,850,000 cash.

The penthouse at Candela features 3 bedrooms and 3.5 bathrooms on two levels. The home includes direct elevators access, to expansive outdoor entertaining areas, and more than 3,200 square feet of interior space.

 

Since then, the developer has hired a new listing broker and reintroduced the luxury units alongside six-figure price reductions. The bi-level penthouse with exclusive rooftop terrace and Golden Gate Bridge view also made its public debut — and went under contract within two months, closing escrow last month for a reported $5,850,000. Candela‘s two 1-bed units, each with north-facing outlooks and a balcony, were newly listed for sale as well and quietly shown to prospective buyers only by special request.

Before visiting any new development, reach out to us to discuss our services for San Francisco home buyers. You’ll be happy you did. Our agents are negotiating significant deals in today’s volatile market.

A seller’s decision to pull their property off the market during the holidays is typically strategic. Doing so not only avoids accumulating days on market during the slow season, it also creates the possibility for the property to be relisted after 30+ days and appear as new. Sellers may take the opportunity to also modify marketing collateral and make price adjustments. Why does this matter? Stale listings suffer from an absence of perceived urgency for buyers to act and are increasingly prone to lowball offers as time goes on.

With mortgage interest rates now trending down from September 2022 highs, there is reason to believe that listings reintroduced in the coming months may benefit from an improved borrowing environment. It’s plausible that pent-up buyer demand will collide with a market that has less inventory than in recent years past, placing negotiation leverage back in the hands of sellers. Moreover, the median sales price of homes in San Francisco has increased over the first six months of the year, without fail, for at least the last two decades.

As for Candela, the new year will also bring two condominium developments to the area at 2525 Van Ness Avenue and 1580 Pacific Avenue. Judging by the amount of interest in the latter that we’ve received, it appears to be the most anticipated launch of 2023. That said, what Candela offers — premium finishes and fixtures, state-of-the-art systems, and elevated privacy in a boutique building — sets it apart from the pack. And for house hunters who love the neighborhood but find the forthcoming new inventory less than compelling, it’s positioned to be an alluring buy.

 

You can always live chat with us to get real-time data and a qualitative take on the market. We’re actively identifying unique opportunities and making deals happen. We know what’s good!

Subscribe to broker insights, top headlines, off-market listings, and new development launches delivered monthly to your inbox.