Catching Up With SF Castro New Homes

2228 Market is listed and marketed by cooperating broker Polaris Pacific. Renderings below courtesy of 2238market.com.

On the opposite side of Beck’s Motor Lodge, two condos at The Century completed their inaugural resales since being purchased new in 2014:

› 2200 Market Street #402, a 1-bed/1-bath/865sqft unit overlooking market, sold for $1,030,000 (just shy of $1,200 per square foot)

 

› 2200 Market Street #501, a 2-bed/2bath/1,128sqft corner penthouse, sold for $1,718,000 (just over $1,500 per square foot)

Both of those condos managed to fetch prices well above (approximately 15 percent) their brand new construction purchase price – a feat that many newer condos are struggling to achieve.

2200 Market Street #501 as it appeared October 2020, listed and marketed by cooperating broker Sotheby’s International Realty. Listing photos below courtesy of SFAR MLS.

Catercorner to 2238 Market, the bold black and orange newer condo building ICON also recently had two first-time resales:

› 2299 Market Street #301, a 1-bed/1-bath/689sqft unit facing northeast over 16th Street, sold for $975,000 (just over $1,400 per square foot)

 

› 2299 Market Street #302, a 1-bed/1-bath/711sqft unit with northwestern exposure overlooking and a private patio at the rear, sold for $1,150,000 (approximately $1,330 per square foot)

Similar to the resales at The Century, these ICON condos scored meaty price gains, averaging an appreciation of over 40 percent from their 2013 brand new construction purchase prices.

Even more remarkable, a 2-bed/2-bath/1,050sqft prominent corner unit at ICON recently sold for $1,649,000 (approximately $1,570 per square foot), which represents an almost 31 percent gain from its previous resale in April 2016.

2299 Market Street #303 as it appeared January 2020, listed and marketed by cooperating broker Vanguard Properties. Listing photos below courtesy of SFAR MLS.

Moving westward up Market Street, the Castro Gas and Food Mart at 376 Castro Street – which has been in and out of development discussions for almost a decade – is back on the market. Although the once-approved plan to construct a six-story mixed-use building with 24 residences is now expired, the site has been since rezoned to allow an additional two stories. The 376 Castro Street Offering Memorandum states that the price for this development opportunity is “To Be Determined By Market.”

Exclusive buyer representation and COVID-compliant private tours available > 415.715.9205 / hello@vulcca.com

Renderings of the previously approved plan for 376 Castro Street, courtesy of Socketsite.