Summer 2021 New Homes

Summer is officially here, and with it comes a half dozen new residential developments that’ll be moving out of the Coming Soon category and onward to Now Selling. Let’s take a look at what’s cooking, below.

But first, here are five things you need to know before you go out to purchase a home in a new development:

› Transparent Pricing. Tired of being outbid by other buyers? You’re in luck! By the time new homes hit the market, there has been months, if not years, of pricing analysis by the developer to ensure they’ll hit the numbers they need. The list price you see is the price you pay (unless a good argument can be made for a reduction — and if you have independent representation described below). Make no mistake that new construction carries a premium over comparable resale units. But in a rising market, by the time escrow closes on a new place, the buyer could have already banked some healthy appreciation.

 

› More Inventory Than Meets The Eye. Especially in larger developments, units available for sale are held off the MLS and other public listing syndicates so as to not flood the market with inventory. By releasing only a few homes at a time, the developer and their sales team are able to keep prices up. But that doesn’t mean your dream home isn’t available — you just need a broker on the inside track to scope it out and make the deal happen for you before another buyer gets to it. That’s where we come in.

 

› Not Your Standard SF Purchase Agreement. New residential condominium projects of five or more units require the use of a special purchase agreement approved by the California Department of Real Estate. These contracts are long — super long — and include notices about issues like latent construction defects as well as resale restrictions. It should be accompanied by a Public Report (Final or Conditional). And if a Certificate of Occupancy has not yet been issued by the San Francisco Department of Building Inspection, you’ll want to make sure your purchase is contingent upon receiving that.

 

› Dual Agency vs Independent Representation. If you walk into the on-site sales office at a new building, you’ll almost certainly be asked to register yourself as a visitor. Read the fine print! Unless you disclose that you are working with a broker, you’ll be waiving your right to independent representation. Why do you want independent representation? For one, it could save you tens of thousands of dollars (and possibly a whole lot more) on the Documentary Transfer Tax described next. Conversely, if you’re represented by the sales team also representing the developer (dual agency), you have effectively zero leverage to ask for seller concessions.

 

› Documentary Transfer Tax. In San Francisco, this tax is customarily paid by sellers in an ordinary real estate resale transaction. Not the case when buying new construction! New construction purchase agreements almost always stipulate that the buyer pays the tax. With independent buyer representation, you have a chance at negotiating for the seller to pay. Take a look at the chart below from the SF Assessor’s Office and you’ll see the tax isn’t cheap — especially when you’re dealing with a purchase price of $5,000,000 or above.

The Quinn at 345 8th Street in the heart of SoMa will begin selling homes from the $600,000s this summer, having been pushed back from an initial springtime debut. The development emphasizes a decidedly artistic spirit, the residences’ clean lines and crisp palettes likened to a blank canvas awaiting inspired creation. Three distinct collections of homes include studio-, one-, two- and three-bedroom flats as well as one- and two-bedroom lofts. Rendering courtesy of thequinnsf.com.

Exclusive buyer representation and early access private tours available > 415.715.9205 / thequinn@vulcca.com

We’ve been tuned in to 2238 Market in Duboce Triangle and watching construction progress closely, as it is located down the street from our headquarters. Bookended at either end of the block by iconic Cafe Flore and popular arcade bar Brewcade, and located directly across the street from the Castro’s playful gay sports bar Hi Tops, the development is an ideally sited addition to an energized stretch of Market Street. No official intel on pricing, but if it follows the trend of other new construction projects then we expect most of the 42 homes will be in the ballpark of $1,500 per square foot (give or take with consideration to positioning, views, and size). The unit mix includes studio, one-, two- and three-bedroom flats as well as townhomes. Rendering courtesy of 2238market.com.

Related reading: 2238 Market: New Home Details Revealed

Related reading: Catching Up With SF Castro New Homes

Exclusive buyer representation and early access private tours available > 415.715.9205 / 2238market@vulcca.com

1452 Broadway is a boutique infill development in Russian Hill, right around the corner from the Upper Polk business district. Because the neighborhood consists almost entirely of older/historical homes, these 8 modern residences especially stand out as a rare opportunity. The one-, two- and three-bedroom layouts each include private outdoor space, as does the dual-level penthouse. Stay tuned for pricing and early access. Rendering courtesy of 1452broadway.com.

Exclusive buyer representation and early access private tours available > 415.715.9205 / 1452broadway@vulcca.com

88 at the Park at 88 Arkansas Street in Potrero Hill will open its sales gallery this summer; at least one model home will be available for viewing. The name of the game here is indoor/outdoor living with a heaping side of sustainable features. Park-side living in one of San Francisco’s sunniest neighborhoods: what’s not to love? By far the largest for-sale development in the neighborhood, the 127 homes include studio, one-, two- and three-bedroom layouts. Rendering courtesy of 88atthepark.com.

Exclusive buyer representation and early access private tours available > 415.715.9205 / 88atthepark@vulcca.com

The Oak at 55 Oak Street / 1554 Market Street in Hayes Valley is a look into the future of The Hub at the intersection of Market Street and Van Ness Avenue. Within a one block radius, the pipeline of new residential developments anticipated to be completed over the next decade will be transformative. Positioned at the cusp of Mid-Market and SoMa, the area has a decidedly more downtown energy than traditional neighborhood vibe. Studio, one-, two- and three-bedroom homes rise in two towers connected by a glassed-in sky bridge and topped by a rooftop terrace (with amazing views, obviously). No official word on pricing yet, but we expect units will sell mostly in the $1,200 to $1,600 per square foot range (give or take with consideration to positioning, views, and size). Rendering courtesy of theoaksf.com.

Related reading: The Oak: First Release Of New Condos Imminent

Exclusive buyer representation and early access private tours available > 415.715.9205 / theoak@vulcca.com

Noir at 1523 Franklin Street in Lower Pacific Heights commenced private previews for brokers and qualified home buyers the second week of June. Official prices have not been announced, however residences are expected to start from the low $3-millions. Units in this boutique 7-unit building by JS Sullivan Development include full-floor three- and four-bedroom layouts, private outdoor space, secure parking, and direct elevator access. The building is constructed of concrete and steel, making it a ‘solid’ investment. Rendering courtesy of noirlivingsf.com.

Related reading: Noir SF Residence Trois Review & Pricing

Related reading: Noir SF Residence Quatre Review & Pricing

Related reading: Noir: In A League Of Its Own

Exclusive buyer representation and early access private tours available > 415.715.9205 / noir@vulcca.com