Word on the street is that San Francisco’s condo market is on the mend. According to data reported to the San Francisco Association of REALTORS®, last month’s Median Sales Price hit $1,150,000 citywide — an increase of more than 10 percent from the start of this year. And while bidding wars are most definitely back in most parts of town, and generally for strategically underpriced new listings, there are still deals to be found. Just look to 181 Fremont.
Major price reductions were introduced to the swanky highrise’s unsold inventory in recent months. Among them, Residence #56A was slashed to $4.5 million from $4.955 million, Residence #64D was reduced to $2.945 million from $3.474 million, and Residence #67C was lowered to $4.5 million from $5.4 million. Each of these condominiums sold for less still: $4 million, $2.9 million, and $4.25 million, respectively. They account for more units closed already this year than in all of 2023.
Nineteen two- and 3-bedroom homes remain available (including seven Atelier Suites on the 54th floor) but one stands out above all others — literally, almost. Residence #68B is a half-floor penthouse, one of two that, at ±700 feet in the sky, share the distinction of being the second tallest homes on the West Coast. Offered for sale fully-furnished and expertly finished by Kendall Wilkinson Design, its ask was just reduced for the first time since its 2019 debut to $12,995,000.
Let’s take a look inside.
Featuring floor-to-ceiling vistas at every turn, stretching from Sutro Tower to the Bay Bridge and beyond, this showpiece residence measures an impressive ±3,256 square feet. Entering through a formal lobby, central living quarters anchor the space. Textured wall coverings, curvaceous furniture, and custom metallic fixtures are at once playful and glamorous.
A hideaway kitchen at one side is outfitted with Brazilian Macaubas quartzite countertops, Valcucine glass cabinetry, and top-of-the-line appliances including dual wine storage and dishwashers. At the opposite side, glass doors reveal a multifunctional retreat. Built-in speakers and solar shades throughout create an effortlessly adaptable environment for private enjoyment and entertaining.
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The primary suite is thoughtfully positioned in the southwest wing to frame striking bay and city outlooks. Handmade wall coverings and a sleigh bed designed by Jean-Louis Deniot highlight the bedroom. A grand-scale bath includes dual water closets and vanities, a freestanding soaking tub and separate shower, and magnificent full-height hones Arabescato Corchia marble.
A secondary bedroom suite is generously proportioned and awash in natural light. Together with an additional half bath, service pantry, and laundry area, it completes this resplendent 2-bedroom and 2.5-bath penthouse. Classically stylish with a contemporary finesse, Residence #68B is ready for immediate move-in.
Still not sold? Consider this: The other half-floor penthouse, not furnished, sold in 2019 for $15 million. Opportunity knocks!
New Homes 101
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 this guide 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 and above.
