The Mandatory Seismic Retrofit Program legislation is due for its first hearing on Monday, March 18th before the Board of Supervisors Land Use and Economic Development Committee. Based on conversations I’ve had with various clients, friends, and colleagues, it seems like many people are a bit unclear about the details.
I’ve reviewed the legislation and also have spoken to Patrick Otellini, the Director for Earthquake Safety in the Mayor’s Office, so I thought I would share the information with you as it currently stands.
The proposed legislation, authored by Mayor Lee and six Board of Supervisors, adds a new chapter to the San Francisco Building Code that would require mandatory seismic retrofitting of existing wood-frame buildings which were built before January 1, 1978, have three or more stories—the first of which is a “soft” story—and contain five or more dwelling units.… Continue Reading
The Wall Street Journal recently ran a piece that discussed the price points that defined “luxury” in various cities. New York, Paris, London, Hong Kong and Sydney all rank among the top ten cities for luxury living, and Hong Kong is the priciest.
The real estate barometer was a luxury, two-bedroom apartment with about 1,000 square feet. The price in New York for this real estate was $2,135,000, while London clocked in at $4.1M, and Hong Kong’s estimate was $4.81M. The article didn’t cite San Francisco, so I thought I would explore what defines luxury in our city.
It’s widely believed among San Francisco real estate agents that $2M is the price point that represents luxury properties in San Francisco. However, I think that’s more the case for single-family homes. A total of 37 2BR condos sold for $1M+ from December 2012 – March 5, 2013, ranging in price from $1,025,000-$3,850,000. The average sale price in this $1M+ category was $1,423,757, and the average square footage on these 2BR units was 1452.
So I’d say that you definitely get more for your money in San Francisco these days, particularly where condos are concerned.