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.