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November 4, 2010

How’s the Market In: Pacific Heights

2207scott

Pacific Heights boasts some of the most coveted real estate inventory in the city. This quintessential San Francisco neighborhood is targeted by many buyers looking for large single-family homes and condos that offer Bay views, period detail, and proximity to the Fillmore Street retail area.

You don’t come to Pacific Heights looking for a bargain. The economic downturn didn’t have much of an effect on the area, which is still considered to be as close to a sure bet as you’ll get to owning a home that will appreciate in value (or not drop in value significantly). A total of 43 houses have sold this year in Pacific Heights, at an average of $3,918,930. All were 3BR+ properties, with the exception of one 2BR cottage on Clay that was listed at $995,000 but sold for $1,275,000.

On the condo front, 98 units sold at an average of $1,024,193. The most expensive was a 2BR/3BA, 2714-square foot penthouse with unobstructed bridge-to-bridge views on Pacific that sold for $3.6M. The average 2BR condo this year sold for $993,914, and the 3BR condo average was $1,413,760. If you’re looking for a condo in the neighborhood, these ranges are what you can expect.

Sellers are offering plenty of properties on the market in Pacific Heights at the moment. There are 26 single-family homes; seven are above the $10M price point (including 2701 Broadway for $32M and 2901 Broadway for $45M). But a bulk of the houses are in the $2.8 – $4.2M range.

And 66 condos are on the market for an average list price of $1,308,758. 36 units are listed for up to $1M, with the rest for above that price.

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