05/31/17

SF penthouse sale in Trumark Urban’s The Pacific sets record for condo sales

A buyer paid $15.875 million for one of the penthouses in the Pacific, Trumark Urban’s 76-unit ultra-luxury condo development in Pacific Heights.

The per square foot price of $3,921 is one of the highest ever paid for a condo in San Francisco.

The developer of the ultra-luxury The Pacific plans to launch sales in early August.

The development features some of the highest-priced new condos in the city, where prices have soared above $1,000 per square foot — a benchmark that used to be considered expensive. Meanwhile, more new condos are hitting the market.

Another new development, 181 Fremont, is offering its top-floor penthouse at a cool $42 million or close to $6,000 per square foot.

Trumark kicked off sales at the Pacific last year with some units priced as high as $20 million. Buyers have snapped up more than 80 percent of the units including a penthouse sold last September for $11.75 million or about $3,817 per square foot and another penthouse that sold in August went for $8.95 million or about $3,464 per square foot.

“We are over 80 percent sold and that represents over $200 million in sales revenue,” said Arden Hearing, head of Trumark Urban. “Sales are exceeding our expectations. It’s clear the market is under-supplied for a ultra-luxury, hyper-local focused building.”

The development includes four “grand penthouses” that span two levels and feature terraces. Those units are sold to buyers as empty shells so that buyers can design their own homes to their taste.

The building is a conversion of a former dental school building into a residential high-rise in Pacific Heights, one of San Francisco’s most posh neighborhoods.

That neighborhood lacked new housing until developments such as the Pacific and the Luxe, a 34-unit project from Belrich Partners, hit the market, said Patrick Carlisle, chief market analyst with Paragon Real Estate Group.

The Luxe sold out in March with prices ranging from $1 million to $5 million or about $1,400 to $2,600 per square foot, according to Polaris Pacific, a condo marketing and research firm.

For several years, condo buyers mostly flocked to South Beach because there weren’t many options in other neighborhoods, Carlisle said, but that is changing.

“Now once again, buyers are focusing on prestige neighborhoods like Pacific Heights and Russian Hill,” he said. “Those are the classic, super affluent neighborhoods of San Francisco.”

Source
SF Business Times
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