Castro & SF 2013 Home Real Estate Sales Review

Where the homes sold in SF for 2013 per district. Photo: Paragon Real Estate

Where the homes sold in SF for 2013 per district. Photo: Paragon Real Estate

As 2013 draws to a close Paragon Real Estate has put out their annual analysis of City homes sales categorized by neighborhood. No surprise to anyone The Castro –according to the plethora of info laid out here in detailed, nerdtastic charts and graphs– ranks in the top half to top third of ‘most expensive’ spots to try to buy within SFs 7 mile x 7 mile footprint.

Paragon amassed sales information under a wide variety of headings and then ranked much of that data according to geographical locations. This comprehensive look at the City’s ebb and flow of the housing market reveals what most of us already knew: the City has continued its tech driven, meteoric rise and become the most expensive place in the US to call home.

Other interesting points that jumped out:

  • Citywide there was only 44 Below Market Rate (BMR) units sold for the entire year. Not good news for the middle class and working poor who’re clinging by a thread to stay in the City.
  • Median price of a 2-bedroom condo with parking sold in the Castro/Eureka Valley: $1.06 Million
  • 509 homes sold for less than $500,000. That comprises less than 10% of all Citywide sales.
  • Bank repos of homes were down 62% overall from 2012.

As you peruse the facts and figures please keep in mind that these numbers were amassed as of mid November. Also note that often Castro/Eureka Valley are lumped in with Noe Valley when determining average prices. While it might not seem completely accurate to do this to some it’s important to note that Paragon is offering this information as a broad, general overall analysis of the City and its neighborhood’s home sales.

Approximately 2000 new units came on the market this year in the City. There are another 6000 units due to be completed by year-end of 2014. The Castro and the Octavia corridor is home to many and are a big part of those figures. We should continue to see more growth as the City heads toward a projected whooping 50,000 new units built within the next decade.

Let’s hope that Mayor Ed Lee follows through with his most recent directive to make affordable housing a priority in the coming building boom lest San Francisco’s long rich tradition of an economically diverse population becomes extinct as the Manhattanization of SF property values reaches a zenith from which there’s no return.

-Via SF Curbed

Waiyde Palmer

Waiyde Palmer loves San Francisco, social activism and punk rock(ers). His work has appeared in Handbook Magazine. SF Bay Times, The Advocate, Diseased Pariah News and American Music Press . He also has an extensive and repeatedly redacted FBI file.

You may also like...

5 Responses

  1. rblack says:

    “Citywide there was only 44 Below Market Rate (BMR) units sold for the entire year.”

    That’s outrageous.

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    • rblack says:

      From Socketsite:

      “2,806 Applications For 60 Affordable Apartments South Of Market”

      Now most likely not everyone who applied met the minimum standard, but even still that is a huge number.

      Does anyone know how many BMR units are scheduled to come onto the market in 2014?

      Thumb up 2 Thumb down 0

      • DerekSF says:

        Nema recently had a lotto for 38 BMR units, Venn 14 and Ava 33. Also from SF Curbed “There are over 3,500 units under construction in the Tranbay Transit Center district, 35 percent of which are affordable,”

        Thumb up 2 Thumb down 1

        • Waiyde Palmer says:

          That is a distorted figure supplied by Curbed SF and not accurate according to sources at City Hall.

          Recently in SoMa – 60 affordable units on Natoma came open – 2806 City residents applied for them. To my thinking this is already a massive crisis the Ctiy is playing catch up to deal with.

          Yes – there are BMR and Affordable Housing in the pipeline – but – unless we start seeing building results that keep pace w/luxury condos and apartments going up at a break neck rate in the City and Castro we’ll continue to see a massive decline in middle income, working poor and poor people living in all parts of SF.

          Without these integral segments of the economic population who will work at all the support jobs of the upper class, management and well paid workers the tech boom has attracted? Not to mention where will cops, fireman, teachers, city workers, bus drivers, nurses et al who are essential to making the City a city live? How will our needs be met if these essential workers must move further and further away and commute to the City?

          Thumb up 2 Thumb down 0

  2. marcos says:

    Hidden due to low comment rating. Click here to see.

    Poorly-rated. Like or Dislike: Thumb up 1 Thumb down 5

Speak your mind...