SAN FRANCISCO, THE MAGICAL
CITY BY THE BAY…
Luxury Real Estate Report Issue 63 - October 2020
GREETINGS FROM SAN FRANCISCO
As we go through this unprecedented year of 2020, my wonderful team and I would like to extend a huge thank you to all of YOU- our fabulous family and friends, clients and colleagues, all around the world. We are extraordinarily grateful for the business you have entrusted us with over the past 28 years- and we look forward to the next 28 years ahead.
Even today with all the challenges that the City and the world is facing and numerous reports of people leaving major cities around the country, every time I drive across the Golden Gate Bridge and see the shimmering outline of the Skyline blending into the incredible Presidio Park framed by the Bay, The Pacific Ocean and some of the most beautiful beaches anywhere, it is truly breathtaking- this is truly one of the most dazzling places on Earth.
San Francisco has gone through tough times before and each time it has been re-built stronger and more beautiful than ever before- as it will this time. I know the City will continue to be one of the most amazing places on the planet to live, create, innovate, and be inspired by... it will always be that Magical City-by-The-Bay…
We wish you and your loved ones a safe and healthy journey through 2020 and beyond-
Joel
THE SAN FRANCISCO BAY AREA’S MOST EXTRAORDINARY PROPERTIES
2020 has been a year of growth for our team as we have developed innovative new ways of marketing our properties to the world and virtually touring with national and international clients.
Before we go on to the San Francisco & Global Luxury Market Report, I hope you enjoy these virtual tours and brochures of some of the San Francisco Bay Area’s and Wine Country’s most beautiful properties…
- From the City's Architectural Crown Jewel in Presidio Heights to an Iconic Pacific Heights View Mansion coming soon… an exquisite Italianate-Style Villa on the Capri-like slopes of Russian Hill with Golden Gate to Bay Bridge Views, a lovely Beaux-Arts style Bay View residence…a Starchitect-Designed Sonoma Estate with pool, guest house and vineyard to a Legendary Sausalito Waterfront Compound – and a Stately Presidio Heights residence with Golden Gate & Bay views …
- In the City’s picturesque Marina District, a classic Spanish-Mediterranean Style Residence with Palace of Fine Arts views as well as a stunning Modernistic Home with a 360` roof terrace.
- A sensational SoHo-Style Penthouse Loft with terraces & views, an Edwardian Residence on historic Alamo Square and a beautifully designed two-unit building on Dolores Park East
- In world-renowned Pacific Heights, enjoy a tour of this Parisian-style full-floor on one of Lafayette Park’s most iconic Beaux-Arts style buildings as well as these super-elegant Park Avenue and 5th Avenue-Style residences, and coming soon… a full-floor Pre-War co-op with terraces and views and a Stylish 2-Bedroom, 2-Bath with a Terrace at the Rockwell.
- On venerable Nob Hill, with its extraordinarily beautiful buildings, here is a sensational SoMa loft-like residence in one of the most iconic Pre-War buildings, The Francesca, and a spacious and elegant residence at The Montaire- as well as a charming unit with a huge terrace & views at 10 Miller Place and incredible views of the City from this high-floor residence at two of the City’s premiere Mid-Century doorman high-rises.
- On the enchanting slopes of Russian Hill, enjoy the Italianate-style gardens of this beautiful condominium residence as well as the one-of-a-kind views from this Pre-War penthouse as well as the terrace and views of this co-op residence at Royal Towers with it’s resort-like amenities
- On trendy Potrero Hill, this 2004-built home enjoys stunning views of the City and Bay, while this beautiful waterfront condominium residence at Radiance in Mission Bay features a huge terrace, huge views and a fabulous location next the new chase Center as well as the world-class tech and bio-tech hubs of Mission Bay and SoMa- as does this chic high-floor residence at 1 Rincon Tower in the desirable South Beach neighborhood with world-class, resort-like amenities along side a stunning high-floor view residence at the Millennium along with Mission Bay Penthouse with Terrace and views of the stunning Skyline, Bay and Bridge
San Francisco Luxury Market Report
You've undoubtedly seen a plethora of media outlets reporting an exodus from major cities such as New York and San Francisco, causing people to question the future role of city life in American society.
But is a permanent mass exodus really taking place? A thought-provoking article in San Francisco’s local Marina Times presents an alternative view point, as as do my interviews in the Wall Street Journal and Forbes toward the beginning of the pandemic.
Bay Area Home Sales Surged this Summer
Speculation aside, what is the status of San Francisco Bay Area's luxury market today? It’s actually a tale of several markets -- with some sub-markets stable to moderately strong, and others soft.
Compared to more suburban or rural areas in the region, San Francisco is seeing the softest recovery from the initial plunge in sales activity that took place during early spring's Shelter-In-Place.
While Bay Area home sales outside the City surged this summer, despite continuing challenges posed by the pandemic and blazing wildfires, listings within the City rose by a dramatic 75% in August, and a record 25% of listings are experiencing price cuts.
SF Condos Rapidly Climbing Into "Buyer's Market" Territor
But even within the City, supply and demand conditions have diverged dramatically between house and condo markets, with sales of condos being far weaker than that of single family homes, and rapidly climbing into "buyer's market" territory.
One thing remaining true is that San Francisco is one of the world’s core luxury markets and tends to hold up better than many others.
The Future of San Francisc
So, what is ahead for the San Francisco market? A new report from Zillow predicts that 2021 will end with prices near their 2020 and 2019 peaks.
Interestingly, this is in line with my forecast from 2018 for a flat market in the early part of this decade, as you may remember from my '2020’s Crystal Ball Report Nine Megatrends: The Future of San Francisco' -- a report based on a talk I've given at several financial institutions, private clubs and business organizations.
It will be fascinating to see if the rest of the predictions in my report will still hold, with the world having changed so dramatically. Being somewhat of a contrarian, I am still very bullish on the latter part of this decade, and it may be interesting to look back in history -- as we know, history does tend to repeat itself.
Reasons For Optimism
Looking back to the 1918-1920 pandemic, that was handled very differently. The world economies did not shut down and tragically there were 50,000,000 deaths.
There was a mild recession, a dip in the stock market and sluggish economic activity in the early part of that decade, but by 1923 the biggest economic boom up to that time in history had started -- and the latter part of the 1920s was the most over-the-top socially and culturally than had been seen until then.
The Early 1920s, an Era of Great Gatsby Glam
Assuming a similar pattern, we could be in for another major upturn in the latter part of the 2020s after a couple of years of flat to negative growth, as the dawning of the true Age of Artificial Intelligence becomes the catalyst for ever increasing exponential innovation and convergences of existing and new technologies. So, stay tuned, one way or another -- it should definitely be an interesting decade!
Below is a Calendar of Fall Events & Happenings in San Francisco which I hope you enjoy-
- Joel
Joel Goodrich | Global Luxury Real Estate Advisor
Coldwell Banker Previews International
(415) 308-8184 | Joel Goodrich | BRE# 01028702
Calendar Of Fall Events & Happenings
SAN FRANCISCO DECORATOR SHOWCASE
- Taking Place Now -
This year the San Francisco Decorator Showcase, featuring a home in the idyllic West Clay Park neighborhood, goes virtual! Explore the home and see interviews with the designers at decoratorshowcase.org/virtual
Shown: Foyer designed by Leap Interiors and Aderyn Studio.
GUCCI UNION SQUARE
- New Interior Unveiled -
Gucci has just re-opened its newly renovated boutique at 240 Stockton Street in Union Square. The new design uses green velvet walls, cherry red upholstery and vintage oriental rugs to create the luxe bohemian vibe for which the brand is now so beloved.
240 Stockton Street, San Francisco
JAY DEFEO EXHIBIT at GAGOSIAN
- By Appointment Only -
Working closely with the Jay DeFeo Foundation, Gagosian Gallery presents 'Transcending Definition: Jay Defeo in the 1970s' at its San Francisco gallery through October 31.
Appointment requests can be emailed to [email protected]
Gagosian Gallery, 657 Howard Street, San Francisco
Jay Defeo | Gagosian
LEO VILLAREAL EXHIBIT at PACE PALO ALTO
- By Appointment Only -
The new exhibit, "Harmony of the Spheres," brings together three new LED works by artist Leo Villareal alongside nine single-panel pieces from his Instance series of 2019. Through October 10.
Pace Gallery, 229 Hamilton Avenue, Palo Alto
Pace
FRIDA KAHLO at DE YOUNG MUSEUM
- Opens September 25 -
The de Young Museum opens to the public (with limited capacity) on September 25, with the exhibit 'Frida Kahlo: Appearances can be Deceiving.
SILICON VALLEY SCULPTURE 2020
- Opens September 25 -
Opening of the Silicon Valley Sculpture fine art fair, a fundraiser for Menlo Park Public Art. Tickets, $20 and up. Through September 27th.
Menlo College, 1000 El Camino Real, Atherton
Silicon Valley Sculpture
DAVID PARK RETROSPECTIVE at SFMOMA
- Opens October 4 -
SFMOMA opens to the public on October 4 with an exhibition of the work of David Park (1911 - 1960). Through January 18, 2021.
SFMOMA, San Francisco
THE REGENCY REVIVAL
- October 10 (Virtual) -
The American Decorative Arts Forum of Northern California presents "The Regency Revival: from Art Deco to Hollywood Glam." Zoom, 11:00 AM
ADAFCA
ALEXANDRE SINGH at LEGION OF HONOR
- Opens Mid-October -
The Legion of Honor Museum to open October (date not yet announced) with an extension of the exhibition of Alexandre Singh's "A Gothic Tale."
Legion of Honor, San Francisco
GLIDE ANNUAL HOLIDAY JAM
- November 19 (Virtual) -
GLIDE's annual Holiday Jam, an evening of music, celebration and community, goes virtual this year.
Glide
LILY SAMII BOOK RELEASE
- November 24 -
The release of "Lily Samii: A Journey Through Life & Fashion," by Teresa Rodriguez -- new book about one of San Francisco's most beloved designers, Lily Samii -- is released today. Pre-order at Amazon
Lily Samii SF
Representing The World's Most Exceptional Properties
Coldwell Banker Global Luxury
1560 Van Ness Avenue
San Francisco, CA 94109
The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees. ©2020 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
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