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Deciphering San Francisco’s new housing construction trends

More than 50,000 residential units are set to hit the San Francisco market -- but is that enough?
More than 50,000 residential units are set to hit the San Francisco market -- but is that enough?
Courtesy Paragon Real Estate

San Francisco, within its 47 square miles, is the nation’s second most densely populated city. It’s growing ever more dense, more affluent … and more pricey.

Paragon’s New Housing Construction Report for May evaluates this constantly changing landscape and its new projects, plan changes and shifts in realities both political and economic. Our simple reality is this: After the 2008-2012 construction slump, San Francisco is now seeing a huge uptick in new construction. That said, the city’s inventory is still inadequate to keep pace with demand.

A snapshot of what we’re seeing:

· In 2013, some of the larger projects completed included 1190 Mission Street (355 market-rate units and 63 affordable units), Rincon Green (277 market-rate units and 49 affordable units) and Nema (279 market-rate units and 38 affordable units).

· There are currently 857 projects in the pipeline, 74 percent of which are exclusively residential and 17 percent mixed-use. Only 8 percent are non-residential developments.

· Current data indicate that a net total of 50,400 new housing units are set to hit the market, with approximately 18 percent already under construction.

Stay tuned for tomorrow, when we continue to break down the new developments in this sector.

Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com