Is it quantity or quality – or both? That’s the question swirling around the local luxury market, according to the Chronicle. Paragon’s very own chief market analyst Patrick Carlisle was quoted extensively throughout the article, so you know it’s good.
“Here we have a residential neighborhood that barely existed 15 years ago,” Carlisle said with regard to South Beach, which recently saw a 1,600-square-foot condo at the Millennium sell for $4.5 million. “Now it has some of the most expensive real estate in the country.”
According to the Chron article, San Francisco’s high-end home market saw a bumper year in 2013, with sales doubling over a previous high in 2007. That includes newer neighborhoods such as South Beach as well as older ones such as Presidio Heights.
“There are still people who want giant houses in old prestige neighborhoods,” Carlisle told the paper. But that’s not all. “There’s a whole different concept of luxury and it’s taking a bigger and bigger share of the market.”
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