san francisco condominiums market activity q1 2015

San Francisco Condominiums Market Activity Q1 2015

S A N F R A N C I S CO CO N D O M I N I U M S M A R K E T AC T I V I T Y Q1 2 015P G .1

CONTENTS State of the Market & Development News 2

Market Performance 3

Currently Selling 4

Recently Sold-out & Resale 11

Residential Development Pipeline and Projections 20

About Vanguard Properties Developer Services 22

REPORT NOTES

The most recent available data has been used, with data from December used for month-over-month figures Below Market Rate (BMR) units have been omitted from closings, when possible Note that It can take a few months before closings appear in the records

S A N F R A N C I S CO CO N D O M I N I U M S M A R K E T AC T I V I T Y Q1 2 015P G . 2

STATE OF THE MARKETA growing economy, favorable lending and pent-up demand continue to push pricing trends upward Median pricing is up by about 30 percent since 2012 Absorption across all developments measures at about six-units/month There are just under 800 new construction units currently selling, as com-pared to about 100-units a year ago However, approximately two-thirds of the units selling are locat-ed in Lumina The under construction pipeline continues to be predominantly oriented towards rental units, with just 900 new construction condominium units set to be available over the next year

Month-Over-Month Year-Over-Year CurrentlyNew Construction Price/SqFt Up 2% Up 15% $1,132/SqFtResale Price/SqFt Down 1% Up 9% $906/SqFt

DEVELOPMENT NEWSAll top-floor units were released at Mission@1875, and over half of market rate units are now under contract

Closings have commenced at 870 Harrison, Vida, Amero, 8 Octavia, 35 Dolores and The San Francisco Shipyard.

The next phase at Lumina (Remaining floors in Tower D) has been released, and sales are brisk at approximately 50 units a month It was recently announced that The Market on Beale, a gourmet grocer, will occupy the ground floor of the project

Sales have commenced at 72 Townsend Street, a 74-unit development in South Beach


MARKET PERFORMANCEThe volatility of new construction pricing and volume is due to the variation of developments selling at any given time The spike in new construction sales volume in January of 2014 is largely due to the commencement of closings at 300 Ivy The incline in resale volume during the first part of 2014 is attributed to market seasonality The resale median price is up nearly 26% year-over-year, while sales volume is down by approximately nine percent year-over-year The average days on market for the past year measures at just over 30-days

NEW CONSTRUCTION PRICING & VOLUME

RESALE PRICING & VOLUME

DAYS ON MARKET (MLS AVERAGE)

45

40

35

30

25

20

15

MONTH

12/13 1/14 2/14 3/14 4/14 5/14 6/14 7/14 8/14 9/14 10/14 11/14 12/14

Days on Market

Number Sold

$1.2M

$1.0M

$800K

$600K

$400K

$200K

300

250

200

150

100

50

Median Sales Price

ME

DIA

N S

ALE

PR

ICE

NU

MB

ER

SO

LD

MONTH

12/13 1/14 2/14 3/14 4/14 5/14 6/14 7/14 8/14 9/14 10/14 11/14 12/14

Median Price & Sales Volume

Number Sold

$1.6M

$1.4M

$1.2M

$1.0M

$800K

$600K

$400K

$200K

120

100

80

60

40

20

Median Sales Price

ME

DIA

N S

ALE

PR

ICE

NU

MB

ER

SO

LD

MONTH

12/13 1/14 2/14 3/14 4/14 5/14 6/14 7/14 8/14 9/14 10/14 11/14 12/14

Median Price & Sales Volume Most Recent Month

Median Sale Price: $1,050,000

Number of Units Sold: 210

Most Recent Month

Median Sale Price: $985,000

Number of Units Sold: 452

Most Recent Month

Days on Market: 35


DEVELOPMENT SNAPSHOT Currently Selling

LUMINA

201 Folsom Street at Beale | South Beach656 units: One 42-story tower, one 37-story tower and two 8-story podiums

Developer: Tishman Speyer (China Vanke – equity partner)

Architect: Bernardo Fort-Brescia of Arquitectonica

Date on market: September 2014

First closings anticipated: Q3 2015

Status: 200 units in-contract; approximate absorption: 53 units/month

Amenities: 10,500 SqFt rooftop with vegetable garden/din-ing/fire pits/movie screening, 7,000 SqFt fitness center with yoga studio/aerobics room/20-foot climbing wall, lounge with fireplace/bar, private dining room with outdoor terrace/chef’s kitchen/prep kitchen/fireplace, screening room with tiered seating for thirty/surround sound, 75-foot lap pool, library with WIFI, 2,000 SqFt spa with treatment room/day lockers/steam room/sauna, children’s room, music practice room, pet groom-ing station

Features & Finishes: 9’ to 10’10” ceilings, Bay views, Gaggenau ovens/cooktops, Bosch refrigerators/dishwashers, Caesar-stone quartz countertops/backsplashes, SieMatic cabinetry, marble vanity countertops, porcelain tile bathroom floors/shower walls, Nest thermostats

Unit Mix & Pricing Summary (Currently Selling)

Unit Type Number of Units Size Range Price Range

Studio/Jr 1-Bedroom 16 650-870 SqFt $850,000

1 - Bedroom 200 850-1,400 SqFt $995,000 - $1,495,000

2 - Bedroom 373 1,180-1,600 SqFt $1,425,000-$2,875,000

3 - Bedroom 67 1,700-2,650 SqFt $2,395,000-$5,350,000


MISSION@1875

1875 Mission Street at 15th | MissionStatus: 21 in contract/0 closed

Date on market: October 2014

First Closings: February 2015 (anticipated)

Developer: M1875 LLC

Project info: 4-stories, 6 BMRs, 24 parking spaces, HOA $400-$520

Amenities: Rooftop pool, dog run

Finishes: Ann Sacks/Porcelanosa tile, hardwood floors, frosted glass walls, Blanco faucets, Bertazzoni microwaves/ranges, Leibherr refrigerators, brass entry doors, Heath Ceramics house numbers, radiant heated floors



16th & BRYANT

2421-2425 16th Street at Bryant | MissionStatus: 6 in contract, 0 closed, 11 units

Date on market: January 2015

Project info: 4-stories, 1 BMR, 12 parking spaces

Finishes: Living areas with white oak hardwood floors; Patios with Eleganza quartzite pavers; Kitchens with Liebherr HCB 30 inch fully integrated refrigerator & freezer, Bertazzoni Master Series 30 inch 4-burner gas range



2 - Bedroom 9 1,021-1,228 SqFt $999,000 - $1,299,000

3 - Bedroom 2 1,890-1,900 SqFt $1,325,000 - $1,425,000


Studio 10 620 SqFt $675,000

1 - Bedroom 13 780-795 SqFt $750,000 - $905,000

2 - Bedroom 16 - $875,000 - $1,300,000


VIDA

2558 Mission Street at 22nd | MissionStatus: 50 in contract/37 closed, 114 total

Date on market: March 2014

First Closings: January 2015

Developer: Oyster Development

Architect: Kwan Hemni

Project info: 8-stories, Off-site BMRs, 77 parking, HOA $430-620

Amenities: Roof terrace with BBQ, lounge area

Finishes: Bosch and Bertazzoni appliances, quartz countertops, exposed concrete ceilings and columns, porcelain tile bathroom floors



SUMMIT 800

800 Brotherhood Way at Junipero Serra | Park MercedStatus: 30 in contract/0 closed, Approximate absorption: 5 units/month

Developer: Comstock Homes & Maracor Development

Product type: Townhomes, 2 car tandem garage per unit

Date on market: July 2014

Amenities: HOA maintained front yard landscaping

Finishes: Decks, walk-in closets, Copper Creek polished chrome door hardware, Emser ceramic tile floors, Crema Marfil master bath floors, Superior Shaw stain-resistant carpet, Andersen windows and sliding doors, granite kitchen countertops and backsplash, Viking appliances, Kohler sinks and tubs, Delta faucets, powder rooms in each floor plan, Piedrafina bathroom countertops and surrounds, 1 5 KW solar system, tank-less water heaters

Unit Mix & Pricing Summary (Currently Selling & Phased Construction)


3 - Bedroom 182 1,547-2,024 SqFt $979K-1 675M


Studio 18 494-517 SqFt $565K-700K

1 - Bedroom 45 631-838 SqFt $670K-950K

2 - Bedroom 51 872-1,521 SqFt $930K-1 170M



THE SAN FRANCISCO SHIPYARD

11 Innes Court | Hunter’s PointStatus: 42 in contract/43 closed/88 total, approximate absorption: 10 units/month

Developer: Lennar Urban

Date on market: June 2014

First closings: December 2014

Project info: 5-story condominium building (Merchant) & 25 townhomes (Olympia), HOA: $250-$505, 9 BMRs

Amenities: Community park, shuttle service, roof terrace (Merchant)

Features & Finishes: Attached garages (Olympia), balconies & patios, Bay & City views, walk-in closets, sustainable Plyboo bamboo flooring, Barbosa cabinetry, Bosch appliances, quartz and Corian countertops, porcelain flooring



OLYMPIA TOWNHOMES

2 - Bedroom 18 948-1,172 SqFt $650K-725K

3 - Bedroom 7 1,418-1,587 SqFt $850K-925K


MERCHANT CONDOS

Studio 1 457 SqFt -

1 - Bedroom 29 595-744 SqFt $450K-500K

2 - Bedroom 32 921-1,027 SqFt $550K-750K

3 - Bedroom 1 1,158 SqFt -



8 OCTAVIA

8 Octavia Street at Market | Hayes ValleyStatus: 14 in contract/21 closed/47 total, approximate absorption: 4 units/month, 6-months price per square foot: $1,151

Developer: DM Development & DDG

Architect: Stanley Saitowitz

Landscape architect: Marta Fry


First closings: November 2014

Project info: 8-stories, HOA: $500-$850, 7 BMRs, 24 parking spaces

Amenities: Roof terrace

Features & Finishes: Louvered façade, SieMatic kitchen cabinetry, Corian countertops, FSC certified wide-plank oak flooring, Visionline keyless entry, Virtual Doorman, Webpass, Nest Thermostats


Closing Details


Junior 1-bedroom - 726 SqFt $725K-800K

1-Bedroom - 653 SqFt $750K-775K

2-Bedroom - 1,000-1,757 SqFt $950K-1 6M

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

302 2/2 1,001 0 $940,000 $939 10/21/14

403 1/1 726 0 $749,000 $1,032 10/21/14

406 2/2 1,001 1 $950,000 $949 10/21/14

501 2/2 5 968 1 $1,125,000 $1,162 10/21/14

505 1/1 726 0 $749,000 $1,032 10/21/14

506 2/2 1,001 1 $1,320,000 $1,319 10/21/14

508 2/2 1,001 1 $1,320,000 $1,319 10/21/14

701 2/2 5 968 1 $1,165,000 $1,204 10/21/14

806 2/2 5 1,225 1 $1,600,000 $1,306 10/21/14


870 HARRISON

870 Harrison Street at 4th Street | SOMAStatus: One unit in contract/20 closed, Approximate absorption: 8 units/month

Date on market: October 2014

Developer: JS Sullivan

Architect: RG Architecture

Project info: 26 units, 4 BMRs, 6-stories, HOA: $475-$600

Amenities: Roof terrace with BBQ, bicycle storage

Finishes: Floor-to-ceiling bay windows, radiant floor heating, 13’ penthouse ceilings, white oak flooring, Caesarstone countertops, Bertazzoni ranges, Bosch dishwashers, Grohe plumbing fixtures, Porcelanosa Krion backsplash


35 DOLORES

35 Dolores Street at Market | Mission DoloresStatus: 3 in contract/29 closed, 8 units/month absorption

Developer: Lightner Property Group

Architect: Levy Design Partners

Project info: 37 units, 4-stories, HOA: $300-$425


Amenities: Courtyard, double-height lobby, guest studio, rear yard, bicycle storage, dog wash, car wash area, EV charging prewiring

Finishes: Exterior louvers, fireplaces, Viking appliances, Quartz countertops, wide-plank oak flooring, porcelain tile bathroom floors, Maytag washer/dryers, private outdoor space

Unit Mix & Pricing Summary


1 - Bedroom 9 620-755 SqFt $725K-900K

2 - Bedroom 20 935-1,270 SqFt $1 125M-1 6M

3 - Bedroom 4 1,267-1,280 SqFt $1 5M-1 75M


1 - Bedroom 18 530-625 SqFt $530K-800K

2 - Bedroom 8 827-888 SqFt $900K-1M

S A N F R A N C I S CO CO N D O M I N I U M S M A R K E T AC T I V I T Y Q1 2 015PG.10


AMERO

1501 Filbert Street at Van Ness | Cow HollowStatus: 8 in contract/16 closed/27 total, absorption: 5 units/month, 6-months price per square foot: $1,315

Developer: Trumark Urban

Architect: NC2 Studio


First closings: November 2014

Project info: HOA: $560-$765, 27 parking spaces

Amenities: Roof terrace with BBQ/fireplace, bike parking

Features & Finishes: Studio Becker cabinetry, Haussmann stone bathroom countertops and flooring, Bolyu bedroom carpeting, DuChateau wide-plank oak flooring, Domus & Domus cabinetry, Bertazzoni range ovens, Bosch micrwaves & dishwashers, Thermador refrigerators, Kohler sinks, quartz countertops, private outdoor space

Closing Details


PH7E 2/2 5 1,680 1 $3,550,000 $2,113 12/6/14

3C 2/2 1,130 1 $1,325,000 $1,173 11/25/14

6A 2/2 1,220 1 $1,464,000 $1,200 11/25/14

4C 2/2 1,130 1 $1,450,000 $1,283 11/24/14

PH7D 2/2 5 1,562 1 $3,700,000 $2,369 11/24/14

3B 2/2 1,192 1 $1,239,000 $1,039 11/22/14

6B 2/2 1,192 1 $1,399,000 $1,174 11/22/14

TH1B 3/3 5 2,470 1 $2,450,000 $992 11/22/14

TH1C 3/3 5 2,570 1 $2,325,000 $905 11/22/14

3D 2/2 5 1,662 1 $1,850,000 $1,113 11/21/14

3A 2/2 1,222 1 $1,279,000 $1,047 11/15/14

4A 2/2 1,220 1 $1,345,000 $1,102 11/15/14

4B 2/2 1,192 1 $1,289,000 $1,081 11/13/14

5B 2/2 1,192 1 $1,340,000 $1,124 11/13/14

5A 2/2 1,220 1 $1,390,000 $1,139 11/9/14

PH7F 2/2 5 1,634 1 $3,500,000 $2,142 10/13/14


DEVELOPMENT SNAPSHOT Recently Sold-Out

FIFTEEN FIFTEEN

1515 15th Street at South Van Ness | MissionStatus: All units in contract: August 2014, Absorption: 13 units/month, Six-months price per square foot: $1,019

Developer: JS Sullivan

Architect: Natoma Architects



Amenities: Roof terrace, storage

Features & Finishes: hardwood flooring, 9’ ceilings, Bertazzoni/Bosch appliances, central air conditioning

Closing Details


410 2/1 936 1 $1,004,000 $1,073 10/3/14

403 1/1 650 1 $758,000 $1,166 10/2/14

504 2/2 983 1 $978,000 $995 9/30/14

207 2/2 968 1 $899,000 $929 8/11/14

201 0/1 383 0 $408,431 $1,066 8/6/14

301 0/1 383 0 $450,000 $1,175 8/4/14

208 1/1 650 1 $690,500 $1,062 7/22/14

205 2/2 1,113 1 $1,104,000 $992 7/14/14

206 0/1 437 0 $435,000 $995 7/14/14

209 2/2 985 1 $899,000 $913 7/14/14

210 2/1 936 1 $945,000 $1,010 7/14/14

303 1/1 650 1 $729,000 $1,122 7/14/14

305 2/2 1,113 1 $1,125,000 $1,011 7/14/14

306 0/1 437 0 $461,000 $1,055 7/14/14

307 2/2 968 1 $903,000 $933 7/14/14

309 2/2 985 1 $889,000 $903 7/14/14

404 2/2 983 1 $946,000 $962 7/14/14

405 2/2 1,113 1 $1,187,000 $1,066 7/14/14

407 2/2 968 1 $940,000 $971 7/14/14

501 0/1 383 0 $390,000 $1,018 7/14/14

502 2/2 981 1 $994,000 $1,013 7/14/14

505 2/2 1,113 1 $1,180,000 $1,060 7/14/14

506 0/1 437 0 $492,000 $1,126 7/14/14

508 1/1 650 1 $764,000 $1,175 7/14/14

509 2/2 985 1 $959,000 $974 7/14/14

510 2/1 936 1 $999,500 $1,068 7/14/14


LINEA

8 Buchanan Street at Market | Duboce TriangleStatus: All units in contract: November 2014, Absorption: 13 units/month (presales), six-months price per square foot: $1,189

Date on market: August 2013

Developer: Brian Spiers

Architect: Arquitectonica


Amenities: Attended lobby, roof terrace, courtyard

Finishes: Quartz countertops, hardwood floors, Bertazzoni/Liebherr/Bosch appliances

Closing Details


ARDEN

718 Long Bridge Street at 4th | Mission BayStatus: All units in contract: September 2014

Developer: Bosa Development

Architect: Chris Dikeakos

Project info: 267 units, 16-stories, HOA: $775-$1,175


Closings anticipated: Q3 2015

Amenities: Attended lobbies, 75’ lap pool, spa, fitness center with changing rooms, resident’s lounge with kitchen/billiards, numerous terraces, BBQ, library, electric car share, workshop, pet grooming facility, common area WIFI and USB ports, storage

Finishes: Hardwood floors, Whirlpool washer/dryers, walk-in closets, solid core interior doors, USB and fiber optic prewiring, Caesarstone countertops, Thermador appliances, Grohe plumbing fixtures

Unit Mix & Pricing Summary


1 - Bedroom 17 732-1,168 SqFt $775K-1M

2 - Bedroom 205 995-1,436 SqFt $1M-1 8M

3 - Bedroom 45 1,611-2,044 SqFt $1 5M-2 5M


813 2/2 963 1 $1,090,000 $1,132 12/22/14

406 1/1 778 1 $829,000 $1,066 11/13/14

302 2/2 1,223 1 $1,490,000 $1,218 10/21/14

610 2/2 1,030 1 $1,320,000 $1,282 9/18/14

211 1/1 820 0 $719,000 $877 9/12/14

903 2/2 948 1 $1,470,000 $1,551 8/14/14

501 2/1 760 0 $839,000 $1,104 7/31/14



MILLWHEEL NORTH

1275 Indiana Street at 23rd | DogpatchStatus: All units in contract: December 2014, Absorption: 5 units/month, six-months price per square foot: $865

Developer: The R Group

Date on market: May 2014


Amenities: Courtyard

Features & Finishes: Bonelli windows, hardwood flooring, Heat & Glo fireplaces, Shaw carpeting, black marble in bathrooms, Inox polished chrome door hardware, Grohe plumbing fixtures, Elfa closet systems, GE washer/dryers, private outdoor spaces, Bellmont cabinetry, Caesarstone countertops, KitchenAid refrigerator, Bertazzoni range ovens, Bosch dishwashers, marble flooring, quartz countertops, Hydro Systems soaking tubs, porcelain tile bathroom floors

Closing Details


403 2/2 1,096 1 $1,045,000 $953 12/16/14

405 2/2 1,215 1 $1,150,000 $947 10/28/14

103 2/2 1,467 1 $1,245,000 $849 10/24/14

101 2/2 1,360 1 $1,050,000 $772 10/22/14

102 2/2 1,121 1 $995,000 $888 10/22/14

203 2/2 1,223 1 $949,000 $776 10/22/14

206 2/2 1,221 1 $1,100,000 $901 10/22/14

301 2/2 1,316 1 $1,125,000 $855 10/22/14

304 2/2 1,094 1 $999,000 $913 10/22/14

201 2/2 1,316 1 $1,095,000 $832 9/12/14

203 3/2 5 1,600 1 $1,330,000 $831 9/11/14

106 2/2 1,203 1 $1,100,000 $914 8/22/14



1645 PACIFIC

1645 Pacific Street at Van Ness | Nob HillStatus: All units in contract: August 2014, Absorption: 13 units/month, six-months price per square foot: $1,151

Developer: Nick Podell/Grosvenor

Architect: BAR Architects

Project info: 39 units, 5 BMRs, 6-stories, HOA: $475-$650


Amenities: Concierge doorman, roof terrace, available storage, bicycle parking, car sharing

Finishes: Crown and base molding, hardwood and marble flooring, Nest thermostats, polished nickel door hardware, technology pre-wiring, Carrara marble countertops and backsplash, Bosch washer/dryers and dishwashers, Thermador refrigerators, Bertazzoni gas ranges and Broan Hoods, U-Line wine coolers, Waterworks bathroom fixtures, Restoration Hardware lighting, private balconies, Bay views

Closing Details


2G 2/2 5 1,510 1 $1,750,000 $1,159 10/8/14

3D 2/2 1,402 1 $1,550,000 $1,106 9/5/14

2D 2/2 1,399 1 $1,500,000 $1,072 8/26/14

3F 2/2 5 1,509 1 $1,750,000 $1,160 8/15/14

2C 1/1 642 1 $825,000 $1,285 8/1/14

2B 2/2 1,257 1 $1,395,000 $1,110 7/31/14

4C 1/1 642 1 $855,000 $1,332 7/23/14



MINT COLLECTION

410 Jessie Street at 5th Street | SOMAStatus: All units in contract: December 2014, six-months price per square foot: $1,088

Developer: Martin Building Company

Project info: 10-stories, HOA: $350-$1,200

Date on market: April 2014

Amenities: Roof terrace with BBQ, fitness center, spa

Finishes: 11’6” and 11’15” ceilings, granite/concrete countertops, acid-stained concrete floors

Closing Details


801 2/1 1,240 1 $1,350,000 $1,089 11/5/14

305 0/1 433 0 $515,000 $1,189 10/8/14

405 0/1 433 0 $525,000 $1,212 10/8/14

407 1/1 658 0 $650,000 $988 10/8/14

702 3/2 1,199 0 $1,375,000 $1,147 9/25/14

306 1/1 674 0 $725,000 $1,076 8/18/14

408 1/1 727 0 $750,000 $1,032 8/1/14

308 1/1 727 0 $735,000 $1,011 7/25/14


DEVELOPMENT SNAPSHOT Resale

MILLENNIUM TOWER

301 Mission Street at Fremont | SOMAStatus: Sold-out: April 2013, six-months price per square foot: $1,609

Developer: Millennium Partners

Architect: Handel Architects

Project info: 419 units, 58-story high-rise & 11-story mid-rise, HOA: $450-$1,750

Date on market: November 2007

Amenities: Concierge, resident lounge, tasting room and cellar, private dining room (serviced by Chef Michael Mina’s RN74), screening room, children’s playroom, outdoor terrace, 5,500-square-foot fitness center operated by Sports Club/LA with Pilates/yoga studios/massage service/locker rooms/spa room/steam room/75-foot, indoor lap pool

Finishes: Hardwood flooring, Studio Becker cabinetry, marble/quartzite countertops, Sub-Zero/Wolfe/Miele/GE/Bosch/U-Line appliances


15A 2/2 1,479 1 $2,000,000 $1,352 12/15/14

16H 1/1 773 0 $950,000 $1,229 10/23/14

12E 2/2 1,098 0 $1,500,000 $1,366 10/15/14

11G 2/2 1,246 0 $1,650,000 $1,324 10/3/14

25H 1/1 773 0 $1,137,500 $1,472 10/2/14

PH2 1/2 n/a 1 $3,000,000 n/a 10/2/14

18H 1/1 733 0 $1,050,000 $1,432 9/30/14

36B 2/2 5 1,652 1 $3,000,000 $1,816 9/30/14

29F 2/2 1,601 1 $2,300,000 $1,437 9/15/14

30E 2/2 1,714 1 $2,200,000 $1,284 8/28/14

34B 2/2 5 1,652 1 $2,950,000 $1,786 8/13/14

48D 2/3 1,971 1 $4,500,000 $2,283 8/13/14

34C 2/3 2,170 1 $3,900,000 $1,797 7/28/14



ONE RINCON HILL

425 1st Street | SOMAStatus: Sold-out date: November 2012, six-months price per square foot: $1,314

Developer: Urban West Associates

Architect: SCB

Project info: 390 units, 60-stories, HOA: $650-$1,000


Amenities: 24-hour doorman, concierge, high-speed internet access, fitness center, residents’ lounge with catering kitchen, valet parking, full-size swimming pool, outdoor kitchen, outdoor fireplace

Finishes: Hardwood flooring, Del Tongo cabinetry, Sub-Zero refrigerators, Bosch appliances

Closing Details


5204 3/3 1,947 1 $3,530,000 $1,813 12/31/14

4207 1/1 819 1 $1,200,000 $1,465 12/27/14

2107 1/1 819 1 $1,075,000 $1,313 12/18/14

4101 1/1 837 1 $1,149,000 $1,373 11/28/14

4805 1/1 710 1 $915,000 $1,289 11/10/14

2704 1/1 n/a 1 $750,000 n/a 10/14/14

1605 1/1 710 1 $799,000 $1,125 9/28/14

3402 2/2 1,309 1 $1,700,000 $1,299 9/25/14

4103 2/2 1,278 1 $1,600,000 $1,252 9/25/14

5402 2/2 1,449 1 $3,000,000 $2,070 8/28/14

1002 2/2 1,309 1 $1,320,000 $1,008 8/21/14

4605 1/1 n/a 1 $880,000 n/a 8/15/14

1004 1/1 605 1 $635,000 $1,050 8/8/14

2903 3/3 1,928 1 $2,125,000 $1,102 8/8/14

1706 2/2 1,238 1 $1,460,000 $1,179 7/18/14

305 2/2 5 1,564 1 $1,300,000 $831 7/14/14

3205 1/1 710 1 $839,000 $1,182 7/14/14



THE INFINITY

301 & 333 Main Street, 318 & 338 Spear Street | South BeachStatus: Sold-out: March 2011, six-months price per square foot: $1,276

Developer: Tishman Speyer

Architect: Heller Manus/Bernardo Fort-Brescia of Arquitectonica

Project info: 650 units, 37- and 42-story high rises, 8- and 9-story podiums, HOA: $600-$1,600


Amenities: Attended lobbies with concierge services, courtyards, 5,000 square foot fitness center, a 75-foot indoor lap pool, sauna, resident lounge with catering kitchen, business center, private screening room

Finishes: Granite countertops, Studio Becker cabinetry, Watermark and Kohler fixtures, Bosch appliances, Bamboo flooring

Closing Details


14A 2/2 1,163 1 $1,415,000 $1,217 1/1/15

33G 3/2 1,610 1 $2,375,000 $1,475 12/19/14

36A 2/2 1,268 1 $2,327,500 $1,836 12/3/14

T36E 3/2 5 1,679 1 $3,000,000 $1,787 11/25/14

18A 2/2 1,163 1 $1,450,000 $1,247 11/24/14

6E 1/1 838 1 $953,888 $1,138 11/20/14

18E 2/2 1,180 1 $1,500,000 $1,271 11/13/14

29A 2/2 n/a 1 $2,100,000 n/a 11/13/14

20A 2/2 1,163 1 $1,475,000 $1,268 10/27/14

3H 1/1 733 1 $760,000 $1,037 9/30/14

5E 2/2 1,366 1 $1,300,000 $952 9/30/14

3E 1/1 5 926 1 $949,000 $1,025 9/24/14

T12E 2/2 1,180 1 $1,295,000 $1,097 9/18/14

21F 2/2 1,307 1 $1,580,000 $1,209 8/13/14

41E 3/2 n/a 1 $2,600,000 n/a 7/22/14

6G 1/1 538 1 $650,000 $1,208 7/18/14

14F 2/2 1,318 1 $1,465,000 $1,112 7/17/14

6F 1/1 800 1 $939,000 $1,174 7/3/14

7H 0/1 640 1 $650,000 $1,016 7/3/14


THE HAYES

55 Page Street at Gough | Hayes ValleyStatus: Six-months price per square foot: $1,285

Developer: Intracorp

Architect: Heller Manus

Project info: 128 units, 8-stories, HOA: $300-500

Amenities: Attended lobby, fitness center, roof terrace

Finishes: Studio Becker cabinetry, granite countertops, bamboo flooring

Closing Details


ONE HAWTHORNE

1 Hawthorne Street at Howard | SOMAStatus: sold-out: May 2013, Six-months price per square foot: $1,181

Developer: Jackson Pacific Ventures

Architect: EHDD



Amenities: Fitness center, roof terrace with BBQ, attended lobby

Finishes: Quartz and limestone countertops, hardwood floors, Studio Becker cabinetry, Bosch stainless steel appliances

Closing Details


720 1/1 746 1 $890,000 $1,193 10/31/14

819 1/1 746 1 $1,121,000 $1,503 10/30/14

416 0/1 479 1 $575,000 $1,200 9/26/14

724 1/1 847 1 $1,035,000 $1,222 9/5/14

717 0/1 401 1 $515,000 $1,284 8/8/14

813 2/2 n/a 1 $1,275,000 n/a 7/15/14


15A 1/1 909 1 $1,060,000 $1,166 11/4/14

14G 1/1 950 1 $1,150,000 $1,211 10/24/14

22A 2/2 1,558 1 $1,850,000 $1,187 10/15/14

4D 1/1 826 1 $950,000 $1,150 8/15/14


Approved, Under Review & ConceptualArea Approved Under Review Conceptual Planning

Bayview/Hunters Point/Candlestick Point 10,430 499 2,000

Dogpatch 508 1,018 1,000

Hayes Valley 151 154 24

Mid-Market 262 1,052 0

Mission 95 822 232

Mission Bay 692 1,000 0

Northern Neighborhoods 235 1,054 570

Park Merced 8,900 0 0

Potrero Hill 194 927 323

South of Market 3,270 4,786 1,081

Southern Neighborhoods 2,185 50 461

Transbay 1,085 399 0

Treasure Island 8,619 0 0

Upper Market 111 109 0

Van Ness Corridor 0 1,041 0

Total 36,737 12,911 5,691

Under Construction - By Product TypeArea Condominium Rental All

Hayes Valley 282 462 744

Mid-Market 0 143 143

Mission 20 0 20

Mission Bay 0 402 402

Northern Neighborhoods 260 0 260

Potrero Hill 21 453 474

South of Market 0 2,198 2,198

Transbay 67 0 67

Van Ness Corridor 260 0 260

Total 910 3,658 4,568

The category, under construction - condominiums, does not include developments which are preselling units These developments are categorized as Currently Selling

Northern Neighborhoods covers Richmond, Sunset, Laurel Heights, Cathedral Hill, Western Addition, Pacific Heights, Nob Hill, Lower Nob Hill, Financial District, Russian Hill, Telegraph Hill, North Beach & Marina/Cow Hollow

Southern Neighborhoods covers Oceanview, Parkside, Glen Park, Forest Knolls, Outer Mission, Mission Terrace

The greatest construction activity is occurring in South of Market, followed by Hayes Valley At over 21,000 approved units, the southern areas of the City are poised to deliver the most growth in this cycle Most of the aforementioned units are part of large-scale projects in Hunter’s Point, Park Merced and Visitacion Valley

SAN FRANCISCO RESIDENTIAL PIPELINE


SAN FRANCISCO RESIDENTIAL PIPELINESUPPLY PROJECTIONS

San Francisco’s supply of condominium and rental units will continue to experience volatility as some developments commence marketing, while others stabilize or sell-out There appears to be a dwindling of supplies at the 4th quarter 2016 mark This will likely change as approved development projects break ground There are approximately 37,000 units which have been approved, but have not broken ground The spike in projected available rental units in the 3rd quarter of 2015 represents the anticipated release of six large-scale developments, with a combined approximately 1,450 units The spike in condominium units in the 2nd quarter of 2015 is due to the anticipated release of four projects, consisting of over 500 units However, it is important to note that developers will usually restrict the number of available condominium units by way of marketing phases Therefore, this spike will likely be temperate

*Condominium units are projected at a 10 unit per month, per project absorption level; 25 units per month, per project for rental units

Condominium Units* % Change Rental Units* % Change

Q1 2015 924 -3% 946 -3%

Q2 2015 1,214 31% 1,112 18%

Q3 2015 1,057 -13% 2,178 96%

Q4 2015 805 -24% 1,482 -32%

Q1 2016 723 -10% 1,162 -22%

Q2 2016 577 -20% 1,604 38%

Q3 2016 471 -18% 1,154 -28%

Q4 2016 395 -16% 822 -29%

2,500

2,000

1,500

1,000

500

0Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Rental UnitsCondominium Units

UN

ITS


ABOUT VANGUARD PROPERTIES DEVELOPER SERVICESVanguard Properties expertly guides urban residential developers Core consulting services include Analytics, Land Acquisition, Design, Branding and Sales Strategy From concept to close-out, Vanguard leads the way For a list of projects, visit VanguardSF com

For Developer Services, contact:

Frank Nolan James Nunemacher

Director of Development Sales Principal

415 321 7011 415 519 7772

Frank@VanguardSF com James@VanguardSF com

For additional market reporting, contact:

Jonathan Moftakhar

Market Analyst

415 920 3731

JonathanM@VanguardSF com

Vanguard Properties Disclaimer

Data sources for this Report include but are not limited to SFAR MLS, the San Francisco Planning Department, development marketing websites and industry news outlets The information in this Report is subject to errors, as it is compiled from mul-tiple sources, with varying degrees of accuracy and currency This Report should not be reproduced or distributed, in whole or in part, without the prior written consent of Vanguard Properties The statements in this Report, which are not historical facts, are projections or estimates based on Vanguard Properties’ opinions and expectations of future performance Although the information presented is believed to be correct, no representation is made by Vanguard Properties as to the accuracy or completeness of the information The information presented may be subject to updating, revision or verification, and such in-formation may change in a material nature This is not an offer to sell property, and is intended for information purposes only This Report should not be relied upon or utilized in making investment decisions ©2015 Vanguard Properties, All rights reserved

san francisco condominiums market activity q1 2015

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