Let’s take a deep dive into the co-op market in Russian Hill. Before we do that though, I can’t help but mention a co-op which Joan Maze Miles and I have on the market there, a beautiful gem built in 1915. (See my post that discusses co-ops).
Known for breathtaking views and exceptional cuisine, Russian Hill sits on, well, a hill, with Pacific Heights and Cow Hollow to the west, North Beach and Telegraph Hill to the northeast, and Nob Hill to the south. The first time I walked into this home to meet the sellers, I was blown away. There are views from every window, from Coit Tower to Alcatraz to the Golden Gate Bridge and beyond, and while the 16-unit building is on Hyde Street, this serene home faces the back.
It has a terrace off of the living room where you can imagine having morning coffee or an evening cocktail as you look out at Coit Tower. This 2-bedroom, 2-bath unit with a European feel just had a $100,000 price reduction to $2,395,000, a great opportunity to take advantage of the current market softness. It will be open Sunday, October 30, from 12 noon to 2.
Russian Hill Co-op Sales
According to the Multiple Listing Service, only 20 co-ops have sold in this neighborhood over the year ended October 27, 2022, 8 fewer than the same period in the prior year. Things are taking longer to sell, too, with the average time on the market for these properties up 10% this year, from 89 days to 98 days.
The price data can be misleading and suggests a strong year-over-year increase, with an average price of around $4.0 million, up 67% from around $2.4 million in the prior year. However the “mix” has changed and the sales for this past year are of substantially larger and higher-priced co-ops than the year before, skewing the numbers. And a full year of data includes all the strength that drove the market through the first half of this year, including the frenzy of the pandemic.
Another way to look at pricing is price per square foot or “psf”, which corrects for the size of the co-op and adjusts for some mix issues. By this measure, the year-over-year increase has been 19%, still a strong increase that is reflective of the stronger market earlier in the year. Over the last three months, as might be expected, sales prices are down an average of 3% at $1,523 psf as compared to the prior year of $1,579 psf.
If you are interested in seeing our terrific listing at 2164 Hyde Street, #202 (2164Hyde202.com), we’ll be happy to make an appointment to show this truly special home. At $2,395,000 it is selling for $1,223 psf, a great price even in today’s market!:)