In My Neighborhood in 94123>Question Details

Mothanatur@a…, Other/Just Looking in San Francisco, CA

average square foot cost for condos in 94123 zip. thank you

Asked by, San Francisco, CA Thu Jan 21, 2010

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hey, Mothan...,

YTD list is $751 and solds is $737. These figures, though true, are almost meaningless because there are so many factors in play. When you decide to take the next step beyond "just looking", give me a call or an email and we can talk about achieving your goals. No strings.
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0 votes Thank Flag Link Mon Aug 9, 2010
That's one of the reasons I use medians rather than averages whenever possible. They are less sensitive to outliers on either side (ie. unrepresentatively cheap or expensive.)

Another issue, as you know, are sales where the seller has requested that the sales price not be recorded in the MLS. They show up with an asterisk and the list price as the sale price, even though the sale price could be significantly below the list price, and in fact frequently is in some of the downtown condo buildings that have been struggling. I now exclude those sales entirely from my median calculations.
0 votes Thank Flag Link Fri Jan 22, 2010
I would agree that if you have very few data points then you have to look at larger (or smaller) properties and try to adjust from there, but the biggest problem with using averages is that many properties don't list square footage.

I was recently looking at pricing for some clients and three of the 9 comps didn't list square footage. We called the agents and got the size and by plugging in those numbers the average price per sq ft jumped by almost $75. This is not an uncommon phenomenon.

The bottom line for me is that you have to go out and look at properties to adjust for differences because the average takes into account the best and the worst, and as we all know in this city that accounts for a very wide range...

as much fun as this is I must work now...
0 votes Thank Flag Link Fri Jan 22, 2010
Lance, we can probably argue statistics forever, and you're right that smaller places generally go for more on a per square foot basis. However, the problem with slicing and dicing a segment too fine is that you don't end up with enough data points to come up with anything meaningful. In the heart of Noe Valley (District 5C), for example, which I cover in more detail than other areas because I live here, there might be less than 20 single family home sales in a particular month. If I were to divide those between 1, 2, and 3 BR homes, there would be so few data-points that one could draw no conclusions at all. I prefer to use medians to get an overall sense of value and then make adjustments from there.
Web Reference: http://www.realdata.sf
0 votes Thank Flag Link Fri Jan 22, 2010
I don't disagree that it's a good starting point if you're narrowing it to a specific size, but an average price per square foot for all condos is meaningless. A 700 sq ft 1 BR is going to be much higher per square foot than and 1800 sq ft 3 BR and the average of those two has absolutely no bearing on pricing for a 1BR or vice versa.
0 votes Thank Flag Link Fri Jan 22, 2010
Sorry to disagree with you Lance, but I think dollars per square foot is a very useful starting point for determining value. Sure, there are many factors that can influence whether the particular unit you're looking at is fairly priced or not, but if you're in a good location with a view and parking and you're under a statistically reliable median per square foot, it's a good indication that you're probably not overpaying.

Misha Weidman, Independent Broker
Pegasus Ventures
Web Reference: http://www.realdata.sf
0 votes Thank Flag Link Thu Jan 21, 2010

As you are getting from others here, averages don't really have much to do with anything, especially when you're not differentiating from large and small units, location, views, traffic, condition, etc... Factoring in the ones who don't post square footage, it's even less useful. Even in the same building you can have dramatic differences in views, noise, etc of units that are otherwise equal.

If you want to get deeper inside the numbers in the process of buying, find a good broker and let them help you get up to speed.


Lance King/Managing Broker
0 votes Thank Flag Link Thu Jan 21, 2010
You got the number and you also got the admonishment that $/SF is about as useful in SFas a bikini for swimming at the beach.
Views, location in a building, age of the building, architecture, amenities, walkability of the building all factor into each individual unit.
0 votes Thank Flag Link Thu Jan 21, 2010
Jed Lane, Real Estate Pro in San Francisco, CA

Given the facts from the recent sales do keep in mind that not all recorded sales have the sq ft information and that can throw off the numbers. There are always more facts to consider than square footage. Good luck!

Lorraine Meier Realtor®
DRE #01439005
Zephyr Real Estate
2523 California St, S.F., CA 94115
415.596.9362 Direct/Text
0 votes Thank Flag Link Thu Jan 21, 2010

The average ppsq for condo's in the Marina is $782.41, Pacific Heights is $725.05 and Cow Hollow is $726.41 and if you ad in Presideo Heights which is in district 7 then that would be $708.50. The average price per square foot in disctrict 7 (Marina, Pacific Heights, Presideo Heights and Cow Hollow) would be $728.41.

If i can help with your real estate needs please feel free to contact me at anytime.

Michael W Robertson
McGuire Real Estate
0 votes Thank Flag Link Thu Jan 21, 2010
Hi--I think it'll be helpful to break down the recent sales in the Marina. Ten condos have sold there since October. Two were in the $600,000s; four in the $900,000s, and four between $1,215,000-$1.6M.

The average cost per square foot was $759, based on these sales. The average sales price was $1,107,500.

Please let me know if you'd like any additional information.
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0 votes Thank Flag Link Thu Jan 21, 2010
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