$6,000 per square foot
December 10, 2007
The bathroom at The Mark.
You thought the $2,000 price per square foot on some of our high-end condominiums was expensive — the upcoming Mark Hotel, by Jacques Grange, in New York, will command prices of $6,000 per square foot for penthouse level living. “It will probably be the hottest property on the globe,” says Louise Sunshine, who is doing the marketing. “It’s 9,000 square feet… When people speak of luxury, this is so far beyond luxury.”
Millennium office open now
December 10, 2007
Millennium Partners, the developer of the ultra-luxurious high-rise Millennium Tower, currently under construction at 301 Mission Street in San Francisco, has announced the opening of its sales office and introduced its sales team. Millennium Tower will offer 419 residences that represent the ultimate in high-end urban living.
The sales office is led by a trio of sales executives noted for sales and management of San Francisco’s most distinguished high-rise residential real estate, including the Four Seasons Residences and the St. Regis Residences. With their combined five decades of experience, the sales team offers unmatched market acumen and incomparable service for the most discerning clientele.
“This is our ‘dream team’ — the most talented team of sales executives Millennium Partners has ever assembled,” said Richard G. Baumert, Managing Director for Millennium Partners. “From the first walk-through to move-in day, our team will deliver exceptional service for our residents — the real estate equivalent of a five-star concierge.”
The sales team will be led by Diana Nelson, who brings 30 years of concierge, management and sales experience at San Francisco’s finest hotels and luxury condominiums. For most of the past decade, Nelson has led the sales efforts at the Four Seasons Residences, San Francisco’s distinct, service-rich luxury condominiums atop the Four Seasons Hotel, with sales of more than $400 million. Prior to Four Seasons, Nelson was chief concierge at the Grand Hyatt in San Francisco, where she consistently earned top awards and honors for her achievements and professionalism. She was named Where Magazine’s Concierge of the Year and the Grand Hyatt’s Employee of the Year and Manager of the Year — the only Hyatt employee in the country to achieve both honors.
Nelson is joined by Bryant Kowalczyk, who was an integral part of the sales effort at the St. Regis Residences, the 102 exclusive condominiums at San Francisco’s new St. Regis Hotel. Kowalczyk brings more than a decade of experience in real estate sales in San Francisco’s burgeoning South of Market area, contributing to the successful launches of several of the area’s new residential buildings, from luxury condominiums to live/work lofts.
The team will be rounded out by Jennifer Xu Iles, a San Francisco broker with 8 years of experience selling residential real estate throughout the Bay Area. Most recently, Xu Iles was the top producer with The Mark Company, one of the country’s foremost luxury condominium sales and marketing companies and the sales and marketing agent for many of the most significant high-rise residential developments in San Francisco and Los Angeles.
“Millennium Tower will set a new standard for luxury urban living in San Francisco,” said Nelson. “Extraordinary elegance of design — both inside and out — combined with impeccable service and a rich menu of amenities will attract buyers looking for the very best that San Francisco has to offer in urban living.”
Over the past decade, Millennium Partners has created several of San Francisco’s highest profile developments, including Four Seasons Hotel & Residences, the Metreon urban entertainment complex, and the recently opened Yerba Buena Lane, a charming retail enclave linking the Union Square shopping area with South of Market’s active arts and museum district.
Visually striking for its graceful elegance of design and distinctive blue glass curtain wall, Millennium Tower will be the tallest luxury residential property in San Francisco, the tallest residential building west of the Mississippi, and the fourth-tallest structure on the San Francisco skyline.
Designed by acclaimed architect Glenn Rescalvo of Handel Architects, the 645-foot, 60-story luxury residential tower and an adjacent 11-story mid-rise building will comprise a total of 419 residences, including 1-bedroom, 2-bedroom, 2-bedroom + library, 3-bedroom and penthouse residences, ranging in size from approximately 750 square feet to 6,000 square feet. Each of the three residential components — Residences at Millennium Tower, City Residences at Millennium Tower and Grand Residences at Millennium Tower — will have its own separate and distinct entry and lobby as well as its own dedicated staff.
Plans also call for 7,800 square feet of sidewalk-level space devoted to two retail occupants, including rn74, an upscale restaurant operated by acclaimed chef Michael Mina.
Every detail of the residence interiors has been designed with meticulous attention to detail. From the living spaces and kitchens to the bedrooms and baths, only furnishings and finishes of the highest quality will be used. Resident services include a private concierge and exclusive access to the 20,000-square-foot Club Level, featuring an owners’ lounge, tasting room and cellar, private dining room (serviced by the onsite restaurant by Michael Mina), screening room, children’s playroom, outdoor terrace, and a 5,500-square-foot fitness center complete with Pilates and yoga studios, massage therapy, locker rooms, Jacuzzi and steam rooms as well as a 75-foot, indoor, competition-length lap pool set beneath a soaring skylight.
San Francisco Condo Market Breaks Records in 2007
December 3, 2007
Real estate analysts don’t call San Francisco a “superstar city” for nothing. With prices sky high and demand refusing to soften, 2007 has beat all sales records in the “super luxury” condo market.
According to San Francisco Realtor Damion Matthews, at liveinsf.com, both the price and number of sales for condos priced above $2 million have reached levels never before seen in the city by the bay, and chances are they’ll just go higher.
“The average price per square foot hit $1,200 for the first time this year, and the number of days to market has fallen to 45,” says Matthews.
It took an average of 54 days to sell a luxury condominium just a year ago, his research shows.
“Surprisingly, sales have increased dramatically since September, despite turmoil in the stock market and a national mortgage crisis. We’ve almost doubled our sales in the high-end market over last quarter,” Matthews says, noting that the year’s highest prices were reached in November, with two condos selling at an estimated $7 million and $10 million each.
So what are buyers getting for the money? Views are at the top of the list.
“The highest prices have gotten the best views. Secondly, convenience and service. Buildings with white glove service, like the Four Seasons, St. Regis or the new Ritz-Carlton are very hot right now. I mean, who wouldn’t want a butler and 24-hour room service?” he says.
Looking ahead to 2008, Matthews sees even greater demand for properties at the higher end of the market as people become more focussed on protecting their investment with a really flawless property.
“They want the very best, and there’s a sense that it’s better to pay more for the best and be happy than it is to pay less for something that’s just mediocre and worry you made the wrong choice,” he says.
“When you wake up in a Russian Hill penthouse with views of the San Francisco Bay, Alcatraz, and the Golden Gate Bridge, you know you made the right decision.”
- - -
SALES IN THE SAN FRANCISCO LUXURY CONDO MARKET
(Condos, Lofts and Co-Ops priced $2 million and above.)
2003
Average price per square foot: $948
Q1 - 5
Q2 - 2
Q3 - 7
Q4 - 10
Total: 24
2004
Average price per square foot: $977
Q1 - 11
Q2 - 17
Q3 - 11
Q4 - 8
Total: 47
2005
Average price per square foot: $1,026
Q1 - 16
Q2 - 15
Q3 - 33
Q4 - 13
Total: 77
2006
Average price per square foot: $1,149
Q1 - 13
Q2 - 18
Q3 - 7
Q4 - 10
Total: 48
2007
Average price per square foot: $1,209
Q1 - 9
Q2 - 26
Q3 - 15
Q4 - 28 (as of December 3)
Total: 78
Figures above are drawn from MLS, and developer’s records when available.
Sources: http://www.prweb.com/releases/2007/12/prweb573598.htm
http://news.yahoo.com/s/prweb/20071203/bs_prweb/prweb573598_3
Life at the St. Regis
October 14, 2007
St. Regis Residences — the perfect place to be when you get the news from Norway that your this year’s winner of the Nobel Peace Prize.
From the San Jose Mercury News:
“The Gores learned of his award very early this morning at their condo in the St. Regis Hotel in San Francisco. After a late night of fundraisers and receptions, they turned on the TV to watch the live announcement of the Peace Prize from Norway. They had thought if he won, he would have received a call before the announcement, but no call came. But because the presentation was made in Norwegian, they only realized Gore had won when they heard the name ‘Gore’. After the award was announced, accolades began pouring in immediately for the former vice president.”
Just a few days ago, a condo with the same floor plan as the Gores went on the market a few floors down from them. The three-bedroom, 2027 square foot residence, is listed at $3.75 million, with a monthly HOA fee of $2356.07. It’s expected to sell quickly.
– Damion
Life at The Four Seasons
September 17, 2007
The New York Times recently did a small profile of a Four Season’s condo owner in San Francisco.
As told to AMY GUNDERSON
WHO Lynn Fritz, 65, chairman of a nonprofit organization and winery owner, who splits his time between Sebastopol, Calif., and San Francisco
WHAT 2-bedroom condominium
“I used to spend about 50 percent of my life on the road, so maybe it’s not so surprising that I live for part of each week in a condo that is part of a hotel. About four years ago I bought this apartment at the Four Seasons, which is in a great location right in downtown San Francisco.
Owning a condo that is part of a hotel certainly gives an added level of security. And it’s not a 14-deadbolts-on-the-door type of security, but rather a level of comfort and attention that makes it possible for friends to use the apartment when I’m not there. My visitors can come and go as needed.
The lobby is graceful and doesn’t necessarily feel like a hotel, and we have access to all those hotel amenities. The health club is large, and most of the time I just head down there in my robe. I regularly order room service and in fact the entire menu of the Four Seasons restaurant is available.
But perhaps the best thing about the condo is that I’ve been able to keep my San Francisco roots. As my wine business, Lynmar Winery, has grown, I’ve spent more of each week up at my house in Sonoma County. I was born and raised in this city, so it has been nice keep a place here. I not only run a nonprofit, but there are events that keep me in town. I still travel a fair amount, but now when I do I simply call the concierge. They’ll even handle booking my hotel reservations.”
Inside the St. Regis
August 28, 2007
As a specialist in the luxury condo market, I often have clients who are interested in living at either the St. Regis or The Four Seasons. Both buildings are highly desired for their locations, views, quality, amenities, and premiere services (like butler, valet parking, on-call maintenance, 24-hour room service, housekeeping, and so on.)
Unfortunately, most of the people who bought condos there have not made changes to the interiors since they bought them. They’re just as the developer originally sold them, which is very nice but not stunning.
That’s why it is such a delight to see what Eric Bodnar and wife Jennifer Lee did with their residence at the St. Regis.
The dot-com entrepreneurs (they founded Starfish and LightSurf) hired Richard Davidson of the interior design firm Alamosa Design Associatesto come in and create a truly stunning residence. Davidson brought designer Jonathan Straley aboard, and the results (which you see in these photos by Matthew Milman), were just unveiled in the San Francisco Chronicle Magazine’s “Fall Home Design” issue.
(By the way, rumor has it that Straley is also working on Al and Tipper Gore’s residence at the building.)
My favorite room is the bedroom. Straley used Richard Davidson’s shoji screen-style partitions with an 18th century Edo Japanese screen from Imari antiques above the bed, which is draped in Fortuny fabric.
The entry features art by Mary Ann Hayden, a parchment console by Alamosa, and lamps by Epoca.
In the guest room, art by Tom Lieber hangs above the sofa, and marble and brass tables from Cedric Hartman are placed next to a vintage Mason Jansen chaise.
You can read the entire Chronicle article and see more photos here, and here.
If you’re interested in purchasing a condo at The Four Seasons or St. Regis, prices generally start at $2.5 million (for a two-bedroom). Listings are rare. For further purchase information contact Damion at damionmatthews@gmail.com
Heritage Marina Hotel to be Condofied
July 3, 2007
As I’ve been repeating for a month, hotel-to-condo conversion will be the hot new thing in residential development in San Francisco. And here is the latest example — the Heritage Marina Hotel located at 2550 Van Ness Avenue has just been acquired for this very purpose.
An investment group comprised of Canadel Development in Canada, and Polar Investments, an Israeli company controlled by Ziel Feldman, paid $25 million for the hotel. They plan to convert it into 100 luxury condominiums and add additional space. The conversion is expected to take 18-24 months, and cost $54 million.
Proceeds from the final sale of the apartments are estimated at $122 million, which means they will be sold for a fairly steep price. It’s an area sorely in need of new residential inventory, so they probably won’t have difficulty selling if the quality is good.
(For those who have wondered, this is why the Little Joe’s restaurant is closed.)
Views From The Infinity
July 2, 2007
Chad Carpenter went to the top of The Infinity in March and got these awesome photos.
A view of One Rincon from The Infinity.
Fabulous, isn’t it? There might still be a few really good view units at both One Rincon and The Infinity left, so contact me and we’ll see if we can get you in! My email is damionmatthews@gmail.com
Views from One Rincon
July 2, 2007
Here are the most recent photos from INSIDE One Rincon.
(From the 43rd floor.)
The Lambourne
June 28, 2007
I mentioned this new project in an earlier post, and it’s starting to get more attention now (with items at The Front Steps and Socketsite.)
The Lambourne, located at 725 Pine, is a collection of 22 studios and one-bedrooms in a former hotel. It’s a great new option for someone looking for a small residence in a wonderful location.
The unit mix in the three-story building is 14 studios and 8 one-bedrooms. All one-bedrooms but one have a deck. There will be two BMR units — a one-bedroom and studio. Unit sizes are small. The smallest is about 290 sf, and the largest is about 600sf.
There is no parking, but the Nob Hill location makes it a very livable spot without full-time parking. Feel free to register at thelambourne.com (unfortunately there are no photos at the website), or just e-mail me at damionmatthews@gmail.com to make an appointment to see it.
