The New Fillmore

REAL ESTATE | CYNTHIA TRAINA

Cash buyers dominated local home sales in October. Of the 12 single-family home sales that closed in the neighborhood — in Pacific Heights, Lower Pacific Heights, Cow Hollow and Presidio Heights — 10 were cash purchases.

Three notable fixer-upper properties changed hands: 2245 Union, zoned commercial but convertible to residential, sold for $2.6 million; 2752 Buchanan sold for $3.1 million; and 2760 Vallejo commanded $9.5 million. The month’s priciest sale was 2855 Pacific, which closed at $15.25 million, slightly below the asking price.

November begins with 30 active single-family homes and 73 active condominiums on the market. Prices range from an entry-level condo at 2040 Franklin #1006 for $499,000 to the penthouse across from Lafayette Park at 2006 Washington #10 at $29 million. The least expensive single-family home is a 2-bedroom, 1.5-bath property at 18 Orben listed just under $1.8 million, while the highest-priced property on the market remains 2990 Broadway at $32 million, on the market for 123 days. Many ultra-luxury homes continue to await qualified buyers.

October brought the narrowest gap between condo and single-family home sales in recent months. Among the 18 condos sold, the top sale was a five-bedroom unit in a duplex at 2205 Pacific Avenue, closing at $7.28 million. The second-highest sale was a three-bedroom unit at The Pacific (2121 Webster), which sold for $3.5 million after 181 days on market. The month also saw three duplex sales. Currently pending sales for October include 11 condominiums and 6 single-family homes.

Cynthia Traina is an agent with Vantage Realty San Francisco. Contact her at CT@cynthiatraina.com.

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REAL ESTATE | CYNTHIA TRAINA

What a difference a month makes. Only three single-family homes sold in September in nearby neighborhoods — Pacific Heights, Lower Pacific Heights, Presidio Heights and Cow Hollow — compared to eight sold in August. 

Reflecting the enduring appeal of living near shops and restaurants, all three homes were located within a block of Fillmore Street. These included a charming Victorian at 1935 Webster (just over $3.3 million); 2338 California ($3.8 million), which had been on and off the market since 2023 and saw nearly a $1 million price cut; and a fully gutted and remodeled Edwardian at 2542 Fillmore ($6.5 million), which is technically two units.

Now on the market: Currently there are 29 active single-family homes on the market, with 17 of them listed within the last 30 days. If you’re shopping for a home priced at $10 million or more, you’re in luck — there are 13 options. In the $5 to $10 million range, there are 10 options.

Under $3 million, only three single-family homes are listed, as of October 1. The least expensive, at $2.39 million, is a gutted and modernized Victorian at 1863 Pine near Gough. A Queen Anne just off Fillmore at 2245 Union, currently zoned commercial, is listed just under $2.7 million. Just off prime Fillmore is 16 Wilmot, an 1800s Victorian priced at $2.995 million.

Condos, co-ops, townhouses and TICs: In September, 22 units were sold in the area. The least expensive was a one-bedroom, one-bath unit at 2415 Van Ness, which sold for $400,000. The most expensive was 1958 Vallejo #7, which sold for $4.8 million.

Currently there are 85 active units on the market. The least expensive is a studio at 2415 Van Ness listed for $459,000, while the most expensive is a full-floor penthouse co-op at 2006 Washington #10, now at $29 million. It was listed last year for $35 million. Located on Lafayette Park, this unit carries a hefty monthly fee of $11,954.

Closer to Fillmore, in the tower of full-floor co-ops at the northeast corner of Alta Plaza Park, is 2500 Steiner #3, listed at $9.95 million. The unit was purchased four years ago for $7 million. Despite being on a lower floor, its position at the crest of the hill offers sweeping views of the park, the bay and Golden Gate Bridge. The property comes with a monthly fee of $4,104.

Cynthia Traina is an agent with Vantage Realty San Francisco. Contact her at CT@cynthiatraina.com.

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REAL ESTATE | CYNTHIA TRAINA

Billionaire’s Row has witnessed yet another record-breaking sale. The property at 2799 Broadway, which had been on and off the market since October 2019, with an initial asking price of $39 million, finally closed in August for just over $29 million. The new owners acquired the 11,600-square-foot home for $2,505 per square foot — a significant discount compared to the neighboring property at 2840 Broadway, which sold last month for an astonishing $4,107 per square foot.

For those still looking to buy on Outer Broadway, opportunities remain. The property at 2990 Broadway, which once made national headlines for its $38 million price tag, is still on the market. And 2898 Broadway, the location of this year’s Designer Showcase, has seen a $3 million price cut and is now listed at $29 million. It has been on the market for over a year.

Also on the market for $29 million: the penthouse at 2006 Washington, on Lafayette Park.

In contrast, the smallest single-family home sold in August was a charming Victorian at 1807 Scott. The 1,057-square-foot, one-bedroom, one-bath gem, located near the S.F. Tennis Club, has no garage, but featured a generous walk-out deck. It was snapped up after just five days on the market for $1.2 million.

Cynthia Traina is an agent with Vantage Realty San Francisco. Contact her at CT@cynthiatraina.com.

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REAL ESTATE | NINA HATVANY

There are many myths about the San Francisco real estate market — many of them not true.

MYTH #1: Homes are still going for 10 to 15 percent above asking in bidding wars.

The truth is, the competition for San Francisco condominiums and homes has drastically slowed down as inventory has increased. “Bidding wars,” while they still exist, are less common, and if there is competition, it is more likely two or three other offers rather than 10. The market in the fall tends to dip slightly in prices because of the glut of inventory that hits right after Labor Day and then is slow to get absorbed as the holidays approach.

There is still a good amount of inventory sitting, and buyers become less motivated over the holidays to deal with finding a home between their travels and hosting family. In the spring, prices historically tend to rise again as the market picks up. While we can’t predict what will happen next year, the current combination of low interest rates, higher inventory and economic uncertainty makes this a great time to jump into the usually hyper-competitive San Francisco market.

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REAL ESTATE | PATRICK BARBER

A PAIR OF recent home sales, both on Washington Street, highlight the fact that buyers are willing to sacrifice extra square footage for a highly walkable location.

The single-family homes at 2561 Washington Street and 3990 Washington Street each sold for $9.1 million during the second week of September. Though the two commanded an identical price, they differ greatly in size, with 3990 Washington boasting 10,000 square feet of living space — nearly double that of 2561 Washington, which clocks in at about 5,500 square feet. The smaller home changed hands in a brisk three days, while the larger took more than six months to sell.

A few facts explain why a substantially smaller home sold for the same price as a much larger one — and did it so much faster. First, 2561 Washington Street, which had been in the same family for decades, features beautifully proportioned rooms and a desirable open floor plan. Also, the home needs work, which offers the new owners the opportunity to re-envision it to their tastes and specifications.

Finally, there is the classic real estate mantra of location, location, location. While 3990 Washington Street sits on the far edge of Presidio Heights, which would make it necessary for owners to drive frequently, 2561 Washington is barely half a block from Fillmore Street, an easy stroll to dozens of local restaurants, boutiques and services.

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REAL ESTATE | PATRICK BARBER

Single-family home sales in the neighborhood reached a decade low during the last month, with only one single-family home selling in Pacific Heights, Lower Pacific Heights, Presidio Heights and Cow Hollow from mid-June to mid-July.

The summer months are traditionally the slowest time for real estate activity in San Francisco. But even by seasonal standards, market activity this summer has slowed considerably, with single-family home sales in the neighborhood declining to the lowest level since the housing market bust in 2008. The prolonged shortage of offerings on the market in the city is largely to blame for declining sales.

The one property that did change hands is an impressive example of modern architecture and amenities. The home at 2833 Vallejo Street (above and below) sold for $17 million in late June. Just completed this year, the ultramodern residence also offers picture-perfect views from its roof deck of the Golden Gate Bridge and the Palace of Fine Arts.

2833 Vallejo Street

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Unity Church (center) is in contract to sell its longtime home at 2222 Bush Street.

UNITY CHURCH has entered into a contract to sell its longtime home in the Victorian building at 2222 Bush Street — reportedly to a marijuana retailer — if the church can find a new location within the next year that is near mass transit lines and better-suited to its needs.

Church members voted earlier to hire a commercial real estate broker to explore the sale of the building — which is zoned for retail as part of the Fillmore neighborhood commercial district — and the purchase of a less expensive home that would be more accessible to its members.

A church leader confirmed the contract, but declined to identify the buyer. Records in the city’s new Office of Cannabis show the Vapor Room has submitted an application for a retail cannabis permit at 2222 Bush.

On August 18, the church was the location for what was billed as the world’s first Free Weed Comedy Show. For $35, attendees got to hear three local stand-up comics, plus two free drinks and, before the show outside on Bush Street, “a small amount of free marijuana to take home (no onsite consumption).” Munchies were available for purchase.

“It went really well,” said comedian and organizer Adam Hartle. “No plans yet to do another in San Fran, but maybe one day in the future.”

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