2020 Q1 / Mission Bay Condo Report

2020 Q1 Condo Report Mission Bay Paul Hwang | Ranked #1 in South Beach

Oracle Park E N TH CO A BE

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5 23 RRY BE

ONE BAY MISSION

5 25 RRY BE

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MISSION BAY SO UT H ST O W EN S ST

UCSF Mission Bay

The Chase Center

I 280

16 TH ST

TE NN ES S

M ISS ISS IP PI ST

M ar ip os a Pa rk M AR IP O SA ST

ILL IN OI S ST

UCSF Medical Center

Paul Hwang | 415.216.8746 | paul@skyboxrealty.com

Dear Neighbors, Wow, what a start to 2020. We hope that you and your families are staying safe amidst this new reality. Shelter-in-Place (SIP) has created a disfavorable environment for leasing & selling properties, causing many owners to defer sales to a later date (3 units were put on hold/withdrawn since March 16). 13 homes remain active with just 2 going into contract since SIP in Mission Bay. Before the onslaught of Covid-19 in the Bay Area, the 2020 Mission Bay condo market was off to a slower start with just 17 units sold in Q1, a decrease of 43% quarter-over-quarter. YOY / QOQ stats remained relatively flat for avg sold price, but avg sold $/SF increased. Days on the market were up 37% YOY & QOQ. Although unique, this period is not dissimilar to the great recession or dot com bubble in terms of equities, real estate & general sentiments.

During these periods, variance in equities was much more chaotic than real estate performance, with real estate lagging by 6 months with 20-25% corrections from peaks. I tell you this not by looking at charts, but by living through it as an active investor in the real estate market.

Population & income are essential for real estate. While a rapid loss of employment does not bode well for the economy and subsequently real estate, a key difference in this crisis is that the Federal Reserve has acted extremely quickly, lowering interest rates while Congress injected $2+ Trillion into the economy with the CARES Act. Unlike other areas of the country, a large portion of our tech savvy workforce is working remotely rather than being furloughed.

The early use of SIP in San Francisco seems to have “flattened the curve,” as the rate of new Coronavirus cases is much less than densely populated NYC. Economic (& real estate activity) will be highly correlated to the recovery from the current pandemic. We are here to support you and your real estate needs with virtual tours and showings for our non occupied listings and rentals. If you would like an experienced personalized analysis of your real estate situation, please give me a call.

Wishing you good health and kindness, Paul Hwang | Ranked #1 in South Beach | 415.216.8746

© Skybox Realty Inc, 2020

3

Skybox Realty 2020 Q1 Report

All Data From SFARMLS

Paul Hwang | 415.216.8746 | paul@skyboxrealty.com

Table of Contents 235 Berry

8 - 11

255 Berry

12 - 15

Arterra

16 - 19

Park Terrace

20 - 23

The Beacon

24 - 27

Madrone

28 - 31

Radiance

32 - 35

Arden

36 - 39

2020 Q1 Solds

40 - 41

One Mission Bay

42 - 43

Who You Work With Matters

44 - 45

© Skybox Realty Inc, 2020

5

Skybox Realty 2020 Q1 Report

All Data From SFARMLS

Paul Hwang | 415.216.8746 | paul@skyboxrealty.com

Mission Bay 2020 Q1 # of Transactions

17

6.3% YOY /

43% QOQ

Average Sales Price

$1,144,136 6.1% YOY /

19% QOQ

Average Price per Square Foot

$1,447 31% YOY /

22% QOQ

Average Days on the Market

56

37% YOY /

37% QOQ

© Skybox Realty Inc, 2020

7

235 Berry

All Data From SFARMLS

OFF MAR KET

SO L D

© Skybox Realty Inc, 2020

ACTI V E

IN CONTRACT

9

235 Berry

# of Transactions

0

100% YOY /

100% QOQ

Average Sales Price

----

100% YOY /

100% QOQ

* Median Price $----

Price Per SF

A VG $/ S F

MED I A N $/S F

Q1 Q4

$1,145/SF

Q3

$1,273/SF

Q2

$1,275/SF $1100

$1200

$1300

$1400

All Data From SFARMLS

235 Berry

Average $/SF

----

100% YOY /

Average Days on Market

----

100% QOQ

Buyer Demographic

100% YOY /

CASH

100% QOQ

LO A N

UN K N O WN

No Sales in 2020 Q 1

2 0 1 9 Q3

© Skybox Realty Inc, 2020

2019 Q 4

2020 Q 1

11

255 Berry

All Data From SFARMLS

OFF MAR KET

SO L D

© Skybox Realty Inc, 2020

ACTI V E

IN CONTRACT

13

255 Berry

# of Transactions

0

---- YOY /

100% QOQ

Average Sales Price

----

21% YOY /

100% QOQ

* Median Price $----

Price Per SF

A VG $/ S F

MED I A N $/S F

Q1 Q4

$1,118/SF

Q3

$1,199/SF

Q2

$1,219/SF $950

$1050

$1150

$1250

All Data From SFARMLS

255 Berry

Average $/SF

----

.01% YOY /

Average Days on Market

----

100% QOQ

Buyer Demographic

115% YOY /

CASH

100% QOQ

LO A N

UN K N O WN

No Sales in 2020 Q 1

2 0 1 9 Q3

© Skybox Realty Inc, 2020

2019 Q 4

2020 Q 1

15

Arterra

1512 | $1,349,000 (2BR) $1396/sf

617 | $910,000 (1BR) $1182/sf

All Data From SFARMLS

OFF MAR KET

SO L D

ACTI V E

IN CONTRACT

516 | $848,000 (1BR) $1273/sf 448 | $1,470,000 (2BR) $1226/sf

© Skybox Realty Inc, 2020

17

Arterra

# of Transactions

2

100% YOY /

50% QOQ

Average Sales Price

$1,190,000 31% YOY /

6.1% QOQ

* Median Price $1,190,000

Price Per SF Q1

$1,204/SF

Q4

$1,223/SF

Q3

$1,362/SF

A VG $/ S F

MED I A N $/S F

Q2 $950

$1150

$1350

$1550

All Data From SFARMLS

300 Berry

Average $/SF

$1,204 21% YOY /

Average Days on Market

26

1.6% QOQ

Buyer Demographic

2 0 1 9 Q3

© Skybox Realty Inc, 2020

100% YOY /

CASH

2019 Q 4

54% QOQ

LO A N

UN K N O WN

2020 Q 1

19

Park Terrace

712 | $1,020,000 (1BR) $1206/sf

All Data From SFARMLS

OFF MAR KET

SO L D

© Skybox Realty Inc, 2020

ACTI V E

IN CONTRACT

21

Park Terrace

# of Transactions

1

100% YOY /

100% QOQ

Average Sales Price

$1,020,000 100% YOY /

100% QOQ

* Median Price $1,020,000

Price Per SF Q1

A VG $/ S F

MED I A N $/S F

$1,206/SF

Q4 Q3

$1,340/SF

Q2

$1,325/SF $1100

$1200

$1300

$1400

All Data From SFARMLS

325 Berry

Average $/SF

$1,206 100% YOY /

100% QOQ

Buyer Demographic

Average Days on Market

0

---- YOY / ---- QOQ

CASH

LO A N

UN K N O WN

N o S al e s i n 2019 Q 4

2 0 1 9 Q3

© Skybox Realty Inc, 2020

2019 Q 4

2020 Q 1

23

The Beacon

721 | $699,000 (1BR) $1006/sf

781 | $805,000 (1BR) $1115/sf

1308 | $928,000 (1BR) $1179/sf

850 | $750,000 (1BR) $941/sf 626 | $1,400,000 (2BR) $971/sf

672 | $1,200,000 (2BR) $1049/sf 414 | $978,000 (1BR) $1017/sf

All Data From SFARMLS

OFF MAR KET

SO L D

ACTI V E

IN CONTRACT

1603 | $1,595,000 (2BR) $1240/sf

717 | $760,000 (1BR) $1001/sf

713 | $182,818 (1BR) bmr

559 | $1,395,000 (3BR) $1081/sf

535 | $1,295,000 (2BR) $1053/sf

554 | $699,000 (0BR) $1124/sf 428 | $170,049 (1BR) bmr

© Skybox Realty Inc, 2020

406 | $1,063,000 (1BR) $1082/sf

25

The Beacon

# of Transactions

8

27% YOY /

20% QOQ

Average Sales Price

$970,786 .64% YOY /

17% QOQ

* Median Price $928,000

Price Per SF Q1

$1,035/SF

Q4

$1,066/SF

Q3

$1,110/SF

Q2

$1,080/SF $850

A VG $/ S F

$950

MED I A N $/S F

$1050

$1150

All Data From SFARMLS

250 / 260 King

Average $/SF

$1,035 4.3% YOY /

Average Days on Market

68

3% QOQ

Buyer Demographic

2 0 1 9 Q3

© Skybox Realty Inc, 2020

100% YOY /

CASH

2019 Q 4

84% QOQ

LO A N

UN K N O WN

2020 Q 1

27

Madrone

705 | $1,635,000 (2BR) $1433/sf

All Data From SFARMLS

OFF MAR KET

SO L D

ACTI V E

IN CONTRACT

715 | $1,188,000 (1BR) $1625/sf

© Skybox Realty Inc, 2020

29

Madrone

# of Transactions

1

---- YOY /

80% QOQ

Average Sales Price

$1,635,000 13% YOY /

27% QOQ

* Median Price $1,635,000

Price Per SF Q1

$1,433/SF

Q4

$1,218/SF

A VG $/ S F

MED I A N $/S F

Q3 Q2

$1,164/SF $1150

$1250

$1350

$1450

All Data From SFARMLS

420 / 480 Mission Bay, 435 China Basin

Average $/SF

$1,433 20% YOY /

Average Days on Market

39

18% QOQ

Buyer Demographic

78% YOY /

CASH

11% QOQ

LO A N

UN K N O WN

N o Sa les in 2 0 1 9 Q3

2 0 1 9 Q3

© Skybox Realty Inc, 2020

2019 Q 4

2020 Q 1

31

Radiance

All Data From SFARMLS

OFF MAR KET

SO L D

ACTI V E

IN CONTRACT

802 | $2,298,000 (2BR) $1419/sf

416 | $1,895,000 (3BR) $1052/sf 307 | $985,000 (1BR) $1271/sf 110 | $2,249,000 (2BR) $1198/sf

© Skybox Realty Inc, 2020

33

Radiance

# of Transactions

1

100% YOY /

50% QOQ

Average Sales Price

$985,000 100% YOY /

15% QOQ

* Median Price $985,000

Price Per SF Q1

$1,271/SF

Q4

$1,115/SF

Q3

$1,582/SF

Q2

$1,051/SF $1000

A VG $/ S F

$1200

MED I A N $/S F

$1400

$1600

All Data From SFARMLS

330 Mission Bay, 325 China Basin

Average $/SF

$1,271 100% YOY /

Average Days on Market

82

14% QOQ

Buyer Demographic

2 0 1 9 Q3

© Skybox Realty Inc, 2020

100% YOY /

CASH

2019 Q 4

183% QOQ

LO A N

UN K N O WN

2020 Q 1

35

Arden

1010 | $2,000,000 (2BR) $1377/sf

613 | $1,690,000 (2BR) $1319/sf

All Data From SFARMLS

OFF MAR KET

SO L D

ACTI V E

IN CONTRACT

1108 | $1,749,999 (2BR) $1446/sf

114 | $1,550,000 (2BR) $1205/sf

© Skybox Realty Inc, 2020

37

Arden

# of Transactions

2

100% YOY /

50% QOQ

Average Sales Price

$1,845,000 18% YOY /

3.7% QOQ

* Median Price $1,845,000

Price Per SF Q1

$1,348/SF

Q4

$1,385/SF

Q3

$1,390

Q2

$1,480/SF $1250

A VG $/ S F

$1350

MED I A N $/S F

$1450

$1550

All Data From SFARMLS

708 / 718 / 738 Long Bridge

Average $/SF

$1,348 13% YOY /

Average Days on Market

19

2.7% QOQ

Buyer Demographic

2 0 1 9 Q3

© Skybox Realty Inc, 2020

65% YOY /

CASH

2019 Q 4

25% QOQ

LO A N

UN K N O WN

2020 Q 1

39

Skybox Realty 2020 Q1 Report

2020 Q1 Sales Address

BR / BA

SQFT

260 King 713

1/1

814

250 King 850

1/1

797

260 King 717

1/1

759

260 King 781

1/1

722

300 Berry 617

1/1

770

250 King 1308

1/1

787

250 King 414

1/1

962

325 China Basin 307

1/1

775

325 Berry 712

1/1

846

110 Channel 414

1/1

759

250 King 672

2/2

1144

250 King 626

2/2

1442

300 Berry 448

2/2

1199

110 Channel 207

2/2

1079

420 Mission Bay 705

2/2

1141

708 Long Bridge 613

2/2

1281

708 Long Bridge 1010

2/2

1452

All Data From SFARMLS

Paul Hwang | 415.216.8746 | paul@skyboxrealty.com

* Only showing sold homes in buildings featured in this book. Does not include new construction.

Sale Price

$/SF

% Sale/List

$182,818 bmr

$224.59 bmr

100.00

$750,000

$941.03

100.00

$760,000

$1,001.32

98.83

$805,000

$1,114.96

100.75

$910,000

$1,181.82

107.18

$928,000

$1,179.16

100.00

$952,500

$990.12

100.47

$985,000

$1,270.97

109.57

$1,020,000

$1,205.67

98.55

$1,147,000

$1,511.20

98.20

$1,200,000

$1,048.95

95.24

$1,400,000

$970.87

98.59

$1,470,000

$1,226.02

99.39

$1,615,000

$1,496.76

101.25

$1,635,000

$1,432.95

97.61

$1,690,000

$1,319.28

100.12

$2,000,000

$1,377.41

100.00

© Skybox Realty Inc, 2020

41

Skybox Realty 2020 Q1 Report

One Mission Bay Developer

CIM

# of Units

# in C

350

34

1307 | $2,300,000 (3BR) $1403/sf 1102 | $3,475,000 (3BR) $1902/sf 912 | $1,680,000 (2BR) $1317/sf * 813 | $1,425,000 (2BR) $1419/sf

* 513 | $1,395,000 (2BR) $----/sf

* 207 | $1,615,000 (2BR) $1497/sf

All Data From SFARMLS

Paul Hwang | 415.216.8746 | paul@skyboxrealty.com

OFF MAR KET

Contract / Sold

43+

SO L D

ACTI V E

IN CONTRACT

Monthly Absorption

7.6 Units 1306 | $1,825,000 (2BR) $1440/sf

902 | $2,068,880 (2BR) $1569/sf

514 | $1,515,000 (2BR) $1265/sf 414 | $1,147,000 (1BR) $1511/sf 303 | $1,888,000 (2BR) $1530/sf 203 | $1,039,000 (1BR) $1523/sf

* = Resale Units © Skybox Realty Inc, 2020

43

*

* *

Skybox Realty 2020 Q1 Report

Paul Hwang

Mission Bay Average Sales Price Skybox Realty (+26%)

2019

Other Brokers Skybox Realty

2018

Other Brokers

2017

Skybox Realty Others

$1M

$1.2M

$1.4M

$1.6M

$1.8M

All Data From SFARMLS

Paul Hwang | 415.216.8746 | paul@skyboxrealty.com

“

Paul doesn’t just know the market, he is the market. - Isaac S

“

Mission Bay Average Price per Square Foot Skybox Realty (+7%)

2019

Other Brokers Skybox Realty

2018

Other Brokers Skybox Realty

2017

Other Brokers

$900

$1000

© Skybox Realty Inc, 2020

$1100

$1200

$1300

45

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Paul Hwang Ranked #1 in South Beach 415.216.8746 | dre 01371169 paul@skyboxrealty.com

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