How Amenities Are Helping Sell Condos In San Francisco
Want to get a jump-start on upcoming deals? Meet the major San Francisco players at one of our upcoming events!
Amenities are becoming a prime selling point for the newest condos in San Francisco. Tishman Speyer’s Lumina, CIM Group’s One Mission Bay and Maximus Real Estate Partners’ The Harrison are chock full of amenities and are among the condos reporting strong sales activity.
Competition among new condo complexes helped push new condo prices down 6% by the end of August with pricing sliding to $1,127/SF. About 800 units were available at the start of September. The new condos are selling quickly. At One Mission Bay, over half of the condos were under contract as of July and only 95 units are left out of 350 at the end of August, according to data from The Mark Co.
One Mission Bay recently added Wine Merchant and LagreeFit 415 to its retail space. Community amenities include a fitness center designed by celebrity trainer and nutritionist Harley Pasternak, a heated outdoor swimming pool with poolside cabanas and outdoor fire pits, private meeting rooms, a guest suite, a resident lounge, a library and business center and a private dining room with a chef’s kitchen.
The Harrison, which has sold 103 units out of about 300 as of August, offers a 3,500 SF private top-floor lounge designed by Ken Fulk. It also offers a 24-hour valet, two-story Grand Salon and concierge service. At Jay Paul Co.’s 181 Fremont, which offers 55 condos, residents have access to a Sky Lounge at the 52nd floor that will offer a club lounge, restaurant, conference room, library, bar, yoga studio and outdoor area.
Trumark Urban’s Knox and The Pacific also have been selling quickly. Trumark Urban has been using virtual technology to help sell its condos at The Pacific, which has 11 units left out of 76. Knox has nine units available out of 80.
Lumina, which also is using virtual technology to market units, has 85 residences left for sale out of 656 units and over 45K SF of amenity space, Tishman Speyer took it up a notch, providing many amenities not seen before in San Francisco condos.
“Our primary driver was to provide residences with spaces that enhance their lives, foster a sense of community, convenience and welcome private entertainment that saves residents valuable time,” Tishman Speyer Senior Managing Director Carl Shannon said. “From the private dining room with chef’s kitchen and outdoor patio to the rock climbing wall and a fully equipped music practice room, these offerings make residents’ lives more convenient and enjoyable."
He said residents use these amenity spaces, which provide additional convenience, daily. With the addition of grocery store Woodland Markets, residents have everything they need in one building.
The condo complex could eventually have food delivered to residents and put away. There also is an elevator leading from the grocery store to the private dining room, allowing residents to get catered meals delivered.
Additional community amenities include a fitness center, spa facilities with a private treatment room, a 70-foot saltwater pool, landscaped roof terrace with barbecue facilities and outdoor screen, a bilevel club lounge, a theater-style private screening room, a children’s playroom, a dog wash and additional washer/dryers for oversized loads.
The complex also offers 24/7 valet parking service that allows residents to summon their car remotely. Residents have access to an Audi at home service that provides car-sharing to residents.
Tishman Speyer, in a partnership with the Metropolitan Transportation Commission, also opened a mid-block passage and park in October between Lumina and the Bay Area Metro Center that offers landscaping, a small amphitheater, seating and a Ford Go-Bike station.