San Francisco’s housing market is becoming increasingly scarce, with new developments rare as affordable housing. The city’s high cost of building and limited land make it challenging to construct more homes. According to Krysen Heathwood, senior managing director at Compass Development Marketing Group, there are few new development/construction units available in the market.
Heathwood notes that condos will be the primary focus for new developments, as they maximize residence availability. Two areas with opportunities for building are Downtown and Treasure Island, which have accessible land and convenient locations to Downtown. These areas offer re-envisioned neighborhoods rich in amenities, space, and views.
When new developments launch, security, walkability, and common spaces take priority. Many amenities, such as secure parking and high-end smart-home technology, may also be included. For instance, Norvoir, a Russian Hill condo development, offers luxury interiors with premium fixtures and potential perks like rooftop or outdoor spaces.
This spring, two new developments are launching sales: The Flats at Yerba Buena Island and Norvoir. The Flats comprise single-level LEED Silver-certified homes on Yerba Buena Island, offering panoramic views of the bay. Meanwhile, Norvoir features modern design honoring the past of surrounding buildings, with units ranging from studios to three bedrooms.
Residents will have access to parks, trails, and island destinations in The Flats, including Panorama Park and Signal Park. In contrast, Norvoir offers luxury interiors and potential perks like secure parking and rooftop spaces.
Source: https://www.mansionglobal.com/articles/a-rare-condo-building-hits-the-market-in-san-franciscos-russian-hill-fd39cd84