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Well, hello there. Not a week goes by where I don’t find myself on Clement Street. It’s where I head to grab pasta for dinner, buy a locally sourced gift, or browse the racks for my next read. And every time I take a stroll, I find something new. For one, Mamahuhu, the casual Chinese-American food outpost from the people behind Mr. Jiu’s, now has a happy hour on weekdays from 4-6 pm. The deal includes free crispy noodle chips, $1 egg rolls (!), $5 beer and $8 wine. Who’s with me?
Also up the street, the storefront that once housed Spanish Table now has an application to sell alcoholic beverages posted in the window, with the business Kitchen Commons as the applicant. According to past reports, the new tenant will also be a kitchen supply shop, and if the beverage license is any indication, a whole lot more. And, if you’re too far from Clement Street but still need a fix, one of the OG coffee shops on the street, Blue Danube, has opened a second location across from the Presidio, at Lyon and Lombard.
In non-Clement Street news, San Francisco paid tribute to the late, great Dolly Parton on Wednesday by lighting up Coit Tower in an electric pink hue.
Doom to boom: A year ago, San Francisco was still clawing its way out of the doom loop, with many retail shops pulling out of Union Square and downtown office space sitting empty. Fast forward, and Union Square is once again filling up with businesses, office space vacancies have notched down slightly to a lower 30 percent, thanks to the AI industry, and even visitors have returned with their wallets: Mayor Lurie announced that SF tourists are projected to spend almost $10 billion this year.
Of course, the flip side of success is, well, too much success? San Francisco rents jumped 25% in one year, more than any other city, according to a new report from Apartment List, with median rents running $3,881 for a one bedroom and $4,599 for a two bedroom. While renters are feeling the squeeze, developers see growing value in apartment buildings. In fact, SF Yimby reported that a project on Sacramento Street may add more floors mid-construction.
This week’s letter looks at the state of the real estate market, a very cool condo with a roof deck, and a penthouse with ties to the Gettys. Read on.
Everyone’s overbidding. What’s a home buyer to do?
SF doesn’t just have high rents: Home sale prices have also reached records this year. In fact, sale prices are up 25% in the last year. And data shows there is heavy competition for high-priced homes: 141 homes this year have gone for an eye-popping $1 million over asking price, according to a report from Cynthia Traina at Vantage Real Estate. Last year, just 20 homes sold over $1 million. But Traina has an interesting insight into what’s going on. “The highest overbids were obviously where the prices are already high—Presidio Heights, Pacific Heights, Cole Valley, and Noe Valley,” she notes.
But overbidding hasn’t stopped at the borders of the most expensive neighborhoods. They’ve come to the Sunset and the Richmond, too. “Now ‘median’ priced homes in the Sunset, Parkside, and the Richmond are also going upwards of 44% over asking,” Traina says. The reason? “Pricing does not reflect value, it is a pricing strategy to create competition,” she says.
Homes are often strategically priced lower than value to generate interest, and yes, a bidding war, driving the price upwards. So, what’s your average non-billionaire to do? “If they’re dead-set on a family home but are priced out of their first-choice neighborhoods, I’d encourage them to broaden their search. If location is the non-negotiable, then a condo may be the better option.” She adds, “They may also be able to buy a house in their preferred neighborhood if they’re willing to compromise.” Perhaps a fixer-upper is in your future. Or consider a multi-family home.
Russian Hill penthouse has 360-degree views
Think condo life isn’t for you? This penthouse may have you second guessing that idea. This full-floor mansion in the sky is offered by Kristin Cashin and Jenn Davis of Christie’s International Real Estate Sereno. Available for the first time in over 25 years, the home on the 24th floor at 1750 Taylor is going for $19,998,000, making it one of San Francisco’s most expensive listings.
The top-floor Russian Hill abode was originally created by past owner Billy Getty, who combined two units to form a 6,000-square-foot floor plan. The oversize residence features city-spanning views and is wrapped by 2,000 square feet of terraces. Listing agent Cashin says Getty sold the penthouse for $15 million in 1998, which at the time was reported as the most expensive residential sale in San Francisco history.
Cashin further notes, “It has subsequently remained in legacy family ownership for more than 25 years.” She adds, “And because of height restrictions on Russian Hill, it’s the kind of property that really couldn’t be re-created today.”
Details include floor-to-ceiling windows to enjoy the vistas, an open floor plan, and remarkable details like curved walls and built-ins. The design-forward space was concocted by designers Craig Leavitt and Stephen Weaver, the creative team behind PlumpJack restaurants and hotels.
The new owners will have elevator access that opens right into the home. Plus, residents of the Royal Towers enjoy a 24-hour attended lobby, fitness center, and a glass-enclosed heated swimming pool with a retractable roof.
Cow Hollow condo comes with insane roof deck
For those searching for the perfect SF pad, outdoor space is a premium wish.
This two-floor Cow Hollow condo offers up the ultimate outdoor party palace, with a 900-square-foot roof deck. The outdoor space, bigger than some apartments, operates as an outdoor lounge and dining space that extends the living area upwards.
Listed with David Cohen and Alexander Lurie, both with City Real Estate, the property is available for $3,995,000. Lurie gushes that the place features “endless panoramic views from a private rooftop terrace overlooking some of the world's most stunning vistas.”
In addition to the delightful deck, the indoors is also spacious, with almost 3,000 square feet, four bedrooms, and four baths.
Dating to 1900 and renovated throughout, the home last changed hands in 2020 for $3,650,000, property records show.
Fun fact, the home is just blocks from the famed Victorian that served as the house in the Robin Williams movie, “Mrs. Doubtfire.” And it’s only one of a handful of listings on the market in the neighborhood.
Must Like Fog is a San Francisco-based newsletter that’s looking at must-see real estate, cool architecture, fun neighborhoods, and more. Come obsess with me, a long-time real estate reporter who wants to keep the party going with a Bay Area twist. If you’re into real estate, the Bay Area, and want to get the inside track on these topics and more, please subscribe.
Huge thanks to editor extraordinaire Erik Gunther.