2023 Q1 / South Beach & Yerba Buena Condo Report

Dear Neighbors,

2022 ended as an illiquid market for condominium sales in South Beach due to rising interest rates, tech industry layoffs, and an exodus from San Francisco. Traffic in the first quarter picked up as home ownership became slightly more affordable with a decline in interest rates. The number of transactions increased from near zero, but were still at a 63% decline year over year, a 20% decline in average price and a 17% decline in average price per square foot.

Indeed, it seemed like only good deals were selling. The wake of the banking crisis and technology layoffs have put continued pressure on an increasing inventory. Buying conditions for home hunters continue to improve into the Spring selling season. Debt-to-Income ratios for buyers are still considered to be unaffordable.

The bottom line is that income (eg jobs) for the immediate demographic needs to catch up with inflationary pressures of the extremely rapid rise of interest rates. That may take some time.

On the surface the data shows that Yerba Bunea is doing well. On closer examination, the data is skewed by a few outlier sales.

Rents remain strong and steady. It is a highly complicated market and requires a case by case analysis that a macro view point will not provide. Please contact me for your personal real estate needs or questions.

This document has been prepared by Skybox Realty for advertising and general information only. Skybox Realty makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Skybox Realty excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.

South Beach & Yerba Buena Market Snapshot

South Beach 2023 Q1

* Does not include new construction.

# of Transactions

29 Average Price per Square Foot

Average Sales Price $1,105,448 Average Days on the Market

* Median Price $1,100,000

$1,035

Yerba Buena 2023 Q1

Historical Data

* Includes new construction marketed on MLS.

The Infinity

* Listed/Sold by Skybox

D39E | $2,625,000 (2BR) $1659/sf

D18B | $2,085,000 (2BR) $1576/sf

D11F | $1,230,000 (2BR) $933/sf

D3B | $1,150,000 (2BR) $861/sf

A3B | $1,195,000 (2BR) $863/sf

B29B | $3,250,000 (2BR) $1994/sf

B29F | $1,999,000 (2BR) $1518/sf

B28E | $2,595,000 (3BR) $1470/sf

B15B | $1,699,000 (2BR) $1290/sf

C6H | $780,000 (1BR) $1373/sf

C4C | $899,000 (1BR) $1103/sf

B26C | $1,100,000 (1BR) $1360/sf *

B24B | $1,999,000 (2BR) $1518/sf

* * *

B15E | $1,265,000 (2BR) $1072/sf

B10C | $888,000 (1BR) $1098/sf

C6E | $1,498,888 (2BR) $1097/sf

The Infinity

D34C | $2,600,000 (2BR) $1744/sf

D34A | $2,660,000 (2BR) $1692/sf

D30A | $2,850,000 (2BR) $1813/sf

D30B | $5,680,000 (4BR) $2115/sf

D30E | $2,850,000 (3BR) $1591/sf

D18C | $2,225,000 (2BR) $1586/sf

C7C | $899,000 (1BR) $981/sf

C8F | $990,000 (1BR) $1076/sf

C7F | $895,000 (1BR) $973/sf

B5A | $1,450,000 (2BR) $1060/sf

B40E | $3,250,000 (3BR) $1822/sf

B42AB | $4,995,000 (2BR) $2017/sf

A8C | $1,299,000 (1BR) $1471/sf

B11D | $1,099,000 (1BR) $1254/sf

B2A | $888,000 (0BR) $----/sf

B12F | $1,350,000 (2BR) $1134/sf

B24G | $2,195,000 (2BR) $1567/sf

The Harrison

* Indicates Remaining Developer Inventory

46C | $2,695,000 (2BR) $1696/sf *

40D | $2,595,000 (2BR) $2073/sf *

39E | $2,403,300 (2BR) $1853/sf *

32C | $1,960,000 (2BR) $1469/sf *

27A | $1,000,000 (2BR) $1190/sf

25B | $1,795,000 (2BR) $1369/sf

20C | $1,780,000 (2BR) $1334/sf

12C | $1,649,000 (2BR) $1282/sf

4E | $800,000 (1BR) $1132/sf

The Harrison Resales

One Rincon Hill

4706 | $1,998,000 (2BR) $1614/sf

3403 | $1,945,000 (2BR) $1522/sf

3304 | $825,000 (1BR) $1364/sf

2903 | $2,274,000 (3BR) $1179/sf

2806 | $2,045,000 (2BR) $1613/sf

1008 | $899,000 (1BR) $1192/sf

802 | $1,288,000 (2BR) $984/sf

One Rincon Hill

The Metropolitan

S2204 | $949,000 (1BR) $13194/sf

S907 | $1,188,000 (2BR) $1149/sf

S205 | $635,000 (1BR) $944/sf

(2BR) $1447/sf

S806 | $699,000 (1BR) $1012/sf

The Metropolitan

One Hawthorne

4F | $575,000 (1BR) $1176/sf

7D | $825,000 (1BR) $971/sf

15B | $615,000 (1BR) $1102/sf

22F | $1,600,000 (2BR) $1155/sf

One Hawthorne

The Brannan

18D | $3,495,000 (3BR) $1743/sf

5D | $1,235,000 (2BR) $1058/sf

4J | $1,149,000 (2BR) $1007/sf

2F | $1,749,000 (2BR) $1343/sf

1D | $799,000 (1BR) $947/sf

5E | $1,225,000 (2BR) $1152/sf

8C | $1,650,000 (2BR) $1249/sf

3G | $920,000 (1BR) $1011/sf

15G | $1,990,000 (2BR) $1285/sf

The Brannan

612 | $950,000 (1BR) $1056/sf

520 | $1,175,000 (2BR) $1085/sf

2104 | $795,000 (2BR) $956/sf

912 | $448,000 (0BR) $1049/sf

The Towers

124 | $1,299,000 (2BR) $954/sf

919 | $1,345,000 (2BR) $1091/sf 615 | $1,098,000 (2BR) $974/sf

The Towers

200 Brannan

421 | $1,795,000 (2BR) $964/sf

200 Brannan

2023 Q1 Sales

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

Architect Heller Manus

# of Units 67 Monthly Absorption .9 Unit

# in Contract / Sold 48+

54E | $1,400,000 (1BR) $1795/sf

63C | $2,550,000 (2BR) $2021/sf

63A | $5,660,000 (3BR) $3007/sf

67C | $5,400,000 (2BR) $3089/sf

Studio Gang

The Avery

One Steuart Lane Architect SOM

# of Units 120

# of Stories

20

# Sold 40+