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Much larger size condominiums were built in the 1920s and 1930s in the traditional neighborhoods of Russian Hill and Pacific Heights than have been built in the south of Market neighborhoods. As land has grown more dear, and the cost of building hi-rise condominium buildings has increased, the average size of newly constructed condominiums has decreased.
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As the amenities have increased in the south of Market St. neighborhoods, particularly in South Beach, the prices buyers have been willing to pay to live there now rival the price per sq. ft. enjoyed by the traditionally affluent San Francisco neighborhoods, i.e. Pacific Heights and Russian Hill being good examples. South Beach dollars/sq. ft. took a step back in 2009. The fitness centers, on-site concierges, restaurants, and latest construction technologies have contributed to higher values in South Beach.
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The average sale prices of condominiums in Russian Hill and Pacific Heights still exceed prices in South Beach, principally because the older neighborhood buildings contain larger units.
San Francisco: The Bigger Picture
