Sustainability Meets Artistic Opulence at The Pacific

September 1, 2017

Inspired by the grand legacy of Pacific Heights, The Pacific is a stellar example of luxury meeting sustainability to create a magnum opus. Renowned for its collection of meticulously designed homes combined with five-star service and amenities, the building is a LEED-certified architectural marvel that not only incorporates adaptive reuse and achievements in energy efficiency it places emphasis on healthy indoor air quality and water-use reduction.

Also known as the Pacific Height’s crown jewel, The Pacific is a boutique community of 76 residences representing the pinnacle of cosmopolitan living in one of San Francisco’s most sought after enclaves. Each residence features distinctive entertaining spaces, chef’s kitchens, up to 11-foot ceiling heights and floor-to-ceiling windows with picturesque views of San Francisco that span from the Bay, the Golden Gate Bridge, the Presidio, the Marin Headlands, Tiburon and Sausalito, to the Island of Belvedere.

Designed by Handel Architects, The Pacific is the first large scale newly constructed residential development in Pacific Heights in decades. Nestled next door to Fillmore Street, the location is second to none channeling a cosmopolitan oasis near parks and quiet streets with the urban conveniences of high-end retail, Michelin-star restaurants and activities. The Pacific has drawn inspiration from the lasting residences found mainly in neighborhoods of London and Paris, marrying this with a modern interior aesthetic. The exterior architecture plays off of the neighborhood, a modern interpretation of classic Victorians’ bay windows.

The building’s commitment to LEED for Homes certification not only embraces the environmental benefits of green building and sustainable design, but its economic and health benefits as well. Additional LEED qualifications include bicycle storage, designated parking for low-emission vehicles, quality insulation and air sealing, high efficiency water fixtures, energy efficient lighting fixtures, low-VOC paint, good ventilation, and drought-resistant native plants.

Nestled one block from Fillmore Street, The Pacific’s location is second to none, channeling an urbane oasis near parks and quiet streets with the metropolitan conveniences of high-end retail and Michelin-star restaurants.

September 1, 2017

Sustainable Jewel-Box Building in the Heart of San Francisco

August 17, 2017 

Sustainable Jewel-Box Building in the Heart of San Francisco

Pacific Heights’ crown jewel, The Pacific is a boutique community of 76 residences representing the pinnacle of cosmopolitan living in one of San Francisco’s most sought after enclaves. A building with no parallel or precedence, The Pacific is not only an architectural marvel renowned for its collection of five-star service and amenities, it is a LEED-certified building, incorporating adaptive reuse and achievements in energy efficiency, healthy indoor air quality and water-use reduction.

With stunning architecture envisioned and executed by internationally acclaimed Glenn Rescalvo at Handel Architects and interior design of all common spaces and residences by Handel Interior Design, The Pacific has engaged with the Bay Area’s foremost luxury residential design team to reimagine this former school of dentistry into this luxurious masterpiece in Pacific Heights. Interpreting the area’s historic Victorian style, the tower features bay windows that resemble the facets of a jewel.

Credit: Christopher Mayer Photography

With a complete range of amenities, including private vehicle valet, full service concierge, lobby attendant, a private Observatory Lounge overlooking the Bay and Golden Gate Bridge, a private guest residence called “The Fillmore”, and a world class fitness center, The Pacific is a stellar example where luxury meets sustainability to create a magnum opus.

The building’s commitment to LEED for Homes certification not only embraces the environmental benefits of green building and sustainable design, but its economic and health benefits as well. Additional LEED qualifications include bicycle storage, designated parking for low-emission vehicles, quality insulation and air sealing, high efficiency water fixtures, energy efficient lighting fixtures, low-VOC paint, good ventilation, and drought-resistant native plants.

August 17, 2017

Five of the Best Investment Properties in Downtown Los Angeles

June 21, 2017 By Emily Manthei

With more than 9,000 units added in the last 10 years and thousands more on the way, Downtown Los Angeles is experiencing an unprecedented condominium boom. The Loft Exchange realtor Bill Cooper says that the city is in the middle of a five-year growth cycle, “In another three years, most of the condos under construction will be coming on the market, and things will change again.” For now, those on the lookout for investment properties have an opportunity to snag a great deal. Pick your favourite from the following five recommendations, each guaranteed to be worth your while.

1. Ten50

The newest building to open its doors in Downtown is South Park’s Ten50. It’s 25 storeys of boutique residences, looking down at trendy neighbourhood additions Whole Foods and the Ace Hotel. The largest penthouses span more than 3,500sqft across two storeys and command a $4 million (S$5.58 million) price tag. With 60 per cent of units already sold, the first owners are taking advantage of the 13,000-sqft indoor-cum-outdoor lounge. Called The Fifty, it comes complete with plunge pool and yoga garden. The cherry on top is a drone landing pad, allowing residents to coordinate drone deliveries to the rooftop via smartphone.

Ten50
1050 South Grand Avenue
Los Angeles
California 90015
USA

June 21, 2017

San Francisco Penthouse Sale in Trumark Urban’s The Pacific Sets Record for Condo Sales

May 31, 2017 By Blanca Torres

A buyer paid $15.875 million for one of the penthouses in the Pacific, Trumark Urban’s 76-unit ultra-luxury condo development in Pacific Heights.

The per square foot price of $3,921 is one of the highest ever paid for a condo in San Francisco.

The development features some of the highest-priced new condos in the city, where prices have soared above $1,000 per square foot — a benchmark that used to be considered expensive. Meanwhile, more new condos are hitting the market.

Another new development, 181 Fremont, is offering its top-floor penthouse at a cool $42 million or close to $6,000 per square foot.

Trumark kicked off sales at the Pacific last year with some units priced as high as $20 million. Buyers have snapped up more than 80 percent of the units including a penthouse sold last September for $11.75 million or about $3,817 per square foot and another penthouse that sold in August went for $8.95 million or about $3,464 per square foot.

“We are over 80 percent sold and that represents over $200 million in sales revenue,” said Arden Hearing, head of Trumark Urban. “Sales are exceeding our expectations. It’s clear the market is under-supplied for a ultra-luxury, hyper-local focused building.”

The development includes four “grand penthouses” that span two levels and feature terraces. Those units are sold to buyers as empty shells so that buyers can design their own homes to their taste.

The building is a conversion of a former dental school building into a residential high-rise in Pacific Heights, one of San Francisco’s most posh neighborhoods.

That neighborhood lacked new housing until developments such as the Pacific and the Luxe, a 34-unit project from Belrich Partners, hit the market, said Patrick Carlisle, chief market analyst with Paragon Real Estate Group.

The Luxe sold out in March with prices ranging from $1 million to $5 million or about $1,400 to $2,600 per square foot, according to Polaris Pacific, a condo marketing and research firm.

For several years, condo buyers mostly flocked to South Beach because there weren’t many options in other neighborhoods, Carlisle said, but that is changing.

“Now once again, buyers are focusing on prestige neighborhoods like Pacific Heights and Russian Hill,” he said. “Those are the classic, super affluent neighborhoods of San Francisco.”

May 31, 2017

San Francisco Penthouse Sale Breaks Price Record

The four-bedroom duplex in Pacific Heights is the most expensive condo sold by square feet

May 18, 2017 By Beckie Strum

A penthouse at The Pacific in San Francisco has broken the city’s price record for the most expensive condo sold by square foot, Mansion Global has learned.

The four-bedroom, two-story unit spanning 4,048 square feet has sold for $15.875 million, according to property records. At $3,921 per square foot, the sale at the luxury new development, located on Webster Street in the ritzy neighborhood of Pacific Heights, sets a new condo price record for the City by the Bay, according to sales data from Redfin.

Only a few single-family house sales have been more expensive by square foot, including the Goldman House in Presidio Heights, which sold to the tune of $4,289 per square foot, or $17.5 million in total, in 2012, according to property records.

The Pacific, a nine-story building by Handel Architects, is a former dental school converted into a luxury building with 76 units. The record-breaking sale is for one of four top-floor units, which developer Trumark Urban is selling with customizable floor plans, according to the developer.

“We can move bathrooms around, we can move stairs around,” said Arden Hearing, managing director at Trumark Urban. “We are able to work with buyers to achieve their vision.”

The Pacific is the only new condo construction in Pacific Heights and is marketing itself as an ultra-luxury alternative to the many single-family homes in the upscale neighborhood, Mr. Hearing said.

The building is more than 80% sold since sales launched last summer and has brought in over $200 million in revenue, Mr. Hearing said.

This particular penthouse comes with a nearly 2,000-square-foot terrace and north- and west-facing views of the bay and the Golden Gate Bridge.

The buyer is listed in property records as venture capitalist Steven Merrill, who did not immediately respond to request for comment. The unit closed in January, records show.

May 18, 2017

San Francisco’s Crown Jewel: The Pacific

pacific sf

Photos Credit: Steel Blue

Located in San Francisco’s most coveted neighborhood, The Pacific is a boutique community of 76 residences. The fabulous homes (which came on the market in summer 2016) have been quick to move, setting a new standard for luxury residences in a city teeming with new development.

With a complete range of amenities, including private vehicle valet, full service concierge, lobby attendant, a private Observatory Lounge overlooking the Bay and Golden Gate Bridge, a private guest residence called “The Fillmore” and a world class fitness center, The Pacific represents the pinnacle of cosmopolitan living in one of San Francisco’s most sought after enclaves.

The building’s stunning architecture was envisioned and executed by internationally acclaimed designer Glenn Rescalvo at Handel Architects and interior design of all common spaces and residences by Handel Interior Design. For The Pacific’s common areas, developer Trumark Urban turned to celebrated interior designer and art consultant Maria Di Grande of San Francisco-based MDG Art Advisory LLC, whose client list includes Calvin Klein, Donna Karan, and Giorgio Armani. To create dramatic, yet inviting spaces, Di Grande commissioned works by local Bay Area artists. Creators such as Elise Morris, Robert Kingston, Ned Evans, Thea Schrak and Sylvia Poloto worked to emulate the colors of Northern California’s sky, sea and mountains.

 pacific sf

Residents have their choice from an array of one-, two- and three-bedrooms flats, as well as three-level townhomes. Each residence features distinctive entertaining spaces, chef’s kitchens, up to 11-ft ceiling heights and floor-to-ceiling windows with picturesque views of San Francisco that span from the Bay, the Golden Gate Bridge, the Presidio, the Marin Headlands, Tiburon and Sausalito, to the Island of Belvedere.

In addition, the Pacific Penthouse Collection is a unique offering of seven penthouses and four grand penthouses, the likes of which have not been seen before in the city. For a tour like never before, Trumark Urban has enlisted digital creative firm Steel Blue to visually simulate the Penthouse Collection at The Pacific, which is the largest and most advanced application of virtual reality in residential real estate to date. Via Samsung Gear VR headsets, owners can explore the building’s fully- designed penthouses, which are being sold as completely customizable shells at list prices reaching over $18 million for the 3,000 to 4,000 square-foot homes.

From the sunrise gleaming off the exquisite kitchen surfaces to visualizing the sun set on the fireplace of the elegant west-facing living room, prospective penthouse residents can envision their new home and be as involved in every aspect of the design as they wish.

May 15, 2017

Take a Virtual Walk through the Pacific Height’s Crown Jewel: The Pacific

May 4, 2017

The Pacific is a boutique community of 76 residences located in San Francisco’s prestigious Pacific Heights neighborhood. With a complete range of amenities, including private vehicle valet, full service concierge, lobby attendant, a private Observatory Lounge overlooking the Bay and Golden Gate Bridge, a private guest residence called “The Fillmore”, and a world class fitness center, The Pacific represents the pinnacle of cosmopolitan living in one of San Francisco’s most sought after enclaves.

The building’s stunning architecture was envisioned and executed by internationally acclaimed Glenn Rescalvo at Handel Architects and interior design of all common spaces and residences by Handel Interior Design.

With a total of 76 residences, across an array of one-, two- and three-bedrooms flats and three-level townhomes, each residence features distinctive entertaining spaces, chef’s kitchens, up to 11-ft ceiling heights and floor-to-ceiling windows with picturesque views of San Francisco that span from the Bay, the Golden Gate Bridge, the Presidio, the Marin Headlands, Tiburon and Sausalito, to the Island of Belvedere.

The Pacific Penthouse Collection is comprised of seven penthouses and four grand penthouses. For a tour and “look to the future” like never before, Trumark Urban has enlisted digital creative firm Steelblue to visually simulate the Penthouse Collection at The Pacific, which is the largest and most advanced application of virtual reality in residential real estate to date. Via Samsung Gear VR headsets, owners can explore the building’s fully designed penthouses, which are being sold as completely customizable shells at list prices reaching over $18 million for the 3,000 to 4,000 foot homes.

From the sunrise gleaming off the exquisite kitchen surfaces to visualizing the sun set on the fireplace of the elegant west-facing living room, prospective penthouse residents can envision their new home and be as involved in every aspect of the design to fully customize every detail as they wish.

To schedule your own tour, The Pacific is located at 2121 Webster Street, San Francisco CA 94115.
For more information, visit thepacificheights.com.

May 4, 2017

Housing’s tale of two cities: Seattle builds, S.F. lags

Seattle and San Francisco have a lot in common, from tech-dominated economies to highly educated populations to left-of-center politics. But they couldn’t be more different in one key aspect: housing production.

In recent years, both cities have added thousands of new jobs, turning up the volume on housing demand. The difference has been that in Seattle, planning for new housing has combined with availability of sites for development to fuel a robust housing boom. Developers have also stepped up housing production in San Francisco, but the number of new homes pales in comparison.

From 2010 to 2016, the City by the Bay added a paltry 15,730 units. Its northern neighbor added 32,000. Since 2000, Seattle has seen 70,000 new homes completed while San Francisco saw just over 38,000.

Seattle has 200,000 fewer people, with a population of almost 700,000 vs. San Francisco’s nearly 900,000.

So how can smaller Seattle make so much more housing happen than San Francisco? Developers active in both cities and officials who have worked in both point to structural differences that outweigh the demographic similarities.

Streamlined up north

In San Francisco, development issues are routinely subject to consideration by neighborhood bodies, approval by the city planning commission and often ratification by its board of supervisors, with opportunities for decisions to be appealed.

Seattle’s approval process is much more streamlined, said John Rahaim, San Francisco’s director of planning, who previously worked in the same capacity in Seattle. Projects go through a design review process overseen by neighborhood boards. Once those boards approve a project, it is free to apply for building permits. The city’s planning commission is strictly a policy entity. It does not approve or reject projects. The city council weighs in on projects only in rare cases.

For Paul Menzies, CEO of Walnut Creek-based Laconia Developments, the difference is dramatic. Laconia plans to start construction later this year on its second Seattle highrise, a 370-unit, 42-story tower. It got its entitlements in eight months.

“Seattle is quite phenomenal,” Menzies said. “It’s one of the most exciting markets in the country.”

It’s one that remains considerably more affordable than San Francisco as well. In Seattle, the median price of a home is about $620,000 and the median rent is $2,400, according to Zillow, a Seattle-based real estate information company. San Francisco’s medians: $1.198 million for a home and $4,350 for a rental. San Francisco residents spend about 54 percent of their income for the median mortgage payment and 56 percent for the median rental payment, according to Zillow. In Seattle, the comparable numbers are 28 and 33 percent respectively.

“For someone moving from San Francisco to Seattle, Seattle looks so much more affordable,” said Svenja Gudell, Zillow’s chief economist.

To be sure, the grass doesn’t always seem greener up north. Despite Seattle’s impressive growth, the city is wrestling with its own housing issues. As here, residents are increasingly being priced out of formerly affordable neighborhoods, traffic and congestion are much worse than years past, while concerns about too much density and loss of neighborhood “character” have reached a boiling point.

Seattle’s housing values shot up by 11 percent during the past year while San Francisco’s stayed flat.

“In Seattle, we have quite a bit of runway for prices to go up,” Gudell said. “Demand is strong enough for prices to keep going up.”

Seattle, however, remains a top destination for people looking to escape the Bay Area’s high housing costs because even as Seattle prices have soared, they are still, on average, about half of San Francisco’s.

Developers play in both cities

Several developers are active in both markets. Major apartment developers such as AvalonBay, Essex Property Trust and Equity Residential own and operate thousands of units in both markets.

Trumark Urban, which has built seven condo projects in the last five years in San Francisco, is now scouting sites in Seattle. The firm is not seeing as much opportunity in San Francisco as in the past, said Arden Hearing, head of Trumark Urban. In San Francisco, construction costs, land prices and development fees have jumped in recent years.

“We love strong markets with imbalances of supply and demand,” Hearing said.

Menzies said Laconia has built several East Bay apartment projects, but it balked at developing projects in San Francisco — too much bureaucracy and competition.

The firm completed its first Seattle development in 2015. Cielo, a 31-story tower with 335 apartments, has “done very, very well,” Menzies said. The building offers studios, one- and two-bedroom units with rents starting around $1,600. Two-bedroom units with the most space and best views run up to $4,500 — roughly the starting cost of a one-bedroom in a newly built San Francisco apartment complex.

Menzies said the eight months it took to entitle its second Seattle project, at 600 Wall St., would be impossible in San Francisco.

Like many developers, he thinks that the California Environmental Quality Act, known as CEQA, makes it too easy for residents to sue projects, effectively holding them up for years or blocking them.

“There is just more of an understanding in Seattle that we have to accommodate growth,” Menzies said. “They understand that just because we don’t build it doesn’t mean they won’t come.”

Robust job growth and soaring populations are fueling demand for development in both cities. The stark difference is that while job growth outpaces housing production in both cities, Seattle has done a better job balancing the two.

San Francisco has seen roughly 125,000 new jobs since 2010, according to the UCLA Anderson School of Business, meaning that for every 12 jobs added in the city, only one new unit of housing was built. Meanwhile, Seattle added about 89,000 jobs from 2010 to 2015, according to the Puget Sound Regional Council, which works out to about one new housing unit for every three new jobs.

Seattle anticipates adding 70,000 new housing units and 115,000 jobs from 2015 to 2035. This year alone, the city expects to add 8,681 market-rate apartments and another 10,000 in 2018 and 11,500 in 2019, according to Seattle-based Dupre + Scott Apartment Advisors.

Missing middle confounds

Both cities fear they are losing middle-income residents.

“Seattle used to be a relatively affordable place to live and is becoming an expensive market,” Gudell, the Zillow economist said. “There is a lot of demand for housing from tech workers, but you still have a lot of normal folks working here making $50,000 and $60,000 per year.”

In San Francisco, during the past 20 years, the city’s share of middle-income people dropped from 49 percent to 38 percent, said Todd David, executive director of the San Francisco Housing Action Coalition.

The decline in middle-income people was completely replaced by an increase in upper-income people, David said.

When most cities add housing, the newest units are typically the most expensive and then go down in price as newer homes are built. That doesn’t happen in San Francisco, David said, because there is so much demand that even older units are pricey. San Francisco would have to add about 5,000 units per year for about 20 years to catch up with demand — an unprecedented level of growth.

“We are not building enough housing to accommodate for population growth,” David said. “There are multiple people competing for the existing housing inventory.”

Most of the new housing in both San Francisco and Seattle targets the high end. Scarcity of sites in both cities leads to high land prices in addition to other development costs, said Morgan Shook, a Seattle-based economist with ECONorthwest who specializes in land use and real estate policy.

“It’s not that you can’t build for middle income, but you have so much demand at the top of the market that you would be crazy not to build for that market,” he said.

But, in Seattle, the influx of high-end housing takes some pressure off the low-end.

“People say, ‘my rent went up 5 percent, that’s a lot,’” Shook said. “If we didn’t build all that housing, maybe that rent would have gone up 10 percent.”

Seattle’s secret sauce

Housing production has been strong in Seattle because of the trifecta of available sites for development, upzoning that encourages more density and robust job-fueled demand.

Areas north of downtown, including Denny Triangle and South Lake Union, where Amazon has built or leased multiple office buildings, and former low-rise neighborhoods like Ballard and West Seattle had lots of parking lots that are now high-rises, Shook said.

Developers could choose from “low-hanging fruit” for development sites, he said, but now most has been eaten.

“How well will Seattle be able to replicate (housing production) for the future?” Shook asked. “The big question going forward: Can you still find the old parking lot and old building that you can recapitalize into something more dense?”

Developers in San Francisco have similar questions.

Just building more units won’t solve San Francisco’s housing crisis on its own, Rahaim of the planning department said. The city needs to tackle issues such as workforce housing for middle-income earners, and long-term planning.

San Francisco is “building more housing now than we have in decades,” he said. “I’m really concerned about what’s happening on the regional level. San Francisco has ramped up production while surrounding counties have declined.”

April 28, 2017

San Francisco New Condo Supply Doubles Amid Strong Sales

April 11, 2017 By Blanca Torres

The number of condos on the market in San Francisco doubled in the past year as developers delivered hundreds of new homes.

Despite the boost of inventory to the market, San Francisco remains undersupplied as buyers snap up the new condos.

 

Arden Hearing, managing director of Trumark Urban at The Pacific condos in Pacific Heights

“What we see is pretty intense energy,” said Arden Hearing, head of Trumark Urban, a development firm with three condo developments selling units. The beginning of 2017 has been busier for sales than the past year and a half, Hearing said. The market continues drawing in buyers with high incomes who are tired of renting and want to take advantage of historically low interest rates while they last.

“Everyone agrees the economy is back on track” after the uncertainty of the presidential election last fall, Hearing said.

In March, 885 condos in 15 projects were on the market compared with 398 during the same period the year before, according to Polaris Pacific, a condo marketing and research firm. For the past six months, the total number of condos on the market was double what it was the previous year.

Still, the market has remained tight with about three months of remaining inventory, which refers to the amount of time it would take for the entire supply of condos to sell out.

Six months of remaining inventory is considered a balanced market, meaning that as far as new condos go, San Francisco is still a seller’s market.

Nonetheless, prices have reached a new normal of more than $1,000 per square in most new projects with buyers paying upwards of $600,000 for studios.

Trumark Urban sold half of the units in its 70-unit Rowan project at 338 Potrero Ave. after close to six months on the market. The firm’s other for-sale projects include the 76-unit Pacific in Pacific Heights, which is about 75 percent sold, and the 91-unit Knox in Dogpatch, where about a quarter of the units are in contract.

Hearing said many buyers are looking for a neighborhood experience, “where they can walk around, see all the mom-and-pop shops and artistic eateries and feel a sense of community.”

Many buyers tend to be professionals who want to live near transit and are tired of paying rent. Depending on how much a buyer puts down, a mortgage on a condo can be less than renting an apartment for $5,000 a month, Hearing said.

In Lumina, San Francisco’s largest condo development, only about 20 percent of the project’s 656 remain unsold.

The project, at the corner of Main and Folsom streets in the Rincon Hill neighborhood, offers condo homes in two towers with 45,000 square feet of amenity and common space. Amenities include a fitness center, 70-foot lap pool, private dining room with chef’s kitchen, landscaped rooftop terrace with barbecues, club lounge, games room, movie screening room, children’s play room, music practice room and a business center.

“Providing a successful luxury community that caters to today’s sophisticated urban dweller requires a diverse offering of floor plans, prices, unsurpassed amenities and lifestyle options,” said Carl Shannon, senior managing director at Tishman Speyer, developer of Lumina.

The projects with the most unsold units include CIM Group’s 350-unit One Mission Bay and Maximus Real Estate Partners’ 299-unit The Harrison, at 401 Harrison St.

The boost of inventory comes at a time when demand is also growing, said Danielle Lazier, a real estate agent with Compass.

“I’ve been waiting for a slowdown for a year, year and a half,” she said. “We are just not seeing it. We have so much demand.”

April 11, 2017

Elegant Mark Becker Mediterranean open Sunday in Upper Rockridge

April 6, 2017

Attention to detail takes the form of handcrafted ironwork and tile details at this home offering a separate au pair suite and enclosed patio. This expansive space provides a luxurious accent ready to serve as a home office, an in-law suite, a home gym, a media room or a tasting room with a wine cellar. For more information, visit www.6357brookside.com.

Listing agent: Heidi MarchesottiHighland Partners, (510) 387-7865, [email protected]

6357 Brookside Ave., $1.595 million.

Beds: Baths: 3½ Square footage: 5,823

April 6, 2017