After a long dormant period where many new downtown San Francisco condo buildings were fallow fields of unsold units, green shoots are beginning to show in that segment of the city’s housing market. Condos have always been more plentiful on the San Francisco market than single-family homes, and a glut of new condo units have been languishing for sale since the days of the pandemic. But that protracted period when supply stood high and demand (and prices) fell appears to be shifting, based on what a number of brokers say they are experiencing.

A penthouse on San Francisco’s Yerba Buena Island has sold for $3.23 million, setting a price record for the new and unique San Francisco neighborhood, according to the Compass real estate firm. Penthouse 602 is part of The Bristol, a five-story, 124-unit condominium building offering residents fantastic views of the Bay Bridge and other San Francisco landmarks. The three-bedroom, three-bathroom luxury condo spans 1,971 square feet inside. Outside, the wraparound terrace adds another 421 square feet.

The most expensive luxury condo sold on Yerba Buena Island to date just closed this month, a sign of fresh homebuyer interest ticking up at one of the region’s newest housing developments. The Bristol’s first big sale of the year — Penthouse 602 — sold for $3,230,000, a record price for San Francisco’s Yerba Buena Island. It was not listed on the MLS and it closed the first week of January, a representative for the building told the Business Times.

It’s a great time to live in San Francisco. Yes, the city has its struggles, from inequality and the ongoing drug crisis to government bureaucracy that can be almost comically inefficient. But there are also so many reasons to be hopeful about SF’s future and to celebrate what’s ahead in 2024.

Residents of Yerba Buena Island share their experiences of living at The Bristol in this new article from The San Francisco Standard. Jack Lease, a retired plastic surgeon, describes his move from Napa Valley to a two-bedroom residence in The Bristol, highlighting the serene environment and proximity to the city. Derek and Dorothy Krause, a retired couple, share their journey from Oakland to their new home, emphasizing the safety and vacation-like experience on the island. Additionally, Michael Lee, a recruiting director, talks about the peace and accessibility from his two-bedroom home. These personal stories illustrate why people choose to invest over $1 million in this community, set against its rich history and the ongoing development.

Yerba Buena Island, situated amidst significant construction and redevelopment, reveals its subtle charms through inventive public spaces that harmonize with nature. Landscape architecture firm CMG has played a crucial role in crafting these spaces, such as benches made from century-old eucalyptus trees and boulders repurposed from building sites, illustrating a commitment to sustainable and thoughtful design. Despite ongoing construction, the emerging parks and bioswales showcase an integrated approach, utilizing native plants grown from island-collected seeds and topsoil reclaimed from regrading. The evolving landscape not only reflects a unique reuse ethic but also hints at the developers’ commitment to integrating this area into the daily life of San Francisco.