East Cut, San Francisco: A Newly Rebranded Neighborhood Takes a Bow

In 2019, the median sale price for a home in the East Cut was $1.506 million, with 211 home sales, according to the San Francisco Association of Realtors. That’s a climb from the 166 sales recorded in 2016, but not so much from the $1.494 million median sales price that year.

The median rent for a one-bedroom apartment in the area was $4,317 a month in 2019, up 4.7 percent from 2016, according to rental data from Apartment List. That compares with a median San Francisco rent of $2,475 for a one-bedroom, which grew 2.2 percent over the same period. (Apartment List calculated median rents for the San Francisco ZIP code that includes most of the East Cut.)

Justina Colunga, a real estate agent with Vanguard Properties, said she tells clients who are looking to buy new construction that supplementary tax costs for neighborhood improvements are especially high and will be in place for the next 23 years. (The taxes could run an additional $20,000 a year on a 2,200-square-foot condo, she said.) Newer buildings in the area also tend to have smaller square footage and higher homeowners association fees than older buildings, but come with more amenities — a trade-off buyers need to weigh. (HOA fees at new buildings typically start at around $1,000 a month for the smallest units and rise from there.)

The East Cut, which covers about seven square blocks, is dominated by blue and green glass skyscrapers, giving it a different feel from most of the rest San Francisco, where new construction is relatively rare and low-rise, and historic architecture is the norm. There are buildings like 181 Fremont, an 800-foot tower that includes offices for Facebook on the lower floors and 55 luxury condos on the higher floors, including a $46 million penthouse with interiors by Mary Ta and Lars Hypko of Los Angeles-based MASS Beverly.

With newly designed pedestrian plazas and streetscapes, the East Cut feels a little like an architectural rendering of a futuristic city. There’s a newness to everything.

Article source: https://www.nytimes.com/2020/03/31/realestate/east-cut-san-francisco-a-newly-rebranded-neighborhood-takes-a-bow.html

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