Getting Granular in Lower Pacific Heights
January 23, 2009Lower Pacific Heights used to be called “Upper Fillmore”. With increasing property values over the past 20 years the area grew in affluence and wealth. The name “Lower Pacific Heights” became more and more popular and now the term “Upper Fillmore” is rarely used. San Francisco’s Japantown is located within Lower Pacific Heights.
Cherry blossoms bloom in Japantown
Since condominiums are common in the area, we took a look at condo price trends in Lower Pacific Heights since 1995. What we found was an average of 51 sales taking place in the ‘hood each year, and a trend of steady upward growth with a few requisite bumps and bruises along the way. Here’s a look at the chart:
Lower Pac Heights condo medians (click to enlarge)
The area clearly felt the dot com crash of ’01 and took a good three years to rebound. Since then, condos have shown a nice rise, peaking in 2007. A dip of nearly $25,000 in the median value took place in 2008 from the previous year.
How does the median in Lower Pac Heights compare with condo medians just up the hill in Pacific Heights? The median for Lower Pacific Heights in 2008 was $800,000 while a few blocks away in Pacific Heights it was $957,500. Quite a difference over the course of a few blocks, and neither one is cheap.
Here’s a look at the volume of condo sales taking place in Lower Pacific Heights each year:
Lower Pacific Heights - Volume of condo sales (click to enlarge)
The number of sales has taken a drastic hit since 2005, something we’ve seen in just about every neighborhood around the City. We’ll see how 2009 shapes up and of course, keep you posted.
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