San Francisco, Calif. – December 2016 – San Francisco is notorious for stratospheric real estate prices. But for people seeking a small piece of the city, a new development called The San Francisco Shipyard offers luxe living for significantly less.
Nestled in Hunter’s Point, a neighborhood on the southeast edge of San Francisco along the water, The San Francisco Shipyard is a new development by residential developer FivePoint that began construction in 2006. Prices start in the $500,000s for a one-bedroom condo and top out at $1.28 million for a three-story, 1,430-square-foot townhome with three bedrooms, two-and-a-half bathrooms, deck, yard and two parking spots.
In many areas of the US, $500,000 is an exorbitant sum to pay for a one-bedroom, but it’s a downright bargain in San Francisco, where the average urban dwelling sold for $1.1 million in October, according to residential real estate site Trulia.
All units come with quartz countertops, tiled showers and back-splashes, stainless steel kitchen appliances, hardwood and carpeted floors, Nest thermostats and smoke-carbon monoxide detectors, and built-in washers and dryers — the last of which is sometimes omitted from even the city’s most luxurious buildings.
Over 200 homes have been built and sold to date, with an additional 1,200 or so units expected to finish construction within the next two or three years. Eventually, the development will span 500 acres, with 220 acres of parks, open space and athletic fields.
And in compliance with San Francisco Mayor Ed Lee’s Below Market Rate program, 10.5% of all units in the development will be priced at around $250,000, reserved for those who qualify as low- and middle-income buyers. Those units, as FivePoint pointed out to Yahoo Finance, won’t skimp on any of the higher-end finishes found in so-called standard units.
With hundreds of communities nationwide and homes designed for first-time, move-up and luxury homebuyers, Lennar has grown to become one of the nation’s leading and most respected homebuilders. Lennar has a longstanding history of building homes of enduring quality in only the most well planned and desirable locations throughout the country.