In the last seven years, sales of $2-million-plus homes have shifted from the city’s northern neighborhoods (like Pacific Heights, the Marina and Telegraph Hill) to southern locales (like Noe and Eureka Valleys), according to a new report from Paragon Real Estate.
In 2007, 62% of $2-million-plus single-family sales took place in what Paragon dubs “Prestige North”: “the northern band of old-prestige neighborhoods running from Sea Cliff/Lake Street/Jordan Park through the Pacific Heights/Marina district, to Russian, Nob and Telegraph Hills.”
This year, that number dropped to 37%.
Noe, Eureka and Cole Valleys made up 24% of the $2 million-plus single-family market in 2007. Today, those neighborhoods account for 40% of such sales. (Luxury sales in more established “Prestige South” neighborhoods like St. Francis Wood and Forest Hill remain steady at 7%.)