One Mission Bay | A Year In Review
One Mission Bay hit sales maturity in early 2019, with the majority of homes being sold by developer CIM. The building was an instant hit. The resort-style living is still hugely appealing to the young family and pied-a-terre ownership demographic in Mission Bay, featuring a pool deck, cabanas, and adjoined gym.
2019 was a record year for One Mission Bay in more ways than one. Although from a glance it seems sales were down (19 in 2019 compared to 41 in 2018), the price increase indicates a strong and steady demand increase in the building, coupled with the significant average sales price spike.
One Mission Bay had the luxury of exclusivity during its sell-out phase, being the last condo development in the entire neighborhood. The master plan that Mission Bay (south of Mission Creek) followed ensured the neighborhood would demand high desirability for years to come. After all, it boasted a wealth of parks, trails, greenspace, and gentrified living, and only included 4 condominium buildings. OMB was the last of the 4. From a supply and demand perspective, this would always play in favor of the developer as buyers knew this was the last opportunity to buy new in the area.
The average sales price jumped from $1,470,331 in 2018 to $1,719,958 in 2019, almost $250k spike in a single calendar year. The reasoning for this is two-fold: the first few resales hit the market in 2019 - which history tells us commands a higher price point, coupled with the few remaining high floor penthouses selling. You tend to see a jump in average sales price in the final year of a sell-out for these reasons.
One Mission Bay also has the luxury of location comparative to other developments north of Mission Creek. Being a stone throw away from Oracle Park (formerly AT&T Park) as well as on what will soon be a beautiful waterfront promenade, the neighborhood features amenities you just can’t get in South Beach or SOMA. This is likely the reason for the price per square foot increase in 2019 to $1,515 (the highest in Mission Bay history).
CIM developed strategically after watching BOSA build Madrone, Radiance, and Arden. The most noticeable differentiator in OMB is unit sizes, which are marginally smaller across the board than units at the other 3 Mission Bay developments. CIM realized buyers were spending little time in their homes outside of night hours, so increasing the footprint of amenity spaces as well as leaving as little dead-space as possible within the footprint of the homes themselves proved to be a highly desirable product to sell.
It’s hard to say who predicted smaller (in real estate) would sell better, but CIM is reaping the benefits of that bold assumption.
One Mission Bay projects a busy year ahead. Resales are already ramping up in the building with original homeowners looking to cash out and reap the gains they’ve made over the past few years. The beauty of buying low as an original homeowner and then selling within the first 3 years is demand. Consequently, buyers who were on the fence about buying originally now can see sales data proving that the building is worth the asking price, combined with there being a low supply of units available. With 7 active listings and 3 closings in 2020 so far, we anticipate seeing that number grow into the mid 20’s as the year progresses. If you have been on the fence about buying a home at One Mission Bay, plug into our Coming Soon list to make sure you’re the first to see homes as they begin the listing process.