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THE POLARIS PACIFIC REPORT

San Francisco Condominium Market APRIL 2016

MLS DISTRICT 1-10

SAN FRANCISCO / LOS ANGELES / SAN DIEGO / OAKLAND-EMERYVILLE / SILICON VALLEY

MARKET SNAPSHOT SAN FRANCISCO | APRIL 2016

LOW-RISE BUILDING

MID-RISE BUILDING

HIGH-RISE BUILDING

4 STORIES OR LESS

5-12 STORIES

13 STORIES OR MORE

PRICE PER SQ. FT.

PRICE PER SQ. FT.

PRICE PER SQ. FT.

$1,288

$1,324

$1,366

ANNUAL CHANGE

ANNUAL CHANGE

ANNUAL CHANGE

+13.7%

+6.8%

+2.0%

CONDO INVENTORY

CONDO SALES & MEDIAN PRICE

MULTI-FAMILY COMPLETIONS

BY TYPE

BY TYPE

BY BUILDING TYPE

398

191

1,291

NEW CONDOS

NEW CONDOS

MACRO TRENDS

3.4 MONTHS OF RESALE INVENTORY

MEDIAN RESALE PRICE

732

NEW CONDOS

$1,093K

584

2,611 2015 MULTI-FAMILY DELIVERIES

RESALES

RESALES

1,320 NEW APTS

ABOUT POLARIS PACIFIC Polaris Pacific is a new-condominium brokerage and advisory firm renowned for its grasp and insight into market trends and buyer sentiment in the major urban markets of the West Coast, and its ability to capitalize upon this information to generate sales performance. We produce monthly reports on six major urban markets on the West Coast—San Francisco, Los Angeles, Silicon Valley, Oakland-Emeryville, San Diego and Seattle—that provide timely insight into the performance of new and existing condominiums in these regions. We also generate comprehensive custom reports for specific multi-family development sites, including pricing and rental models, floorplan critique services, demographic analysis, and future supply projections by submarket at the request of developers and financial institutions. If you’re interested in further market intelligence, please contact Miles Garber at (415) 361-4805 or mgarber@polarispacific.com. Source: SFARMLS, Polaris Pacific. Data from sources may be subject to errors, omissions and revisions. PSF Figures are for buildings built after 2004, inflated to account for new construction premium. The figures cover the six-month periods ending 3/31/2015 and 3/31/2016.

MARKET SNAPSHOT SAN FRANCISCO, JULY 2014

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 3

TABLE OF CONTENTS 1

MARKET OVERVIEW MARKET INSIGHTS DEMAND CONDITIONS SUPPLY CONDITIONS DISTRICTS

8

CURRENTLY SELLING

23

SOLD OUT 2016 RESALE DEVELOPMENTS PAST RESALE DEVELOPMENTS

83

ABOUT POLARIS PACIFIC

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 1

Annual Price and Sales Changes by District The maps below (Figures 1 & 2) show annual percentage changes in median price per square foot and total sales by district. While most districts in San Francisco experienced positive median price growth over the past year, the most notable year-over-year price increases occurred in District 3 and District 4 (+9.2% and 8.8, respectively).

FIG 1. ANNUAL PRICE PSF CHANGE MAP

FIG 2. ANNUAL SALES CHANGE MAP

7 +5.8%

7 -27.5%

1 +0.7%

8 +5.7% 1 +80.0%

6 +5.9%

2 +8.4%

6 -9.4%

9 +0.7%

5 +0.3%

9 +1.1%

5 -17.0%

2 +50.0%

4 +8.8%

8 -21.6%

4 -50.0% 10 +3.3%

3 +9.2%

10 -36.4%

3 +50.0%

Annual Price PSF Change Map

Annual Sales Change Map

Year-over-year change in median PSF in each district of the city, for Jan 2016 - Mar 2016: (Source: Realquest) -30% No Change -15% +15%

Year-over-year change in total resales in each district of the city, for Jan 2016 - Feb 2016: (Source: Realquest) -30% No Change -15% +15%

+30%

+30%

Current Prices and Sales by District Figure 3 shows a box-and-whisker plot of sales prices by district during the three-month period ending March 31, 2016, with wider boxes indicating more sales. As shown below, District 7 had the highest median price ($1,457,000), while District 10 had the lowest ($615,000). District 9 experienced the most sales during this period (176 sales).

Sale Price

FIG 3. SALES BY DISTRICT

$3,400k $3,200k $3,000k $2,800k $2,600k $2,400k $2,200k $2,000k $1,800k $1,600k $1,400k $1,200k $1,000k $800k $600k $400k $200k 1−4 Source: Realquest

5

6

7

8

9

10

District

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 2

Historical Prices and Sales During the three-month period ending March 31, the median price increased 4.1 percent from the prior year to $1,093,330. At the same time, there were 556 total resales, a 3.3 percent decrease from the prior year. For over a year, the median price has surpassed the $1,000,000 mark.

FIG 4. MEDIAN PRICE AND RESALES 400

$1200k $1100k $1000k $900k $800k $700k $600k $500k $400k $300k $200k $100k $0k

Resales Median Price

300

200

100

0 2000

2002

2004

2006

2008

2010

2012

2014

2016

Year

Source: SFARMLS

Cash and Investor Buyers Figure 5 provides a historical trend of all-cash and investor buyers in San Francisco since 2000. For the three months ending March 31, all-cash transactions represented 32.9 percent of sales, an increase from 31.5 percent the same time last year; investor buyers represented 26.7 percent of buyers, a decrease from 28.4 percent the same time last year.

FIG 5. PERCENT OF CASH AND INVESTOR BUYERS 50% Investor Buyer Cash Buyer 40% 30% 20% 10% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Realquest

Year

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 3

Historical Average Market Time (Monthly Trend) The average days on market (DOM) figure is calculated as the amount of time between the date a home is listed for sale and the date it goes into escrow. The 60-day benchmark signifies a balanced market (the dotted line in Figure 6). As shown in Figure 6, the average DOM figure was 37 days in the three-month period ending March 31.

FIG 6. AVERAGE SOLD MARKET TIME (MONTHLY)

Number of Days

100 80 60 40 20 0 2008

2009

2010

2011

2012

2013

2014

2015

2016

Year

Source: SFARMLS

Historical Average Market Time (Annual Trend) Figure 7 shows the average DOM figure at the end of each year going back to 2000 (the 2015 figure is year-to-date). Since 2012, the average DOM figure has been below 60 days.

FIG 7. AVERAGE SOLD MARKET TIME (ANNUAL)

Number of Days

80

60

40

20

0 2000 Source: SFARMLS

2002

2004

2006

2008

2010

2012

2014

2016

Year

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 4

Months of Remaining Inventory (Monthly Trend) The months of remaining inventory figure, or MRI figure, indicates how many months it would take to absorb current supply. Six months is considered a balanced market, while nine months or more is considered an oversupplied market. Figure 8 shows a three-month moving average of the figure going back to 2008. As shown, the MRI figure has remained below the six-month benchmark since 2012. The most recent figure was 3.9 months. FIG 8. MONTHS OF REMAINING INVENTORY

Number of Months

14 12 10 8 6 4 2 0 2008

2009

2010

2011

2012

2013

2014

2015

2016

Year

Source: SFARMLS

Months of Remaining Inventory (Annual Trend) Figure 9 shows the MRI figure at the end of each year (the 2015 figure is year-to-date). As shown, the MRI figure decreased each year from 2010 through 2015 and has been indicative of a seller’s market since 2011.

FIG 9. AVERAGE MONTHS OF REMAINING INVENTORY

Number of Months

7 6 5 4 3 2 1 0 2008 Source: SFARMLS

2009

2010

2011

2012

2013

2014

2015

2016

Year

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 5

Active Condominium Inventory Figure 10 shows the inventory of unsold new condominiums (red) and active resale listings (dark gray) in San Francisco for the month of April for each year since 2011. Currently, there are 974 unsold new condominiums on the market.

FIG 10. CONDOMINIUM INVENTORY COMPOSITION

Number of Units Available New Construction Resales

Total Units

1,500

1,000

500

0 2012 Source: SFARMLS, Polaris Pacific

2013

2014

Year

2015

2016

Annual Multi-Family Completions Figure 11 shows total annual multi-family completions of both apartments and condominiums in San Francisco. The peak year for condominium completions was 2008, when 2,069 new units were delivered to the market. In 2015, there were 1,320 apartments unites completed and 1,291 condominium units completed.

FIG 11. TOTAL ANNUAL MULTI-FAMILY COMPLETIONS 2,000

Apartments Condos

Units

1,500

1,000

500

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Polaris Pacific

Year

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 6

Future Condominium Supply by District Figures 12 and 13 show the number of new condominiums currently under construction and entitled by district. There are 2,560 new condominiums currently under construction in San Francisco. 512 of the under construction units are in Lumina, which began construction in June 2013, and 350 are Mission Bay Block One, which began construction in 2015. In addition, a sizeable number of condominium projects were entitled and could begin construction in the near future (see Districts 9 and 10 in Figure 13). FIG 12. CONDOMINIUMS UNDER CONSTRUCTION

7 76 1 105

FIG 13. CONDOMINIUMS APPROVED

7 55

8 622 1 41

6 389

5 0

2 0

6 135

9 1,340

5 73

2 56

4 0 10 0

10 3,232

3 0

Map of Market

Map of Market

Number of Units: 2,560 (Source: Polaris Pacific)

Number of Units: 5,494 (Source: Polaris Pacific)

300

9 1,691

4 29

3 28

0

8 182

0

1,000

300

1,000

Future Apartment Supply by District Figures 14 and 15 show future supply of apartments by district. Displayed below, the majority of apartments under construction or entitled are concentrated in District 9.

FIG 14. APARTMENTS UNDER CONSTRUCTION

7 0 1 0

FIG 15. APARTMENTS APPROVED

7 21

8 455

6 119

5 87

2 0

1 23

6 137

9 5,607

5 62

2 0

4 0

10 61

3 1,668

Map of Market

Map of Market

Number of Units: 6,404 (Source: Polaris Pacific)

Number of Units: 7,284 (Source: Polaris Pacific)

0

300

1,000

9 4,692

4 0 10 136

3 0

8 620

0

300

1,000

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

DISTRICT 1

CURRENTLY SELLING

SOLD OUT

Inner Richmond, Laurel Heights, Outer Richmond

DISTRICT 2

Inner Sunset, Golden Gate Heights, Outer Sunset

DISTRICT 3

Ingleside, Lakeside, Oceanview, Stonestown

DISTRICT 4

Diamond Heights, Forest Hill, Midtown Terrace, West Portal

DISTRICT 5

Corona Heights, Duboce Triangle, Eureka, Glen Park, Mission Dolores, Noe Valley

DISTRICT 6

Alamo Square, Hayes Valley, North Panhandle, Lower Pacific Heights, Western Addition

ABOUT POLARIS PACIFIC

PAGE 7

DISTRICT 7

Cow Hollow, Marina, Pacific Heights

DISTRICT 8

Downtown, Financial District, Nob Hill, North Beach, North Waterfront, Russian Hill, Telegraph Hill, Tenderloin, Van Ness / Civic Center

DISTRICT 9

South of Market, South Beach, Yerba Buena, Rincon Hill, Mission Bay, Potrero Hill, Inner Mission, Dogpatch, Bernal Heights

DISTRICT 10

Bayview, Candlestick Point, Excelsior, Hunters Point, Little Hollywood, Mission Terrace, Outer Mission, Portola, Silver Terrace, Visitacion Valley

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 8

CURRENTLY SELLING DEVELOPMENTS One Mission Bay The Harrison Rockwell Summit 800 Fulton 555 Alma & Engel The District 72 Townsend 388 Fulton 450 Hayes Number of Units Available Units Available Units Closed Units in Contract

Luxe 1001 Seventeenth 6 Mint 0

100

200

300

Total Units

NEW CONDOMINIUMS NOW SELLING CURRENT PERFORMANCE

TOTAL PROJECTS TOTAL UNITS TOTAL UNSOLD UNITS

LAST MONTH

LAST YEAR

13

11

6

1,682

1,033

716

974

398

421

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 9

DISTRICT 9

LUMINA 201 FOLSOM ST DESCRIPTION

High-rise, luxury living soaring above the San Francisco Bay, LUMINA presents 656 modern residences with world-class amenities. Located at Main and Folsom Streets, where SOMA meets the Embarcadero, LUMINA will feature stunning design and breathtaking views. AMENITIES

• Rooftop terrace • Club lounge • Private dining room • Fitness center • Screening room • Pool & spa

CURRENT STATUS

PROJECT INFORMATION

Date on Market: Sep ‘14

Developer: Tishman Speyer Submarket: South Beach Number of Homes: 656 HOA*: $930-$1,350/mo.

First Close of Escrow: N/A In Contract: Confidential Closed: 0 Avg. Monthly Absorption: N/A

• Library lounge • Children’s room • Music practice room • Pet grooming station FINISHES

• Gaggenau ovens & cooktops • Gaggenau refrigerators & dishwashers with integrated paneling • Premium Ceasarstone quartz countertops & backsplashes

UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

STUDIO

15

580 - 972

1-BED

203

852 - 947

2-BED

371

1,178 - 1,572

3-BED

67

1,771 - 2,690

PRICE P.S.F.

CONFIDENTIAL

• Custom SieMatic cabinetry with aluminum recessed channel pulls • SieMatic vanity cabinets with Volakas marble countertops • European porcelain tile on bathroom floors and shower walls • Expansive glass curtain wall with balconies / patios in select units

CLOSED NEW SALES SUMMARY TYPE

#SALES

AVG SF

PRICE RANGES

AVG PRICE

PRICE P.S.F.

AVG P.S.F

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

• NEST learning thermostats * HOA INCLUDES VALET PARKING

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 10

DISTRICT 9

ONE MISSION BAY 1000 CHANNEL ST DESCRIPTION

One Mission Bay features 350 luxury condominiums with extensive amenities surrounded by a waterfront, green parks and bike paths. One Mission Bay offers artful interior design with natural materials.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Resort style deck

Date on Market: Apr ‘16

• Pool, spa, cabanas & fire pit

First Close of Escrow: N/A

• 650’ waterfront

In Contract: 30

• Resident lounge

Closed: 0

Developer: CIM Group Submarket: Mission Bay Number of Homes: 350 HOA: $622-$825/mo.

• Library

Avg. Monthly Absorption: 30.0 Units

FINISHES

• Gaggenau oven • Gas range • Refrigerator & dishwasher

UNIT MIX & LIST PRICE SUMMARY

• Kohler faucets • Wood flooring & cabinetry • Air conditioning

TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

STUDIO

22

487 - 545

$582,000 -

$1,171 -

1-BED

71

628 - 1,211

$725,000 -

$1,158 -

1.5-BED

53

758 - 1,231

$825,000 -

$1,066 -

2-BED

61

967 - 1,685

$1,260,000 -

$1,093 -

2.5-BED

98

858 - 1,536

$1,250,000 -

$1,057 -

3-BED

25

1,264 - 1,827

$1,718,000 -

$1,351 -

3.5-BED

7

1,973 - 1,976

$3,070,000 -

$1,554 -

CLOSED NEW SALES SUMMARY TYPE

#SALES

AVG SF

PRICE RANGES

AVG PRICE

PRICE P.S.F.

AVG P.S.F

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 11

DISTRICT 9

THE HARRISON 401 HARRISON ST DESCRIPTION

Located in Rincon Hill neighborhood of San Francisco, The Harrison is the second tower of One Rincon Hill. The Harrison offers luxury condominium homes with panoramic views of the city and the bay.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Private top floor lounge

Date on Market: Apr ‘16

• 2,500 square foot fitness center

First Close of Escrow: N/A

• Swimming pool & jacuzzi

In Contract: 17

• Concierge service

Closed: 0

Developer: Maximus Real Estate Partners Submarket: Rincon Hill Number of Homes: 299 HOA: $1,240-$1,480/mo.

Avg. Monthly Absorption: 17.0 Units FINISHES

• Bertazzoni range • Sub-Zero refrigerator • Stone countertops • Waterworks fixtures in bathrooms

UNIT MIX & LIST PRICE SUMMARY

• Siberian oak wood floors TYPE

#UNITS

1-BED

133

2-BED

154

3-BED

12

SIZE SF

PRICE RANGES

PRICE P.S.F.

$825,000 - $1,339,065

$1,031 - $1,635

1,240 -

$1,517,743 -

$1,223 -

N/A -

N/A -

N/A -

800 - 819

CLOSED NEW SALES SUMMARY TYPE

#SALES

AVG SF

PRICE RANGES

AVG PRICE

PRICE P.S.F.

AVG P.S.F

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 12

DISTRICT 7

ROCKWELL 1688 PINE ST DESCRIPTION

Located in the Pacific Heights neighborhood of San Francisco, Rockwell features two 13-story glass and concrete towers.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Fitness center

Date on Market: Apr ‘15

• Courtyard

First Close of Escrow: N/A

• Sky lounge

In Contract: 213

• Grand solarium

Closed: 0

Developer: Oyster Development Submarket: Pacific Heights Number of Homes: 260 HOA: $600-$900/mo.

• Sky terrace

Avg. Monthly Absorption: 17.5 Units

• Owners’ club FINISHES

• Ceasarstone counters • Studio Becker cabinetry • Bosch / Bertazzoni cooktop, oven & dishwasher • Exterior exhaust venting

UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

1-BED

113

500 - 756

$795,126 -

$1,214 -

1.5-BED

29

703 - 832

$843,931 -

$1,122 -

2-BED

117

874 - 1,515

$1,377,619 -

$1,318 -

3-BED

1

$3,105,000 -

$1,762 -

1,762 -

CLOSED NEW SALES SUMMARY TYPE

#SALES

AVG SF

PRICE RANGES

AVG PRICE

PRICE P.S.F.

AVG P.S.F

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 13

DISTRICT 3

SUMMIT 800 800 BROTHERHOOD WY DESCRIPTION

Summit 800 consists of 60 townhomes and 122 duplexes in the Stonestown neighborhood of San Francisco.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Spacious decks on select plans

Date on Market: Aug ‘14

• Two-acre landscaped park with tot lot and dog park

First Close of Escrow: N/A

• Private streets

Closed: 77

Developer: Comstock Homes Submarket: Stonestown Number of Homes: 182 HOA: $160-$180/mo.

In Contract: 70 Avg. Monthly Absorption: 7.2 Units

FINISHES

• Designer interiors • Granite slab countertops with 6” granite backsplashes in kitchen • Superior Viking® appliances

UNIT MIX & LIST PRICE SUMMARY

• Powder rooms in each residence TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

3-BED DX

122

1,548 - 2,328

$1,150,000 -

$612 -

3-BED TH

60

2,001 - 2,385

$1,585,000 -

$792 -

CLOSED NEW SALES SUMMARY TYPE

#SALES

AVG SF

PRICE RANGES

AVG PRICE

PRICE P.S.F.

AVG P.S.F

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 14

DISTRICT 6

FULTON 555 555 FULTON ST DESCRIPTION

Fulton 555 is located in the Hayes Valley and consists of 139 homes and features an onsite grocery market. It is designed by Ian Birchall & Associates.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Onsite grocery market

Date on Market: Jul ‘15

• Rooftop terrace

First Close of Escrow: N/A

• Lounge

In Contract: 60

• Dog park

Closed: 0

Developer: Fulton Street Ventures Submarket: Hayes Valley Number of Homes: 139 HOA: $490-$600/mo.

• Private meeting space

Avg. Monthly Absorption: 6.5 Units

• Bike workstation FINISHES

• Stainless steel Bosch appliances • Sleek countertops

UNIT MIX & LIST PRICE SUMMARY

• Modern cabinets • Hardwood floors

TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

1-BED

-

512 - 710

$691,380 - $794,321

$1,097 - $1,375

2-BED

-

719 - 1,050

$923,025 - $1,344,801

$1,281 - $1,388

PRICE RANGES

PRICE P.S.F.

THAYER UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 15

DISTRICT 10

ALMA & ENGEL FRIEDELL ST & INNES AVE DESCRIPTION

Alma & Engel are part of the larger Shipyard development by Lennar Urban. It contains 105 condominiums and townhomes, situated in Lennar’s Shipyard masterplan.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Roof deck

Date on Market: Jul ‘15

• Shuttle services to downtown

First Close of Escrow: N/A

Developer: Lennar Urban Submarket: Hunters Point Number of Homes: 105 HOA: $200-$420/mo.

In Contract: 87 FINISHES

Closed: 0

• Stainless steel Bosch appliances

Avg. Monthly Absorption: 9.5 Units

• Ceasarstone kitchen countertops • Modern cabinets • Bosch wine coolers in select homes TIDES UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

1-BED

-

603 - 656

$550,000 - $685,800

$912 - $1,045

2-BED

-

956 - 1,376

$808,500 - $985,800

$716 - $846

3-BED

-

$910,000 - $1,050,800

$731 - $737

PRICE RANGES

PRICE P.S.F.

1,235 - 1,437

THAYER UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 16

DISTRICT 6

THE DISTRICT 2655 BUSH ST DESCRIPTION

The District is located at the corner of Divisadero and Bush Streets and features 81 high-end condominiums.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Fitness Center

Date on Market: Dec ‘15

• Greenhouse

First Close of Escrow: N/A

• Rooftop deck

In Contract: 18

Developer: KB Homes Submarket: Lower Pacific Heights Number of Homes: 81 HOA: N/A

Closed: 0 Avg. Monthly Absorption: 4.4 Units

UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

1-BED

-

575 - 980

$677,225 - $1,169,150

$1,178 - $1,193

2-BED

-

971 - 1.164

$1,355,560 - $1,457,400

$1,252 - $1,396

THAYER UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 17

DISTRICT 9

72 TOWNSEND 72 TOWNSEND ST DESCRIPTION

72 Townsend is located in San Francisco’s SOMA district and features one-, two- and three-bedroom homes.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• 78 assigned parking spaces

Date on Market: Feb ‘15

• Outdoor terraces / balcony (select units only)

First Close of Escrow: N/A

• Urban city and water bay views

Closed: 25

Developer: KB Home Submarket: South Beach Number of Homes: 74 HOA: $700-$900/mo.

• Concierge services

Avg. Monthly Absorption: 3.8 Units

In Contract: 26

UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

1.-BED

14

725 -

$955,000 - $1,399,000

$1,317 -

1.5-BED

20

876 -

$1,021,250 - $1,695,000

$1,166 -

2-BED

24

1,155 -

$1,496,000 - $1,695,000

$1,295 -

2.5-BED

12

1,234 -

$1,520,000 - $1,656,250

$1,232 -

3-BED

4

1,973 -

N/A -

N/A -

CLOSED NEW SALES SUMMARY TYPE

-

#SALES

-

AVG SF

-

PRICE RANGES

-

AVG PRICE

-

PRICE P.S.F.

-

AVG P.S.F

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 18

DISTRICT 6

388 FULTON 388 FULTON ST DESCRIPTION

388 Fulton is a 69-unit development in the Hayes Valley, featuring modern studios, one- and two-bedroom homes.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Rooftop deck

Date on Market: Mar ‘16

• Work-lounge space

First Close of Escrow: N/A

• Courtyard

In Contract: 30

• Indoor bike parking & work station

Closed: 0

Developer: 7x7 Development Submarket: Hayes Valley Number of Homes: 69 HOA: N/A

• WiFi in Common Areas

Avg. Monthly Absorption: 15.0 Units

• Secured entry FINISHES

• Bertazzoni professional kitchen appliances

UNIT MIX & LIST PRICE SUMMARY

• Bosch built-in dishwasher • Blomberg built-in refrigerator • Natural white oak flooring • Operable windows • Washer/dryer hook ups

TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

STUDIO

326 - 404

$500,000 -

$1,534 -

1-BED

404 - 559

$600,000 -

$1,485 -

2-BED

701 - 779

$850,000 -

$1,213 -

• Kohler Archer bathrub • Grohe fixtures CLOSED NEW SALES SUMMARY TYPE

-

#SALES

-

AVG SF

-

PRICE RANGES

-

AVG PRICE

-

PRICE P.S.F.

-

AVG P.S.F

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 19

DISTRICT 6

450 HAYES 450 HAYES ST DESCRIPTION

Designed by Handel Architects, 450 Hayes features 41 homes with 3,700 square foot ground-floor retail space.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Rooftop lounge

Date on Market: Jan ‘16

• Courtyard

First Close of Escrow: N/A

• Virtual doorman

In Contract: 37

• Curated retail

Closed: 0

Developer: DM Development Submarket: Hayes Valley Number of Homes: 41 HOA: TBD

Avg. Monthly Absorption: 12.2Units FINISHES

• Wide-plank oak flooring • SieMatic kitchens finished with Lotus White with solid quartz countertops

UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

1.-BED

24

622 -

$830,000 -

$1,334 -

2-BED

16

1,234 -

$1,682,000 -

$1,363 -

3-BED

1

-

-

-

CLOSED NEW SALES SUMMARY TYPE

-

#SALES

-

AVG SF

-

PRICE RANGES

-

AVG PRICE

-

PRICE P.S.F.

-

AVG P.S.F

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 20

DISTRICT 7

LUXE 1650 BROADWAY ST DESCRIPTION

Located in Pacific Heights, Luxe consists of 34 luxury condominiums. It is designed by award-winning architecture firm, Forum Design.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• $100K for extra parking

Date on Market: Oct ‘15

• 10-hour concierge

First Close of Escrow: N/A

Developer: Belrich Partners Submarket: Pacific Heights Number of Homes: 34 HOA: $800-$1,000/mo.

In Contract: 18 FINISHES

• Spacious balconies

Closed: 0 Avg. Monthly Absorption: 3.0 Units

• Custom kitchen & bathroom vanity by Studio Becker • CeasarStone quartz contertops • Thermador appliances • Subzero refrigerators

UNIT MIX & LIST PRICE SUMMARY

• Subzero / Uline wine coolers • Hansgrohe faucets

TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

• Italian porcelain tiles

1-BED

9

816 - 1,103

$1,150,000 -

$1,409 -

• Frameless glass shower enclosures

2-BED

10

1,040 - 1,129

$2,100,000 -

$2,019 -

3-BED

11

1,394 - 1,943

$2,195,000 -

$1,575 -

PH

2

1,930 - 1,965

$5,000,000 -

$2,591 -

CLOSED NEW SALES SUMMARY TYPE

-

#SALES

-

AVG SF

-

PRICE RANGES

-

AVG PRICE

-

PRICE P.S.F.

-

AVG P.S.F

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 21

DISTRICT 9

1001 SEVENTEENTH 1001 17TH ST DESCRIPTION

Located in Potrero Hill, 1001 Seventeenth consists of 26 luxury condominiums designed by Elevation Architects.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Bicycle storage

Date on Market: Nov ‘15

• Alarm systems

First Close of Escrow: N/A

• Solar ready

In Contract: 14

Developer: Eamonn Herlihy Submarket: Potrero Hill Number of Homes: 26 HOA: $420-$505/mo.

Closed: 9 FINISHES

Avg. Monthly Absorption: 4.5 Units

• Wide-planked oak flooring • High ceilings • Stainless steel appliances • Pental Quartz countertops UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

STUDIO

3

525 - 525

$625,000 -

$1,190 -

1-BED

12

540 - 935

$680,000 -

$1,259 -

2-BED

11

880 - 1,135

$1,050,000 -

$1,193 -

CLOSED NEW SALES SUMMARY TYPE

-

#SALES

-

AVG SF

-

PRICE RANGES

-

AVG PRICE

-

PRICE P.S.F.

-

AVG P.S.F

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 22

DISTRICT 9

6 MINT 6 MINT PL DESCRIPTION

Station House #1 at 6 Mint Plaza was built in a San Francisco Fire Department firehouse. The building was renovated and repositioned to apartments in 2007 before it was converted to condominiums in 2015.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Rooftop deck with spa

Date on Market: May ‘15

• Private fitness center

First Close of Escrow: N/A

Developer: Veritas Investments / Carlyle Group Submarket: SOMA Number of Homes: 22 HOA: N/A

In Contract: Confidential FINISHES

• Warehouse-style windows

Closed: 0 Avg. Monthly Absorption: N/A

• Polished concrete floors • Private walk-out balconies • Designer kitchen & baths UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

1-BED

9

677 - 698

-

-

2-BED

12

838 - 995

-

-

3-BED

3

1,931 - 1,931

-

PH

1

3,390 -

-

-

CLOSED NEW SALES SUMMARY TYPE

-

#SALES

-

AVG SF

-

PRICE RANGES

-

AVG PRICE

-

PRICE P.S.F.

-

AVG P.S.F

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 23

RECENTLY SOLD OUT DEVELOPMENTS THAT SOLD OUT IN 2015

SAN FRANCISCO PROJECT NAME

SAPPHIRE TOTAL

ADDRESS

252 9TH ST

DEVELOPER

STANLEY CHIA

UNITS

51 15

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 24

DISTRICT 9

SAPPHIRE 252 9TH ST DESCRIPTION

Located in SOMA, with close proximity to Twitter and Mid-Market tech hub, Sapphire features 12 modern new residences.

AMENITIES

CURRENT STATUS

PROJECT INFORMATION

• Skyline city views

Date on Market: Oct ‘15

• Rooftop deck

First Close of Escrow: N/A

• Dog walking area

In Contract: 0

• Bike room

Closed: 15

Developer: Stanley Chia Submarket: SOMA Number of Homes: 15 HOA: $430-$444/mo.

Avg. Monthly Absorption: 3.0 Units FINISHES

• Oak wide-plank flooring • Large loft-style windows • Stainless steel appliances • Bertazzoni range • Designer bathroom with a Toto toilet and ceramic tile

UNIT MIX & LIST PRICE SUMMARY TYPE

#UNITS

SIZE SF

PRICE RANGES

PRICE P.S.F.

• Washer / dryer hookups

1-BED

634 - 764

$739,000 - $889,000

$1,164 - $1,166

• Additional storage

2-BED

715 - 715

$829,000 - $859,000

$1,159 - $1,201

CLOSED NEW SALES SUMMARY TYPE

-

#SALES

-

AVG SF

-

PRICE RANGES

-

AVG PRICE

-

PRICE P.S.F.

-

AVG P.S.F

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 25

PAST RESALE DEVELOPMENTS DISTRICT 5 PROJECT NAME

ADDRESS

DEVELOPER

LINEA

1998 MARKET ST

BRIAN SPIERS DEVELOPMENT

115

BRODERICK PLACE

350 BRODERICK ST

SIGNATURE PROPERTIES

70

CHELSEA PARK

29 OAKWOOD ST

CULLEN PROPERTIES

39

THE CENTURY

2200 MARKET ST

SIAVASH TAHBAZOF

22

ICON

2299 MARKET ST

ANGUS MACCARTHY

18

200 DOLORES

200 DOLORES ST

CORVORN, LLC

13

TOTAL

UNITS

277

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 26

DISTRICT 5

LINEA 1998 MARKET ST PROJECT INFORMATION Developer: Brian Spiers Development Submarket: Duboce Triangle Number of Homes: 115 HOA Fees: $450-$660

Sales Start Date: Jul ’13 Sales End Date: Nov ’14 Avg. Absorption: 7.1 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

-

$835,000

-

-

-

14

2-BED AVGS

1

963

$1,155,000

$1,199

-

-

151

-

-

-

-

-

-

-

-

1-BED AVGS

5

773

$758,170

$996

$781,400

$1,022

67

2-BED AVGS

5

1,048

$1,274,800

$1,212

$1,257,800

$1,195

93

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 5

BRODERICK PLACE 350 BRODERICK ST PROJECT INFORMATION Developer: Signature Properties Submarket: Haight Ashbury Number of Homes: 70 HOA Fees: $370-$420

Sales Start Date: Feb ’06 Sales End Date: May ’07 Avg. Absorption: 4.5 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

690

$725,000

$1,051

$800,000

$1,159

10

2-BED AVGS

3

1,037

$1,031,000

$997

$1,086,667

$1,048

14

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 27

DISTRICT 5

CHELSEA PARK 29 OAKWOOD ST PROJECT INFORMATION Developer: Cullen Properties Submarket: Mission Dolores Number of Homes: 39 HOA Fees: $355-$470

Sales Start Date: Jan ’08 Sales End Date: Mar ’09 Avg. Absorption: 2.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

666

$749,000

$1,125

$960,000

$1,441

13

2-BED AVGS

2

1,510

$1,162,000

$1,010

$1,280,000

$1,060

19

3-BED AVGS

1

-

$1,495,000

-

$1,540,000

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 5

THE CENTURY 2200 MARKET ST PROJECT INFORMATION Developer: Siavash Tahbazof Submarket: Duboce Triangle Number of Homes: 22 HOA Fees: $430-$490

Sales Start Date: Oct ’13 Sales End Date: Jun ’14 Avg. Absorption: 2.7 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

789

$949,000

$1,266

$1,010,009

$1,299

20

2-BED AVGS

2

1,139

$1,447,000

$1,269

$1,495,000

$1,311

29

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 28

DISTRICT 5

ICON 2299 MARKET ST PROJECT INFORMATION Developer: Angus McCarthy Submarket: Duboce Triangle Number of Homes: 18 HOA Fees: $385-$520

Sales Start Date: Jun ’12 Sales End Date: Nov ’13 Avg. Absorption: 1.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 5

200 DOLORES 200 DOLORES ST PROJECT INFORMATION Developer: Corvorn, LLC Submarket: Duboce Tiangle Number of Homes: 13 HOA Fees: $450-$630

Sales Start Date: Jul ’13 Sales End Date: Oct ’13 Avg. Absorption: 12.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

615

$725,000

$1,179

$730,000

$1,187

175

2-BED AVGS

1

1,393

$1,750,000

$1,256

$1,828,000

$1,312

27

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 29

PAST RESALE DEVELOPMENTS DISTRICT 6 PROJECT NAME

ADDRESS

DEVELOPER

UNITS

THE HAYES

55 PAGE ST

INTRACORP

128

HERITAGE ON FILLMORE

1310 FILLMORE ST

EM JOHNSON INTREST, INC.

80

300 IVY

401 GROVE ST

POCKET DEVELOPMENT

63

ALAMO SQUARE

988 FULTON ST

988 HOLDINGS, LLC

63

77 VAN NESS

77 VAN NESS AVE

COMAC

50

8 OCTAVIA

8 OCTAVIA BLVD

DM DEVELOPMENT

47

400 GROVE

400 GROVE ST

DM DEVELOPMENT

34

LINDEN HAYES

233 FRANKLIN ST

VILLAGE PROPERTIES

32

2000 ELLIS

2000 ELLIS ST

WESTERN ADDITION

21

2020 ELLIS

2020 ELLIS ST

JOHN MCINERNEY

12

TOTAL

530

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 30

DISTRICT 6

THE HAYES 55 PAGE ST PROJECT INFORMATION Developer: Intracorp Submarket: Hayes Valley Number of Homes: 128 HOA Fees: $300-$500

Sales Start Date: Jun ’07 Sales End Date: Jun ’09 Avg. Absorption: 5.3 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

1

1,008

$1,249,000

$1,239

-

-

13

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

847

$1,139,000

$1,345

-

-

39

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

5

449

$543,200

$1,239

$607,800

$1,364

15

1-BED AVGS

7

746

$880,714

$1,182

$952,857

$1,293

17

2-BED AVGS

2

1,023

$1,169,500

$1,162

$1,306,500

$1,336

16

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 6

HERITAGE ON FILLMORE 1310 FILLMORE ST PROJECT INFORMATION Developer: EM Johnson Interest, Inc. Submarket: Western Addition Number of Homes: 80 HOA Fees: $460-$640

Sales Start Date: Feb ’07 Sales End Date: Apr ’09 Avg. Absorption: 3.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

1,275

$1,095,000

$859

-

-

95

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

4

807

$754,222

$937

$757,000

$941

26

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 31

DISTRICT 6

300 IVY 401 GROVE ST PROJECT INFORMATION Developer: Pocket Development Submarket: Hayes Valley Number of Homes: 63 HOA Fees: $410-$650

Sales Start Date: May ’13 Sales End Date: Dec ’13 Avg. Absorption: 8.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SOLD PRICE

SOLD PSF

DOM

DISTRICT 6

ALAMO SQUARE 988 FULTON ST PROJECT INFORMATION Developer: 988 Holdings, LLC Submarket: Western Addition Number of Homes: 63 HOA Fees: $400-$500

Sales Start Date: Oct ’05 Sales End Date: Nov ’06 Avg. Absorption: 4.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

3-BED AVGS

1

1,260

$1,095,000

$869

-

-

179

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

5

-

$619,180

-

$713,700

-

26

2-BED AVGS

1

994

$789,000

$794

$925,000

$931

14

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 32

DISTRICT 6

77 VAN NESS 77 VAN NESS AVE PROJECT INFORMATION Developer: Comac Submarket: Hayes Valley Number of Homes: 50 HOA Fees: $460-$620

Sales Start Date: Sep ’09 Sales End Date: Mar ’10 Avg. Absorption: 5.5 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

1-BED AVGS

1

975

$999,000

$1,025

-

-

12

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

946

$799,000

$845

$870,000

$920

27

2-BED AVGS

1

1,140

$1,095,000

$961

$1,095,000

$961

22

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 6

8 OCTAVIA 8 OCTAVIA BLVD PROJECT INFORMATION Developer: DM Development Submarket: Hayes Valley Number of Homes: 47 HOA Fees: $625-$700

Sales Start Date: May ’14 Sales End Date: May ’15 Avg. Absorption: 3.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 33

DISTRICT 6

400 GROVE 400 GROVE ST PROJECT INFORMATION Developer: DM Development Submarket: Hayes Valley Number of Homes: 34 HOA Fees: $600-$950

Sales Start Date: May ’15 Sales End Date: Jul ’15 Avg. Absorption: 17.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 6

LINDEN HAYES 233 FRANKLIN ST PROJECT INFORMATION Developer: Village Builders Submarket: Hayes Valley Number of Homes: 32 HOA Fees: $395-$550

Sales Start Date: Mar ’10 Sales End Date: Nov ’10 Avg. Absorption: 3.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

1,360

$1,250,000

$919

$1,445,000

$1,063

14

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 34

DISTRICT 6

2000 ELLIS 2000 ELLIS ST PROJECT INFORMATION Developer: John McInerney Submarket: Westen Addition Number of Homes: 21 HOA Fees: $365-$395

Sales Start Date: Aug ’13 Sales End Date: Dec ’13 Avg. Absorption: 5.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

644

$574,000

$888

$710,000

$1,107

13

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

ACTIVE

PENDING

SOLD

DISTRICT 6

2020 ELLIS 2020 ELLIS ST PROJECT INFORMATION Developer: John McInerney Submarket: Western Addition Number of Homes: 12 HOA Fees: N/A

Sales Start Date: Mar ’12 Sales End Date: Jun ’13 Avg. Absorption: 3.3 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

650

$612,000

$942

$642,500

$989

2

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 35

PAST RESALE DEVELOPMENTS DISTRICT 7 PROJECT NAME

ADDRESS

DEVELOPER

THE GREENWICH

1501 GREENWICH ST

J.C.N. DEVELOPERS

29

AMERO

1501 FILBERT ST

TRUMARK URBAN

27

1840 WASHINGTON

1840 WASHINGTON ST

WORLDCO COMPANY

26

TOTAL

UNITS

82

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 36

DISTRICT 7

THE GREENWICH 1501 GREENWICH ST PROJECT INFORMATION Developer: J.C.N. Developers Submarket: Cow Hollow Number of Homes: 29 HOA Fees: $400-$510

Sales Start Date: Feb ’08 Sales End Date: Oct ’09 Avg. Absorption: 1.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

860

$748,500

$869

$885,000

$1,029

13

2-BED AVGS

3

1,046

$1,257,667

$1,206

$1,272,000

$1,217

62

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 7

AMERO 1501 FILBERT ST PROJECT INFORMATION Developer: Trumark Urban Submarket: Cow Hollow Number of Homes: 27 HOA Fees: $600-$790

Sales Start Date: Aug ’14 Sales End Date: Feb ’15 Avg. Absorption: 4.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 37

DISTRICT 7

1840 WASHINGTON 1840 WASHINGTON ST PROJECT INFORMATION Developer: Worldco Company Submarket: Pacific Heights Number of Homes: 26 HOA Fees: $410-$545

Sales Start Date: Dec ’11 Sales End Date: Jun ’12 Avg. Absorption: 3.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

1

1,108

$1,196,000

$1,079

-

-

4

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

4

805

$862,000

$1,071

$918,750

$1,142

15

2-BED AVGS

2

1,109

$1,167,500

$1,053

$1,165,000

$1,051

27

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 38

PAST RESALE DEVELOPMENTS DISTRICT 8 PROJECT NAME

ADDRESS

DEVELOPER

UNITS

SYMPHONY TOWERS

750 VAN NESS AVE

WEST BAY BUILDERS

130

MARLOW

1788 CLAY ST

OYSTER DEVELOPMENT

98

733 FRONT ST

733 FRONT ST

ATLANTIC PACIFIC PARTNERS

69

BOOK CONCERN BLDG.

83 MCALLISTER ST

GROUP I

60

RITZ CARLTON RESIDENCES

690 MARKET ST

HCT INVESTMENTS

59

THE ARTANI

818 VAN NESS AVE

GEORGE NCNABB

52

THE ROYAL

201 SANSOME ST

ATLANTIC PACIFIC PARTNERS

46

1645 PACIFIC

1645 PACIFIC ST

GROSVENOR AMERICAS

39

901 BUSH

901 BUSH ST

CASSIDY CONSTRUCTION

38

BLANC

1080 SUTTER ST

JS SULLIVAN DEVELOPMENT

35

THE ODEON

181 O’FARRELL ST

UNION PROPERTY CAPITAL

29

THE GARFIELD

942 MARKET ST

HCT INVESTMENTS

28

AXIS

1299 BUSH ST

MAURICE CASEY / MIKE JOYCE

26

1355 PACIFIC

1355 PACIFIC AVE

MCGALKEN, LLC

23

THE HEIGHTS

2829 CALIFORNIA ST

RAY STEFFEN / CHARLES CASTRO

13

TOTAL

745

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 39

DISTRICT 8

SYMPHONY TOWERS 750 VAN NESS AVE PROJECT INFORMATION Developer: West Bay Builders Submarket: Van Ness / Civic Center Number of Homes: 130 HOA Fees: $300-$500

Sales Start Date: May ’07 Sales End Date: Mar ’12 Avg. Absorption: 2.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

STUDIO AVGS

1

-

$549,000

-

-

-

31

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

5

394

$419,750

$1,001

$448,600

$1,107

100

1-BED AVGS

4

847

$734,000

$937

$793,750

$1,025

26

2-BED AVGS

1

1,152

$1,100,000

$955

$1,130,000

$981

25

LIST PSF

SOLD PRICE

SOLD PSF

DOM

ACTIVE

PENDING

SOLD

#LISTINGS

DISTRICT 8

MARLOW 1788 CLAY ST PROJECT INFORMATION Developer: Oyster Development Submarket: Russian Hill Number of Homes: 98 HOA Fees: $550-$675

Sales Start Date: Apr ’13 Sales End Date: Mar ’14 Avg. Absorption: 8.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 40

DISTRICT 8

733 FRONT 733 FRONT ST PROJECT INFORMATION Developer: Atlantic Pacific Partners Submarket: Barbary Coast Number of Homes: 69 HOA Fees: $500-$750

Sales Start Date: Apr ’07 Sales End Date: May ’08 Avg. Absorption: 5.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

890

$1,200,000

$1,348

$1,200,000

$1,348

-

2-BED AVGS

3

1,320

$1,779,333

$1,339

$1,925,000

$1,452

3

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 8

BOOK CONCERN BLDG. 83 MCALLISTER ST PROJECT INFORMATION Developer: Group I Submarket: Van Ness / Civic Center Number of Homes: 60 HOA Fees: $275-$360

Sales Start Date: May ’06 Sales End Date: Feb ’10 Avg. Absorption: 1.1 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

6

517

$412,714

$1,335

$461,547

$1,393

47

1-BED AVGS

1

412

$470,000

$1,141

$490,000

$1,189

42

2-BED AVGS

1

555

$548,800

$989

$515,000

$928

186

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 41

DISTRICT 8

RITZ-CARLTON RESIDENCES 690 MARKET ST PROJECT INFORMATION Developer: HCT Investments Submarket: Financial District Number of Homes: 59 HOA Fees: $1,000-$4,000

Sales Start Date: May ’06 Sales End Date: Jan ’10 Avg. Absorption: 1.3 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

2

1,446

$1,887,500

$1,305

-

-

92

3-BED AVGS

1

1,900

$2,988,000

$1,573

-

-

47

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

1,001

$1,174,760

$1,178

$1,112,500

$1,117

207

2-BED AVGS

4

1,699

$2,027,250

$1,211

$1,991,250

$1,190

109

3-BED AVGS

4

1,930

$2,684,500

$1,357

$2,397,000

$1,320

171

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 8

THE ARTANI 818 VAN NESS AVE PROJECT INFORMATION Developer: George McNabb Submarket: Van Ness / Civic Center Number of Homes: 52 HOA Fees: $350-$600

Sales Start Date: Mar ’12 Sales End Date: N/A Avg. Absorption: 1.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

3

791

$715,667

$884

$773,333

$1,011

22

2-BED AVGS

2

1,012

$992,500

$981

$1,087,000

$1,075

13

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 42

DISTRICT 8

THE ROYAL 201 SANSOME ST PROJECT INFORMATION Developer: Atlantic Pacific Partners Submarket: Financial District Number of Homes: 46 HOA Fees: $455-$635

Sales Start Date: Jun ’05 Sales End Date: May ’08 Avg. Absorption: 1.3 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

5

697

$720,200

$1,079

$739,300

$1,109

20

2-BED AVGS

1

985

$1,050,000

$1,066

$1,050,000

$1,066

12

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 8

1645 PACIFIC 1645 PACIFIC ST PROJECT INFORMATION Developer: Grosvenor Americas Submarket: Nob Hill Number of Homes: 39 HOA Fees: $475-$625

Sales Start Date: Jun ’14 Sales End Date: Aug ’14 Avg. Absorption: 18.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

875

$799,000

$856

$960,500

$1,138

16

2-BED AVGS

4

1,311

$1,578,500

$1,202

$1,617,500

$1,240

40

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 43

DISTRICT 8

901 BUSH 901 BUSH ST PROJECT INFORMATION Developer: Cassidy Construction Submarket: Downtown Number of Homes: 38 HOA Fees: $265-$340

Sales Start Date: Jul ’08 Sales End Date: Sep ’10 Avg. Absorption: 1.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

2

560

$457,500

$786

$463,000

$804

48

1-BED AVGS

13

670

$607,146

$902

$630,246

$888

34

2-BED AVGS

2

928

$885,000

$943

$901,500

$943

25

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 8

BLANC 1080 SUTTER ST PROJECT INFORMATION Developer: JS Sullivan Development Submarket: Downtown Number of Homes: 35 HOA Fees: $485-$680

Sales Start Date: Aug ’13 Sales End Date: Mar ’14 Avg. Absorption: 5.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

601

$623,500

$997

$740,000

$1,198

19

2-BED AVGS

1

753

$699,000

$928

$770,000

$1,023

28

3-BED AVGS

3

1,355

$1,405,000

$1,043

$1,505,000

$1,108

40

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 44

DISTRICT 8

THE ODEON 181 O’FARRELL ST PROJECT INFORMATION Developer: Union Property Capital Submarket: Downtown Number of Homes: 29 HOA Fees: $550-$625

Sales Start Date: Aug ’06 Sales End Date: Jun ’07 Avg. Absorption: 2.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

1,080

$969,000

$897

$978,000

$906

49

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 8

THE GARFIELD 942 MARKET ST PROJECT INFORMATION Developer: HCT Investments Submarket: Downtown Number of Homes: 28 HOA Fees: $470-$675

Sales Start Date: Sep ’08 Sales End Date: Sep ’10 Avg. Absorption: 1.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

741

$599,000

$808

$760,000

$1,026

11

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 45

DISTRICT 8

AXIS 1299 BUSH ST PROJECT INFORMATION Developer: Maurice Casey / Mike Joyce Submarket: Downtown Number of Homes: 26 HOA Fees: $385-$520

Sales Start Date: Nov ’10 Sales End Date: Mar ’12 Avg. Absorption: 1.5 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

601

$623,500

$997

$740,000

$1,198

19

2-BED AVGS

1

753

$699,000

$928

$770,000

$1,023

28

3-BED AVGS

3

1,355

$1,405,000

$1,043

$1,505,000

$1,108

40

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 8

1355 PACIFIC 1355 PACIFIC AVE PROJECT INFORMATION Developer: McGalken, LLC Submarket: Russian Hill Number of Homes: 23 HOA Fees: $380-$430

Sales Start Date: Apr ’10 Sales End Date: Mar ’11 Avg. Absorption: 2.1 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

880

$998,000

$1,134

$1,225,000

$1,392

13

2-BED AVGS

1

1,040

$1,095,000

$1,053

$1,100,000

$1,058

13

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 46

DISTRICT 8

THE HEIGHTS 2829 CALIFORNIA ST PROJECT INFORMATION Developer: Ray Steffen / Charles Castro Submarket: Pacific Heights Number of Homes: 13 HOA Fees: $300-$600

Sales Start Date: Oct ’12 Sales End Date: Jun ’13 Avg. Absorption: 1.7 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

2

1,739

$1,849,000

$1,063

-

-

32

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

2

1,769

$1,899,000

$1,073

$2,455,000

$1,388

15

3-BED AVGS

2

1,582

$1,799,000

$1,137

$2,135,000

$1,350

13

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 47

PAST RESALE DEVELOPMENTS DISTRICT 9 PROJECT NAME

ADDRESS

DEVELOPER

UNITS

THE BEACON

250-260 KING ST

CENTURION REAL ESTATE

595

MILLENIUM TOWER

301 MISSION ST

MILLENNIUM PARTNERS

419

ONE RINCON

425 1ST ST

URBAN WEST ASSOCIATES

396

THE INFINTIY-TOWER I

301-333 MAIN ST

TISHMAN SPEYER

365

THE METROPOLITAN

333 & 355 1ST ST

CRESCENT HEIGHTS

342

MADRONE

420 MISSION BAY BLVD

BOSA DEVELOPMENT

329

THE BRANNAN

219-239 BRANNAN ST

RELIANCE DEVELOPMENT CO.

328

THE PALMS

555 4TH ST

CASSIDY CONSTRUCTION

301

INFINITY-TOWER II

338 SPEAR ST

TISHMAN SPEYER

285

ARTERRA

300 BERRY ST

INTRACORP

269

ARDEN

718 LONG BRIDGE ST

BOSA DEVELOPMENT

267

SOMA GRAND

1160 MISSION ST

AGI CAPITAL / TMG PARTNERS

246

888 SEVENTH STREET

888 7TH ST

AF EVANS

224

140 SOUTH VAN NESS

140 S. VAN NESS AVE

CHARIOT SVN

208

170 OFF THIRD

170 KING ST

SECURITY PROPERTIES

201

YERBA BUENA LOFTS

855 FOLSOM ST

ED TANSEV

200

199 NEW MONTGOMERY

199 NEW MONTGOMERY ST

MONAHAN PACIFIC

166

ONE HAWTHORNE

1 HAWTHORNE ST

JACKSON PACIFIC VENTURES

165

THE POTRERO

451 KANSAS ST

LAMBERT DEVELOPMENT

165

FOUR SEASONS

765 MARKET ST

MILLENNIUM PARTNERS

142

BLU

601 FOLSOM ST

LENNAR URBAN

142

THE WATERMARK

501 BEALE ST

LEND LEASE

136

PARK TERRACE

325 BERRY ST

OPUS WEST

136

VIDA

2558 MISSION ST

OYSTER DEVELOPMENT

114

88 TOWNSEND

88 TOWNSEND ST

ROSENBERG CO.

109

THE MONTGOMERY

74 NEW MONTGOMERY

NEW URBAN PROPERTIES

107

ST. REGIS RESIDENCES

188 MINNA ST

STARWOOD HOTELS / CARPENTER & CO

102

RADIANCE

330 MISSION BAY BLVD

BOSA DEVELOPMENT

99

235 BERRY

235 BERRY ST

SIGNATURE PROPERTIES

99

CUBIX

766 HARRISON ST

FIRST CITIZENS BANK

98

THE LANSING

40-45 LANSING ST

LAMBERT DEVELOPMENT

82

SHIPLEY SQUARE

821 FOLSOM ST

WILSON MEANY

78

UNION

2125 BRYANT ST

BY PALISADES

76

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 48

PAST RESALE DEVELOPMENTS DISTRICT 9 - CONTINUED PROJECT NAME

ADDRESS

DEVELOPER

UNITS

ESPRIT PARK-SOUTH

900 MINNESOTA ST

MACQUARIE HOLDINGS

75

ESPRIT PARK-NORTH

850 MINNESOTA ST

MACQUARIE HOLDINGS

67

SIERRA HEIGHTS

25 SIERRA ST

R GROUP

66

555 BARTLETT

3240 CESAR CHAVEZ ST

SEVEN HILLS PROPERTIES

60

THE MINT COLLECTION

410 JESSIE ST

THE MARTIN BUILDING COMPANY

52

1 ECKER

16 JESSIE ST

THE PAULS CORPORATION

51

310 TOWNSEND

310 TOWNSEND ST

SANTA FE PROPERTIES

45

FIFTEEN FIFTEEN

1515 15TH ST

JS SULLIVAN DEVELOPMENT

40

MISSION @ 1875

1875 MISSION ST

CORVORN PROPERTIES, LLC

39

299 VALENCIA

299 VALENCIA ST

JS SULLIVAN DEVELOPMENT

36

MILLWHEEL NORTH

1265 INDIANA ST

R GROUP

36

ONE SOUTH PARK

1 SOUTH PARK AVE

SANTA FE PROPERTIES

35

MOSAICA 601

601 ALABAMA ST

CITIZENS HOUSINGS CORP.

34

35 DOLORES

35 DOLORES

LIGHTNER PROPERTY GROUP

33

MILLWHEEL SOUTH

1301 INDIANA ST

R GROUP

32

THE CITRINO

566 S. VAN NESS AVE

DOLMEN PROPERTY GROUP

32

THE OLYMPIA

501 DONAHUE ST

LENNAR URBAN

25

VALENCIA 270

270 VALENCIA ST

BRIAN SPIERS DEVELOPMENT

24

2200 MISSION

2200 MISSION ST

H&A INVESTMENTS

23

870 HARRISON

870 HARRISON ST

JS SULLIVAN DEVELOPMENT

22

ONYX ON THE PARK

310 CAROLINA ST

SEAN KEIGHRAN

21

788 MINNA

788 MINNA ST

EAMONN HERLIHY

20

ONYX

415 DE HARO ST

SEAN KEIGHRAN

20

V20

3590 20TH ST

BROWN & CO

18

3500 19TH STREET

3500 19TH ST

TOM MURPHY

17

411 VALENCIA

411 VALENCIA ST

PHILLIP MCCARTHY

16

616 20TH STREET

616 20TH ST

616 20TH STREET HOMES, LLC

16

750 2ND

750 2ND ST

MORGAN CREEK VENTURES

14

TOTAL

7,960

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 49

DISTRICT 9

THE BEACON 250-260 KING ST PROJECT INFORMATION Developer: Centurion Real Estate Submarket: South Beach Number of Homes: 595 HOA Fees: $500-$800

Sales Start Date: Jul ’05 Sales End Date: Jul ’07 Avg. Absorption: 23.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

1-BED AVGS

1

982

$899,000

$915

-

-

11

2-BED AVGS

3

1,242

$1,379,000

$1,218

-

-

25

3-BED AVGS

1

-

$1,750,000

-

-

-

20

1-BED AVGS

1

962

$849,000

$883

-

-

26

1-BED AVGS

5

904

$824,800

$915

-

-

97

-

-

-

-

-

-

-

-

STUDIO AVGS

8

644

$611,725

$952

$637,488

$991

29

1-BED AVGS

28

821

$732,300

$897

$739,480

$905

38

2-BED AVGS

23

1,194

$1,102,126

$937

$1,159,273

$979

41

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

MILLENNIUM TOWER 301 MISSION ST PROJECT INFORMATION Developer: Millennium Partners Submarket: SOMA - Yerba Buena Number of Homes: 419 HOA Fees: $450-$650

Sales Start Date: Nov ’07 Sales End Date: Apr ’13 Avg. Absorption: 9.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

1-BED AVGS

2

1,233

$1,725,000

$1,380

-

-

27

2-BED AVGS

7

1,957

$4,183,429

$2,010

-

-

103

3-BED AVGS

2

2,743

$6,497,000

$2,278

-

-

70

1-BED AVGS

1

1,633

$2,199,000

$1,347

-

-

23

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

8

879

$1,504,625

$1,477

$1,476,313

$1,436

47

2-BED AVGS

16

1,742

$3,165,875

$1,742

$3,084,375

$1,697

36

3-BED AVGS

1

1,601

$2,600,000

$1,624

$2,450,000

$1,530

123

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 50

DISTRICT 9

ONE RINCON 425 1ST ST PROJECT INFORMATION Developer: Urban West Associates Submarket: Rincon Hill Number of Homes: 396 HOA Fees: $700-$1,000

Sales Start Date: Jan ’06 Sales End Date: Nov ’12 Avg. Absorption: 7.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

1-BED AVGS

1

755

$1,269,000

$1,681

-

-

40

2-BED AVGS

2

1,274

$2,272,500

$1,771

-

-

68

3-BED AVGS

1

1,677

$3,995,000

$2,382

-

-

32

2-BED AVGS

1

1,309

$2,199,000

$1,680

-

-

74

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

20

775

$1,054,250

$1,381

$1,067,300

$1,398

36

2-BED AVGS

10

1,292

$1,867,400

$1,441

$1,821,600

$1,406

42

3-BED AVGS

4

2,151

$2,922,250

$1,397

$2,895,000

$1,374

66

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

THE INFINITY-TOWER I 301-333 MAIN ST PROJECT INFORMATION Developer: Tishman Speyer Submarket: South Beach Number of Homes: 365 HOA Fees: $630-$1,540

Sales Start Date: Jun ’06 Sales End Date: Sep ’09 Avg. Absorption: 9.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

2-BED AVGS

5

1,249

$1,988,378

$1,589

-

-

28

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

1,317

$2,150,000

$1,632

-

-

9

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

809

$1,404,500

$1,736

$1,362,500

$1,684

34

2-BED AVGS

20

1,303

$1,955,350

$1,495

$1,943,125

$1,493

39

3-BED AVGS

2

1,645

$2,845,000

$1,725

$2,687,500

$1,631

107

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 51

DISTRICT 9

THE METROPOLITAN 333 & 355 1ST ST PROJECT INFORMATION Developer: Crescent Heights Submarket: South Beach Number of Homes: 342 HOA Fees: $520-$650

Sales Start Date: Mar ’04 Sales End Date: Feb ’05 Avg. Absorption: 30.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

1

1,408

$1,950,000

$1,385

-

-

4

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

709

$899,000

$1,268

-

-

123

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

1

-

$549,000

-

$590,000

-

17

1-BED AVGS

10

721

$851,400

$1,290

$866,350

$1,296

39

2-BED AVGS

14

1,299

$1,446,786

$1,253

$1,457,000

$1,257

41

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

MADRONE 420 MISSION BAY BLVD PROJECT INFORMATION Developer: BOSA Development Submarket: Mission Bay Number of Homes: 329 HOA Fees: $715-$900

Sales Start Date: Jul ’11 Sales End Date: Feb ’13 Avg. Absorption: 17.7 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

1,074

$1,149,000

$1,070

-

-

34

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

6

974

$971,667

$998

$999,000

$1,024

38

2-BED AVGS

8

1,354

$1,455,125

$1,073

$1,500,625

$1,110

19

3-BED AVGS

4

1,757

$2,195,000

$1,238

$2,256,250

$1,273

22

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 52

DISTRICT 9

THE BRANNAN 219-239 BRANNAN ST PROJECT INFORMATION Developer: Reliance Development Co. Submarket: South Beach Number of Homes: 328 HOA Fees: $700-$825

Sales Start Date: Oct ’99 Sales End Date: Jan ’03 Avg. Absorption: 8.3 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

1

1,173

$1,995,000

$1,701

-

-

103

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

ACTIVE

PENDING

SOLD

#LISTINGS

1-BED AVGS

4

846

$850,975

$1,009

$845,000

$1,004

50

2-BED AVGS

12

1,292

$1,680,833

$1,346

$1,742,917

$1,399

22

3-BED AVGS

1

1,694

$2,495,000

$1,473

$2,495,000

$1,473

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

THE PALMS 555 4TH ST PROJECT INFORMATION Developer: Cassidy Construction Submarket: SOMA Number of Homes: 301 HOA Fees: $300-$900

Sales Start Date: Nov ’05 Sales End Date: Apr ’08 Avg. Absorption: 10.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

3

495

$535,333

$1,125

$561,667

$1,140

55

1-BED AVGS

16

751

$777,168

$1,051

$819,707

$1,110

25

2-BED AVGS

11

1,137

$1,175,345

$1,031

$1,251,455

$1,089

36

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 53

DISTRICT 9

THE INFINITY-TOWER II 338 SPEAR ST PROJECT INFORMATION Developer: Tishman Speyer Submarket: South Beach Number of Homes: 285 HOA Fees: $700-$1,100

Sales Start Date: Feb ’09 Sales End Date: Mar ’11 Avg. Absorption: 11.3 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

2

-

$2,824,500

-

-

-

35

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

808

$1,525,000

$1,887

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

1

538

$699,000

$1,299

$753,000

$1,400

18

1-BED AVGS

10

821

$974,800

$1,197

$966,389

$1,188

43

2-BED AVGS

6

1,216

$2,140,167

$1,295

$2,091,833

$1,274

79

LIST PSF

SOLD PRICE

SOLD PSF

DOM

ACTIVE

PENDING

SOLD

#LISTINGS

DISTRICT 9

ARTERRA 300 BERRY ST PROJECT INFORMATION Developer: Intracorp Submarket: Mission Bay Number of Homes: 269 HOA Fees: $400-$600

Sales Start Date: Jun ’06 Sales End Date: Mar ’10 Avg. Absorption: 5.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

1-BED AVGS

1

718

$980,000

$1,365

-

-

15

3-BED AVGS

1

1,278

$1,280,000

$1,002

-

-

4

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

15

731

$790,393

$1,080

$838,727

$1,139

5

2-BED AVGS

3

968

$1,118,000

$1,126

$1,170,000

$1,178

10

3-BED AVGS

2

1,260

$1,238,500

$983

$1,300,500

$1,032

11

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 54

DISTRICT 9

ARDEN 718 LONG BRIDGE ST PROJECT INFORMATION Developer: BOSA Development Submarket: Mission Bay Number of Homes: 267 HOA Fees: $700-$900

Sales Start Date: May ’14 Sales End Date: Jan ’15 Avg. Absorption: 43.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

SOMA GRAND 1160 MISSION ST PROJECT INFORMATION Developer: AGI Capital / TMG Partners Submarket: SOMA Number of Homes: 246 HOA Fees: $500-$730

Sales Start Date: Mar ’07 Sales End Date: Jun ’10 Avg. Absorption: 6.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

2-BED AVGS

1

1,146

$1,450,000

$1,265

-

-

5

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

765

$843,500

$1,103

-

-

76

2-BED AVGS

1

1,201

$1,375,000

$1,145

-

-

26

-

-

-

-

-

-

-

-

1-BED AVGS

14

742

$745,171

$989

$798,071

$1,065

33

2-BED AVGS

7

1,172

$1,232,000

$1,113

$1,274,329

$1,116

29

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 55

DISTRICT 9

888 SEVENTH STREET 888 7TH ST PROJECT INFORMATION Developer: AF Evans Submarket: Potrero Hill Number of Homes: 224 HOA Fees: $300-$470

Sales Start Date: Jun ’06 Sales End Date: Mar ’09 Avg. Absorption: 6.7 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

1

495

$529,000

$1,069

$572,000

$1,156

11

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

140 SOUTH VAN NESS 140 S. VAN NESS AVE PROJECT INFORMATION Developer: Chariot SVN Submarket: SOMA Number of Homes: 208 HOA Fees: $280-$360

Sales Start Date: Nov ’02 Sales End Date: Jan ’04 Avg. Absorption: 14.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

1-BED AVGS

1

830

$698,000

$841

-

-

5

2-BED AVGS

1

-

$979,000

-

-

-

5

-

-

-

-

-

-

-

-

2-BED AVGS

1

1,160

$975,000

$841

-

-

33

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

7

819

$674,929

$824

$707,500

$864

22

2-BED AVGS

10

1,147

$915,380

$801

$946,950

$826

33

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 56

DISTRICT 9

170 OFF THIRD 170 KING ST PROJECT INFORMATION Developer: Security Properties Submarket: South Beach Number of Homes: 201 HOA Fees: $515-$630

Sales Start Date: Feb ’07 Sales End Date: Sep ’09 Avg. Absorption: 6.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

2

1,029

$1,445,000

$1,161

-

-

7

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

681

$799,000

$1,173

-

-

46

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

3

786

$839,333

$1,069

$843,333

$1,074

37

2-BED AVGS

11

1,026

$1,172,727

$1,114

$1,256,500

$1,208

21

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

YERBA BUENA LOFTS 855 FOLSOM ST PROJECT INFORMATION Developer: Ed Tansev Submarket: SOMA Number of Homes: 200 HOA Fees: $400-$550

Sales Start Date: Mar ’01 Sales End Date: May ’05 Avg. Absorption: 3.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

-

$849,000

-

-

-

36

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

10

952

$866,690

$904

$894,500

$930

33

2-BED AVGS

8

1,180

$1,053,811

$892

$1,139,561

$962

57

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 57

DISTRICT 9

199 NEW MONTGOMERY 199 NEW MONTGOMERY ST PROJECT INFORMATION Developer: Monahan Pacific Submarket: Yerba Buena Number of Homes: 166 HOA Fees: $400-$550

Sales Start Date: Feb ’05 Sales End Date: Dec ’06 Avg. Absorption: 7.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

1

409

$530,000

$1,296

$530,000

$1,296

13

1-BED AVGS

6

750

$869,500

$1,113

$894,667

$1,143

37

2-BED AVGS

2

1,030

$1,149,000

$1,116

$1,212,500

$1,178

9

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

ONE HAWTHORNE 1 HAWTHORNE ST PROJECT INFORMATION Developer: Jackson Pacific Ventures Submarket: SOMA - Yerba Buena Number of Homes: 165 HOA Fees: $450-$650

Sales Start Date: Apr ’10 Sales End Date: May ’13 Avg. Absorption: 4.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

1-BED AVGS

1

840

$999,988

$1,190

-

-

90

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

4

908

$1,074,250

$1,181

$1,102,250

$1,211

18

2-BED AVGS

7

1,327

$1,680,571

$1,269

$1,685,714

$1,272

52

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 58

DISTRICT 9

THE POTRERO 451 KANSAS ST PROJECT INFORMATION Developer: Lambert Development Submarket: Potrero Hill Number of Homes: 165 HOA Fees: $380-$580

Sales Start Date: Feb ’07 Sales End Date: Mar ’09 Avg. Absorption: 6.5 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

1-BED AVGS

1

-

$795,000

-

-

-

12

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

4

445

$555,250

$1,128

$628,860

$1,391

24

1-BED AVGS

6

745

$777,250

$1,040

$796,917

$1,063

47

2-BED AVGS

6

1,025

$1,023,648

$975

$1,129,000

$1,103

36

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

FOUR SEASONS RESIDENCES 765 MARKET ST PROJECT INFORMATION Developer: Millennium Partners Submarket: Yerba Buena Number of Homes: 142 HOA Fees: $1,200-$2,200

Sales Start Date: Mar ’00 Sales End Date: Dec ’04 Avg. Absorption: 2.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

1-BED AVGS

2

821

$1,424,500

$1,766

-

-

251

2-BED AVGS

1

1,747

$3,880,000

$2,221

-

-

45

4-BED AVGS

2

3,176

$5,437,500

$1,678

-

-

197

3-BED AVGS

1

2,677

$5,250,000

$1,961

-

-

32

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

1,004

$1,550,000

$1,544

$1,415,000

$1,409

339

2-BED AVGS

2

1,417

$2,945,000

$2,079

$2,765,000

$1,951

122

3-BED AVGS

1

-

$5,650,000

-

$5,475,000

-

121

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 59

DISTRICT 9

THE WATERMARK 501 BEALE ST PROJECT INFORMATION Developer: Lend Lease Submarket: South Beach Number of Homes: 136 HOA Fees: $645-$890

Sales Start Date: Mar ’06 Sales End Date: Oct ’06 Avg. Absorption: 17.7 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

1-BED AVGS

1

655

$739,000

$1,128

-

-

75

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

759

$799,000

$1,053

-

-

22

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

5

759

$738,432

$950

$745,872

$960

101

2-BED AVGS

3

1,109

$1,515,333

$1,365

$1,608,333

$1,446

13

3-BED AVGS

1

1,362

$1,995,000

$1,465

$2,250,000

$1,652

12

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

VIDA 2558 MISSION ST PROJECT INFORMATION Developer: Oyster Development Submarket: Inner Mission Number of Homes: 114 HOA Fees: $430-$620

Sales Start Date: Mar ’14 Sales End Date: Jun ‘15 Avg. Absorption: 7.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 60

DISTRICT 9

BLU 631 FOLSOM ST PROJECT INFORMATION Developer: Lennar Urban Submarket: Yerba Buena Number of Homes: 114 HOA Fees: $370-$420

Sales Start Date: May ’08 Sales End Date: Oct ’12 Avg. Absorption: 2.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

1

1,058

$915,000

$865

$915,000

$865

24

1-BED AVGS

8

1,134

$901,625

$800

$960,250

$854

18

2-BED AVGS

5

1,152

$1,424,000

$1,238

$1,455,600

$1,267

30

LIST PSF

SOLD PRICE

SOLD PSF

DOM

ACTIVE

PENDING

SOLD

#LISTINGS

DISTRICT 9

PARK TERRACE 325 BERRY ST PROJECT INFORMATION Developer: Opus West Submarket: Mission Bay Number of Homes: 110 HOA Fees: $430-$550

Sales Start Date: Jun ’06 Sales End Date: Dec ’08 Avg. Absorption: 3.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

3

835

$919,667

$1,115

$948,333

$1,142

9

2-BED AVGS

5

1,358

$1,444,700

$1,064

$1,486,700

$1,106

25

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 61

DISTRICT 9

88 TOWNSEND 88 TOWNSEND ST PROJECT INFORMATION Developer: Rosenberg Co. Submarket: South Beach Number of Homes: 109 HOA Fees: $400-$575

Sales Start Date: Jul ’04 Sales End Date: Nov ’06 Avg. Absorption: 3.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

1-BED AVGS

3

735

$1,202,678

$1,651

-

-

33

2-BED AVGS

2

1,213

$1,833,219

$1,503

-

-

40

-

-

-

-

-

-

-

-

1-BED AVGS

1

-

$1,027,617

-

-

-

65

2-BED AVGS

4

1,136

$1,761,250

$1,552

-

-

30

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

13

741

$918,272

$1,245

$933,718

$1,275

8

2-BED AVGS

7

1,171

$1,561,345

$1,334

$1,582,916

$1,352

3

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

THE MONTGOMERY 74 NEW MONTGOMERY ST PROJECT INFORMATION Developer: New Urban Properties Submarket: Yerba Buena Number of Homes: 107 HOA Fees: $625-$875

Sales Start Date: Jan ’07 Sales End Date: Dec ’09 Avg. Absorption: 3.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

1

698

$698,000

$1,000

-

-

10

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

1

489

$649,000

$1,327

$633,000

$1,294

19

1-BED AVGS

2

675

$772,000

$1,144

$862,500

$1,278

18

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 62

DISTRICT 9

ST. REGIS RESIDENCES 188 MINNA ST PROJECT INFORMATION Developer: Carpenter & Co. Submarket: Yerba Buena Number of Homes: 102 HOA Fees: $1,600-$2,200

Sales Start Date: Sep ’04 Sales End Date: Dec ’06 Avg. Absorption: 3.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

1

1,527

$3,250,000

$2,128

-

-

242

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

6

1,703

$2,881,667

$1,697

$2,800,000

$1,647

100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

RADIANCE 330 MISSION BAY BLVD PROJECT INFORMATION Developer: BOSA Development Submarket: Mission Bay Number of Homes: 99 HOA Fees: $640-$750

Sales Start Date: Mar ’07 Sales End Date: Dec ’09 Avg. Absorption: 3.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

943

$899,000

$900

$943,250

$994

28

2-BED AVGS

3

1,667

$2,114,333

$1,255

$2,155,000

$1,280

38

3-BED AVGS

1

1,921

$2,219,000

$1,155

$3,050,000

$1,588

34

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 63

DISTRICT 9

235 BERRY 235 BERRY ST PROJECT INFORMATION Developer: Signature Properties Submarket: Mission Bay Number of Homes: 99 HOA Fees: $500-$600

Sales Start Date: Sep ’06 Sales End Date: Feb ’08 Avg. Absorption: 5.7 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3-BED AVGS

1

1,670

$1,995,000

$1,195

-

-

15

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

ACTIVE

PENDING

SOLD

#LISTINGS

1-BED AVGS

1

873

$825,000

$945

$860,000

$985

10

2-BED AVGS

13

1,219

$1,247,077

$1,039

$1,330,923

$1,120

19

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

CUBIX 766 HARRISON ST PROJECT INFORMATION Developer: First Citizens Bank Submarket: SOMA Number of Homes: 98 HOA Fees: $265-$280

Sales Start Date: Aug ’08 Sales End Date: Aug ’11 Avg. Absorption: 2.7 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

4

279

$384,500

$1,391

$379,375

$1,372

60

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 64

DISTRICT 9

THE LANSING 40-45 LANSING ST PROJECT INFORMATION Developer: Lambert Development Submarket: Rincon Hill Number of Homes: 82 HOA Fees: $500-$600

Sales Start Date: Jul ’05 Sales End Date: Mar ’06 Avg. Absorption: 10.1 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

6

780

$762,167

$976

$817,983

$1,038

18

2-BED AVGS

5

1,167

$1,308,200

$1,121

$1,293,278

$1,110

47

-

-

-

-

-

-

-

-

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

SHIPLEY SQUARE 821 FOLSOM ST PROJECT INFORMATION Developer: Wilson Meany Submarket: SOMA Number of Homes: 78 HOA Fees: $300-$450

Sales Start Date: Apr ’05 Sales End Date: Oct ’05 Avg. Absorption: 12.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

1-BED AVGS

1

739

$799,000

$1,081

-

-

32

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

757

$699,000

$923

-

-

24

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

2

530

$637,000

$1,203

$637,000

$1,203

17

1-BED AVGS

5

717

$748,355

$1,046

$795,400

$1,112

38

2-BED AVGS

6

1,090

$1,074,500

$1,007

$1,174,167

$1,100

18

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 65

DISTRICT 9

UNION 2125 BRYANT ST PROJECT INFORMATION Developer: Palisades Submarket: Inner Mission Number of Homes: 76 HOA Fees: $360-$540

Sales Start Date: Sep ’09 Sales End Date: Sep ’10 Avg. Absorption: 6.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

4

944

$811,750

$917

$918,750

$1,056

24

2-BED AVGS

1

1,240

$1,199,000

$967

$1,375,000

$1,109

5

4-BED AVGS

1

1,653

$1,195,000

$723

$1,450,000

$877

16

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

ESPRIT PARK-SOUTH 900 MINNESOTA ST PROJECT INFORMATION Developer: Macquarie Holdings Submarket: Dogpatch Number of Homes: 75 HOA Fees: $400-$500

Sales Start Date: Oct ’07 Sales End Date: Sep ’11 Avg. Absorption: 1.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 66

DISTRICT 9

ESPRIT PARK-NORTH 850 MINNESOTA ST PROJECT INFORMATION Developer: Macquarie Holdings Submarket: Dogpatch Number of Homes: 67 HOA Fees: $400-$500

Sales Start Date: Aug ’11 Sales End Date: Jul ’12 Avg. Absorption: 6.1 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

ACTIVE

PENDING

SOLD

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

9

870

$805,000

$928

$860,778

$992

11

2-BED AVGS

5

1,571

$1,427,600

$911

$1,534,000

$980

19

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

SIERRA HEIGHTS 25 SIERRA ST PROJECT INFORMATION Developer: R Group Submarket: Potrero Hill Number of Homes: 66 HOA Fees: $440-$605

Sales Start Date: Jun ’06 Sales End Date: Nov ’06 Avg. Absorption: 12.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

2

1,517

$985,000

$675

$1,132,500

$818

38

3-BED AVGS

4

1,731

$1,236,750

$720

$1,446,520

$845

63

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 67

DISTRICT 9

555 BARTLETT 3420 CESAR CHAVEZ ST PROJECT INFORMATION Developer: Seven Hills Properties Submarket: Inner Mission Number of Homes: 60 HOA Fees: $320-$535

Sales Start Date: Mar ’10 Sales End Date: May ’11 Avg. Absorption: 4.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

934

$949,000

$1,016

-

-

34

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

934

$899,000

$963

$977,000

$1,046

28

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

ACTIVE

PENDING

SOLD

DISTRICT 9

THE MINT COLLECTION 410 JESSIE ST PROJECT INFORMATION Developer: Martin Building Company Submarket: SOMA Number of Homes: 52 HOA Fees: $355-$790

Sales Start Date: Jan ’07 Sales End Date: Mar ’08 Avg. Absorption: 3.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

1-BED AVGS

2

715

$921,500

$1,291

-

-

31

2-BED AVGS

1

735

$1,049,000

$1,427

-

-

1

3-BED AVGS

1

1,805

$2,599,000

$1,440

-

-

172

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

2

-

$542,500

-

$520,000

-

120

1-BED AVGS

5

831

$857,400

$1,052

$905,500

$1,101

16

2-BED AVGS

3

1,152

$1,324,667

$1,163

$1,273,333

$1,116

19

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 68

DISTRICT 9

1 ECKER 16 JESSIE ST PROJECT INFORMATION Developer: The Pauls Corp. Submarket: Yerba Buena Number of Homes: 51 HOA Fees: $425-$700

Sales Start Date: Oct ’10 Sales End Date: May ’11 Avg. Absorption: 7.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

STUDIO AVGS

1

450

$625,000

$1,389

$652,500

$1,450

68

1-BED AVGS

6

855

$983,667

$1,151

$1,008,833

$1,180

22

2-BED AVGS

2

1,235

$1,542,000

$1,249

$1,567,500

$1,270

23

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

310 TOWNSEND 310 TOWNSEND ST PROJECT INFORMATION Developer: Santa Fe Properties Submarket: South Beach Number of Homes: 45 HOA Fees: $250-$345

Sales Start Date: Mar ’06 Sales End Date: Mar ’09 Avg. Absorption: 1.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

7

935

$886,286

$938

$941,714

$1,008

22

2-BED AVGS

3

1,449

$1,292,667

$885

$1,445,000

$993

18

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 69

DISTRICT 9

FIFTEEN FIFTEEN 1515 15TH ST PROJECT INFORMATION Developer: JS Sullivan Development Submarket: Mission District Number of Homes: 40 HOA Fees: $400-$450

Sales Start Date: May ’14 Sales End Date: Aug ’14 Avg. Absorption: 9.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

MISSION @ 1875 1875 MISSION ST PROJECT INFORMATION Developer: Corvorn Properties, LLC Submarket: Inner Mission Number of Homes: 39 HOA Fees: $400-$450

Sales Start Date: Oct ’14 Sales End Date: Aug ’15 Avg. Absorption: 3.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 70

DISTRICT 9

MILLWHEEL NORTH 1265 INDIANA ST PROJECT INFORMATION Developer: R Group Submarket: Dogpatch Number of Homes: 39 HOA Fees: $400-$450

Sales Start Date: May ’14 Sales End Date: Jan ’15 Avg. Absorption: 6.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

299 VALENCIA 299 VALENCIA ST PROJECT INFORMATION Developer: JS Sullivan Development Submarket: Inner Mission Number of Homes: 36 HOA Fees: $315-$405

Sales Start Date: Mar ’12 Sales End Date: Jul ’12 Avg. Absorption: 8.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

564

$581,750

$1,059

$600,000

$1,092

54

2-BED AVGS

1

-

$949,500

-

$949,500

-

39

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 71

DISTRICT 9

ONE SOUTH PARK 1 S. PARK AVE PROJECT INFORMATION Developer: Santa Fe Partners Submarket: South Beach Number of Homes: 35 HOA Fees: $425-$575

Sales Start Date: Dec ’05 Sales End Date: Sep ’09 Avg. Absorption: 0.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

2-BED AVGS

1

-

$1,598,000

-

-

-

13

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

928

$895,000

$964

-

-

13

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

1,381

$1,595,000

$1,155

$1,850,000

$1,340

11

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

MOSAICA 601 601 ALABAMA ST PROJECT INFORMATION Developer: Citizens Housing Corp. Submarket: Inner Mission Number of Homes: 34 HOA Fees: $475-$505

Sales Start Date: Feb ’09 Sales End Date: Aug ’09 Avg. Absorption: 5.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 72

DISTRICT 9

35 DOLORES 35 DOLORES ST PROJECT INFORMATION Developer: Lightner Property Group Submarket: Mission Dolores Number of Homes: 33 HOA Fees: $310-$415

Sales Start Date: Aug ’14 Sales End Date: Feb ’15 Avg. Absorption: 6.3 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

MILLWHEEL SOUTH 1301 INDIANA ST PROJECT INFORMATION Developer: R Group Submarket: Dogpatch Number of Homes: 32 HOA Fees: $350-$410

Sales Start Date: May ’12 Sales End Date: Jun ’12 Avg. Absorption: 18.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

945

$897,000

$949

-

-

29

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

6

1,005

$893,333

$899

$936,667

$943

20

2-BED AVGS

1

1,318

$899,000

$682

$970,000

$736

27

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 73

DISTRICT 9

THE CITRINO 566 S. VAN NESS AVE PROJECT INFORMATION Developer: Dolmen Property Group Submarket: Inner Mission Number of Homes: 32 HOA Fees: $275-$375

Sales Start Date: Jul ’07 Sales End Date: Apr ’11 Avg. Absorption: 0.7 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

860

$845,000

$983

-

-

33

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

8

913

$844,250

$927

$924,375

$1,016

36

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

THE OLYMPIA 501 DONAHUE ST PROJECT INFORMATION Developer: Lennar Urban Submarket: Hunters Point Number of Homes: 25 HOA Fees: $400

Sales Start Date: May ’14 Sales End Date: Sep ’14 Avg. Absorption: 6.1 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 74

DISTRICT 9

VALENCIA 270 270 VALENCIA ST PROJECT INFORMATION Developer: Brian Spiers Development Submarket: Inner Mission Number of Homes: 24 HOA Fees: $250-$285

Sales Start Date: Aug ’05 Sales End Date: Feb ’06 Avg. Absorption: 3.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

-

$598,000

-

$731,500

-

12

2-BED AVGS

2

747

$739,000

$1,070

$851,000

$1,191

24

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

2200 MISSION ST 2200 MISSION ST PROJECT INFORMATION Developer: H & A Investments Submarket: Inner Mission Number of Homes: 23 HOA Fees: $325-$525

Sales Start Date: Feb ’09 Sales End Date: Aug ’09 Avg. Absorption: 3.8 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

833

$799,000

$959

$826,000

$992

31

3-BED AVGS

1

1,173

$975,000

$831

$1,150,000

$980

77

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 75

DISTRICT 9

870 HARRISON 870 HARRISON ST PROJECT INFORMATION Developer: JS Sullivan Development Submarket: SOMA Number of Homes: 22 HOA Fees: $500

Sales Start Date: Oct ’14 Sales End Date: Mar ’15 Avg. Absorption: 3.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

ACTIVE

PENDING

SOLD

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

788 MINNA 788 MINNA ST PROJECT INFORMATION Developer: Eamonn Herlihy Submarket: SOMA Number of Homes: 20 HOA Fees: $390-$410

Sales Start Date: Jul ’11 Sales End Date: Feb ’12 Avg. Absorption: 3.2 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

1,498

$1,200,000

$801

-

-

31

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

689

$669,000

$971

$690,000

$1,002

52

2-BED AVGS

1

1,460

$879,000

$602

$900,000

$616

33

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 76

DISTRICT 9

ONYX 415 DE HARO ST PROJECT INFORMATION Developer: Sean Keighran Submarket: Potrero Hill Number of Homes: 20 HOA Fees: $350-$485

Sales Start Date: Apr ’14 Sales End Date: Jul ’14 Avg. Absorption: 10.9 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

1

-

$949,000

-

$985,000

-

160

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

ACTIVE

PENDING

SOLD

DISTRICT 9

V20 3590 20TH ST PROJECT INFORMATION Developer: Brown & Co. Submarket: Inner Mission Number of Homes: 18 HOA Fees:

Sales Start Date: May ’15 Sales End Date: Aug ’15 Avg. Absorption: 5.5 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 77

DISTRICT 9

3500 19TH STREET 3500 19TH ST PROJECT INFORMATION Developer: Tom Murphy Submarket: Inner Mission Number of Homes: 17 HOA Fees: $450

Sales Start Date: Oct ’12 Sales End Date: Jan ’14 Avg. Absorption: 9.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

2

-

$2,395,000

-

-

-

53

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

1,575

$1,699,000

$1,079

$1,730,000

$1,098

14

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

411 VALENCIA ST 411 VALENCIA ST PROJECT INFORMATION Developer: Phillip McCarthy Submarket: Inner Mission Number of Homes: 16 HOA Fees: $425-$460

Sales Start Date: Oct ’12 Sales End Date: Feb ’13 Avg. Absorption: 5.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 78

DISTRICT 9

616 20TH STREET 616 20TH ST PROJECT INFORMATION Developer: 616 20th Street Homes, LLC Submarket: Dogpatch Number of Homes: 16 HOA Fees: $440

Sales Start Date: Oct ’13 Sales End Date: Dec ’13 Avg. Absorption: 14.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

ACTIVE

PENDING

SOLD

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 9

750 2ND 750 2ND ST PROJECT INFORMATION Developer: Phillip McCarthy Submarket: Inner Mission Number of Homes: 16 HOA Fees: $425-$460

Sales Start Date: Oct ’12 Sales End Date: Feb ’13 Avg. Absorption: 5.6 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

2

1,568

$2,235,230

$1,433

$2,235,230

$1,433

2

3-BED AVGS

1

2,075

$2,850,000

$1,373

$2,825,000

$1,361

21

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 79

PAST RESALE DEVELOPMENTS DISTRICT 10 PROJECT NAME

ADDRESS

DEVELOPER

CANDLESTICK POINT

301-501 CRESCENT WY

TOP VISION DEVELOPMENT

176

TIDES & THAYER SHIPYARD

SAN FRANCISCO SHIPYARD

LENNAR URBAN

159

CANDLESTICK COVE

101 EXECUTIVE PARK BLVD

SIGNATURE PROPERTIES

150

5800 THIRD STREET

5800 THIRD ST

HOLLIDAY DEVELOPMENT

137

BAYSIDE VISTA

188 MARY TERESA WY

BAYSIDE VISTA, LLC

64

THE MERCHANT

451 DONAHUE ST

LENNAR URBAN

63

TOTAL

UNITS

749

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 80

DISTRICT 10

CANDLESTICK POINT 301-501 CRESCENT WY PROJECT INFORMATION Developer: Top Vision Development Submarket: Candlestick Point Number of Homes: 176 HOA Fees: $300-$350

Sales Start Date: Jul ’06 Sales End Date: Jul ’10 Avg. Absorption: 4.1 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

1-BED AVGS

2

805

$490,776

$610

-

-

34

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

825

$424,000

$514

$527,500

$641

43

2-BED AVGS

4

1,024

$594,222

$587

$613,500

$605

28

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 10

TIDES & THAYER SHIPYARD SAN FRANCISCO SHIPYARD PROJECT INFORMATION Developer: Lennar Urban Submarket: Hunters Point Number of Homes: 159 HOA Fees: $215-$420

Sales Start Date: May ’15 Sales End Date: Aug ’15 Avg. Absorption: 51.5 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 81

DISTRICT 10

CANDLESTICK COVE 5800 THIRD ST PROJECT INFORMATION Developer: Signature Properties Submarket: Candlestick Point Number of Homes: 150 HOA Fees: $450-$575

Sales Start Date: Oct ’07 Sales End Date: Dec ’13 Avg. Absorption: 2.0 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

TYPE

ACTIVE

PENDING

SOLD

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 10

5800 THIRD ST 5800 THIRD ST PROJECT INFORMATION Developer: Holliday Development Submarket: Bayview Number of Homes: 137 HOA Fees: $335-$500

Sales Start Date: Jun ’10 Sales End Date: Mar ’13 Avg. Absorption: 4.1 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1-BED AVGS

2

853

$487,000

$573

$533,750

$628

28

3-BED AVGS

1

1,566

$689,000

$440

$861,250

$550

15

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

SOLD OUT

CURRENTLY SELLING

ABOUT POLARIS PACIFIC

PAGE 82

DISTRICT 10

BAYSIDE VISTA 188 MARY TERESA ST PROJECT INFORMATION Developer: BaySide Vista, LLC Submarket: Visitacion Valley Number of Homes: 64 HOA Fees: $200-$225

Sales Start Date: Jun ’09 Sales End Date: Jul ’09 Avg. Absorption: 2.5 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

LIST PSF

SOLD PRICE

SOLD PSF

DOM

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2-BED AVGS

1

1,333

$650,000

$488

$785,000

$589

16

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

LIST PSF

SOLD PRICE

SOLD PSF

DOM

DISTRICT 10

THE MERCHANT 451 DONAHUE ST PROJECT INFORMATION Developer: Lennar Urban Submarket: Hunters Point Number of Homes: 63 HOA Fees: $400

Sales Start Date: May ’14 Sales End Date: Jan ’15 Avg. Absorption: 9.4 Units/Mo.

MLS MARKET ACTIVITY (PAST 12 MONTHS) STATUS

ACTIVE

PENDING

SOLD

TYPE

#LISTINGS

SIZE SF

LIST PRICE

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

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ABOUT POLARIS PACIFIC Polaris Pacific is the West Coast sales and marketing firm for the new economy. Polaris Pacific celebrates over 30 years of legacy, experience and results combined with the latest in marketing strategies, technology and research. Our foremost goal is to align ourselves with the needs and wants of our developer clients. We do this through our unparalleled expertise, innovation and execution. This razor-sharp focus allows Polaris Pacific to consistently outperform competitors and maximize value at every step of the process. That’s why leading real estate developers and financial partners such as Canyon Capital Realty Advisors, Lennar Urban, Emerald Fund, The Pauls Corporation, Oyster Development and Trumark Urban rely on our unrivaled understanding of market intelligence, homebuyer dynamics and local market nuances to increase bottom line profits. From land acquisition, entitlement and architectural review to brand development, market launches and cutting edge marketing technologies, Polaris Pacific analyzes each new property to maximize opportunities every step of the way. Long-term client relationships are a testament to Polaris Pacific’s extensive experience, results-driven focus and ability to exceed expectation. Our team brings unparalleled experience in sales and marketing in all major markets on the West Coast.

DISCLAIMER Professional Opinion. With regard to the consulting services, reports, projections and recommendations provided by Polaris Pacific, whether delivered orally or in writing, the parties acknowledge that the matters on which Polaris Pacific is consulted are not the subject of a predictive science and are instead subject to unforeseen market variables and conditions. Client therefore understands and acknowledges that Polaris Pacific’s projections and recommendations are solely the result of Polaris Pacific’s considered opinion based on Polaris Pacific’s assumptions and judgments predicated on past experience in light of the relevant data studied with respect to the market conditions and the proposed project.

Use of Product. All information, data, projections and recommendations received by Client from Polaris Pacific, whether presented orally or in writing, shall be solely for use by Client and is/ are not to be used or relied upon by any third party(ies) without the prior written approval of Polaris Pacific having been first had and obtained. Currently representing sales and marketing for: 6 Mint Plaza 1400 Mission The Burton & Livingston Colorado Commons 20 Pines The Globe Lumina Rockwell The Shores Skyline The Strand Summit 800 1450 Franklin Ten50 The Arroyo The Pacific Knox One Franklin 1198 Valencia Rowan 1001 Van Ness 482 Arroyo Optima Kierland

San Francisco, CA San Francisco, CA Pasadena, CA Monrovia, CA Daly City, CA San Jose, CA San Francisco, CA San Francisco, CA Point Richmond, CA San Jose, CA San Rafael, CA San Francisco, CA San Francisco, CA Los Angeles, CA Walnut Creek, CA San Francisco, CA San Francisco, CA San Francisco, CA San Francisco, CA San Francisco, CA San Francisco, CA Pasadena, CA Scottsdale, AZ

25 Units 190 Units 16 Units 72 Units 25 Units 76 Units 656 Units 260 Units 333 Units 121 Units 81 Units 182 Units 67 Units 151 Units 100 Units 76 Units 91 Units 35 Units 50 Units 70 Units 256 Units 24 Units 220 Units

For more information on Polaris Pacific, visit polarispacific.com. COPYRIGHT © 2016 POLARIS PACIFIC

SAN FRANCISCO MARKET REPORT, APRIL 2016

MARKET OVERVIEW

CURRENTLY SELLING

SOLD OUT

ABOUT POLARIS PACIFIC

PAGE 84

For more market insights contact:

MILES GARBER VICE PRESIDENT OF RESEARCH [email protected] 850 7th Street San Francisco, CA 94107 P: 415.361.4805 www.polarispacific.com SAN FRANCISCO MARKET REPORT, APRIL 2016