388 Fulton: three two-bedrooms closed this year at $1,144 a foot after a 2025 with none, in David Baker's micro-unit building across from the Richardson Apartments

388 Fulton is the building that sold San Francisco its first market-rate micro-units, and this year it sold only its two-bedrooms. Three condominiums closed between January 1 and October 15, 2026, on $2,475,000 of volume; nothing closed in 2025, and two units closed in 2024 at $1,083 a foot. All three are the building's small two-bedroom plan, 724 to 743 square feet: #613 at $875,000 on March 4, which never listed; #413, the same 743 square feet, at $850,000 on February 18 after three days; and #201 at $750,000 on August 25 after 15.

The median sale is $850,000 and the median price per square foot is $1,144. The building's high is $1,525 in 2016, the developer's year, and that figure is not the same market: 34 of the 69 units closed that year, and the 35 studios of about 325 square feet sold at roughly $1,700 a foot, which pulls the 2016 median up against any year of two-bedroom resales (Metropolis). Measured against 2024, this year is up 6 percent; against the 2020 to 2022 resale years, at $1,254 to $1,292, it is 9 to 11 percent under.

One paired resale is on record: #201, bought in May 2022 for $880,000 and sold for $750,000, down 14.8 percent; it is the low sale of the year. The median listed sale took nine days to contract, and one of two went inside two weeks. Four transfers under $300,000 are left out of every median; 12 percent of the units are reserved for low-income households (ULI).

David Baker Architects designed the building for 7x7 Development on a former Central Freeway parcel: 69 units on six floors, 35 studios, six one-bedrooms and 28 two-bedrooms, with no resident car parking, one car-share space and 86 bike spaces, in two volumes, a black-tiled curved south building the Planning Commission approved over staff objections and a white north one; the cheapest studio opened at $539,888 in 2016 and every unit sold before completion (David Baker Architects; SF Chronicle; Metropolis).

2026 so far, against the same window in 2025

Closings at 388 Fulton between January 1 and October 15, 2026, set against January 1 to October 15, 2025. Days on market is median days from listing to contract on MLS-listed sales; "under 15 days" counts how many of those went into contract inside two weeks.

Year by year

Every recorded closing at 388 Fulton since August 2016, by calendar year. 2026 runs through October 15, 2026. Days on market is available for MLS-listed sales from 2020 onward.

The building's highest median price per square foot in any year with five or more closings was $1,525 in 2016 (34 closings). 2026 year to date stands at $1,144.

By bedroom count, 2025 against 2026

Every closing in 2026

All 3 closings through October 15, 2026, highest price first. Square footage and days on market are as recorded on the MLS; county-recorded transfers that never listed show no days.

Paired resales

Units that closed in 2026 and had a prior recorded sale in the same building. The change is gross, before any improvements, fees or carrying costs.

0 of these resold above the prior price, 1 below.

Fulton and Gough, two blocks from City Hall

Directly across Fulton is the Drs. Julian and Raye Richardson Apartments, David Baker's 2011 building of 120 supportive-housing apartments averaging 329 square feet, and 388 Fulton's curved bay was drawn to answer its concave front (ULI; Dezeen). Next door on the same parcel is the Boys and Girls Clubs' Don Fisher Clubhouse at 380 Fulton, four stories with a pool and a gym, opened in February 2015 for $15 million; the club bought the city lot and sold the western half to the condominium developer (SocketSite; ULI). The ground floor holds a sushi restaurant and a doughnut shop, and the roof deck looks at the City Hall dome (Dezeen; Metropolis).

The block is one of the freeway parcels that became Hayes Valley's new buildings after the Central Freeway came down: 300 Ivy, 400 Grove, 450 Hayes and 8 Octavia are all within three blocks, around Patricia's Green (SF Chronicle). No AI office of any size is within walking distance; the office figures in the paragraphs below describe SoMa, a mile east.

The timetable that every South of Market building now sits inside is the public-offering calendar. Anthropic filed a confidential draft registration with the SEC on June 1, 2026, a week after a funding round that set its valuation at $965 billion (TechCrunch). As of this week the Standard reports the Anthropic listing has been pushed to November, after the midterms, that OpenAI's has moved to 2027, and that Anthropic is weighing a lockup longer than the usual six months (SF Standard). The same piece carries a Redfin estimate that current and former OpenAI and Anthropic employees could in theory buy close to a third of the metro area's homes with their proceeds, and the counter-argument from UC Berkeley's Enrico Moretti and the Bay Area Council's Jeff Bellisario that the money is concentrated in fewer hands than past booms and that these firms create fewer jobs per dollar because so much goes to data centers rather than headcount. The record in this report ends on October 15. None of it reflects a single share that has been sold.

Two citywide facts frame every building figure here. First, the office recovery is lopsided: CBRE put Q3 2026 vacancy at 27.7 percent citywide, down 6.6 points in a year, but Avison Young splits that into roughly 12 percent for Class A and north of 31 percent for Class B, and a Presidio Bay executive told Bisnow the headline number is misleading for that reason (Bisnow). Second, the condo market is still digging out: the Chronicle's May analysis found that only eight Bay Area ZIP codes showed inflation-adjusted condo gains over the year, all of them in San Francisco, and that Noe Valley's typical condo remained close to $400,000 below its 2019 level in real terms (SF Chronicle).

How this was counted

Two records feed this review. The MLS layer is one row per listing and carries days on market and square footage. The county layer reaches back further and catches transfers that never listed, but records the same closing once per data source, so the two were merged on unit, date and price and each closing kept once. Below-market-rate units and transfers under $300,000 are listed but excluded from every median. "Same window" means January 1 to October 15 of each year. Nothing here is a valuation of any unit, and nothing here is advice.

Tim McMullen · CA DRE #02016832
[email protected] · (415) 691-9272