400 Grove, Fougeron's dowel-clad corner at Grove and Gough: one transfer this year, a 950-square-foot two-bedroom at $1,700,000 off the MLS, the building's highest price since its 2016 penthouse

400 Grove's one sale this year is its highest price since 2016, and it came through the recorder. One condominium transferred between January 1 and October 15, 2026, against two in the same window of 2025; $1,700,000 of volume against $2,422,500. The MLS record carries no floor area for the sale, so the site shows no per-foot figure; the listing record gives 950 square feet, about $1,789 a foot, against $1,106 on last year's pair, $1,175 on the one 2023 sale, $1,454 across three sales in 2019 and $1,338 across the five of 2015, the most in any year.

#504, a 950-square-foot two-bedroom with one parking space, transferred at $1,700,000 on May 20 with no listing and no prior sale shown in the listing record; the building's prior high was a $1,995,000 sale in 2016 (Redfin). No unit that closed in 2026 has a prior recorded sale on this site, so there is no paired-resale table. The listing record also shows #305, 427 square feet, active at $276,705, a price consistent with a below-market-rate resale.

The building is Anne Fougeron's five-story block on the corner of Grove and Gough, Central Freeway Parcel H, with a faceted facade of dark grey wooden dowels, a mews courtyard, 34 condominiums of which four are affordable, 2,070 square feet of ground-floor commercial space and 17 underground parking spaces; DM Development and DDG broke ground in December 2013 and opened sales in April 2015 (Dezeen; Hoodline, Apr 2015; Hoodline, Apr 2014). The building record on this site gives 2014 as the year; the public record gives 2015.

2026 so far, against the same window in 2025

Closings at 400 Grove 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 400 Grove since October 2015, 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 $1,338 in 2015 (5 closings). The 2026 sale carries no floor area on the MLS, so there is no 2026 figure.

By bedroom count, 2025 against 2026

Every closing in 2026

All 1 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.

Grove and Gough

300 Ivy, the same developers' building, is directly across the street on the southwest corner, and 388 Fulton, David Baker's 69-unit building, holds the corner of Fulton and Gough a block north (Hoodline, Apr 2014). On the same Grove-to-Ivy block between Gough and Octavia, a four-story hotel of more than 100 rooms is proposed by Chirag Investment Group with Stanton Architecture to replace the motel at 465 to 477 Grove, under updated plans filed in March 2025 (SF YIMBY). A block away at 451 Gough, The Happy Crane opened in August 2025 in the former Monsieur Benjamin, and Hayes Street one block south closes to cars Friday evenings and Saturdays through 2026 (Hoodline; SFMTA).

No AI office of any size is in Hayes Valley; the office figures in the paragraphs below describe SoMa, a mile east (SF Examiner).

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