450 Hayes, Handel Architects' courtyard building on Patricia's Green: one transfer this year, a 618-square-foot one-bedroom at $925,000 off the MLS, $1,497 a foot

450 Hayes had one sale this year and it never touched the MLS. One condominium transferred between January 1 and October 15, 2026, against one in the same window of 2025; $925,000 of volume against $1,601,000. The price per square foot is $1,497, against $1,529 on last year's sale, $1,331 across the seven sales of 2024, when a $3,683,000 penthouse set the building's high, $1,645 across four sales in 2021 and $1,360 at the 16-unit sellout of 2016, the most in any year.

#2C, a 618-square-foot one-bedroom with one parking space, transferred at $925,000 on April 7 through the recorder, with no listing, no days on market and no dues disclosed (Redfin). No unit that closed in 2026 has a prior recorded sale on this site, so there is no paired-resale table.

The building is two four-story concrete blocks, one on Hayes and one on Ivy, joined by a below-grade garage and an east-west courtyard planted with birches and crossed by bridges, by Handel Architects for DM Development and DDG, completed in 2016 with 41 homes, five of them affordable, on a through-block parking lot beside Flipper's that the Central Freeway's demolition created; it took a 2017 AIA California residential merit award, and its bay windows look over Patricia's Green (Handel Architects; Hoodline, Jul 2013). The building record on this site lists 43 units.

2026 so far, against the same window in 2025

Closings at 450 Hayes 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 450 Hayes since April 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 $1,360 in 2016 (16 closings). 2026 year to date stands at $1,497.

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.

Hayes, between Gough and Octavia

This is the block Hayes Street closes for the farmers market and Shared Spaces, Fridays from 4 to 10 and Saturdays from 7, through the end of 2026, with the 6-Hayes detoured (SFMTA). Around the corner at 451 Gough, The Happy Crane opened on August 7, 2025 in the former Monsieur Benjamin, and behind the building on the Grove-to-Ivy block a four-story, 100-room hotel is proposed to replace the motel at 465 to 477 Grove (Hoodline; SF YIMBY). Pay-or-permit parking was approved for the district on June 2, 2026, with test signs on Linden and Fell beside Patricia's Green (SFMTA).

The developers' other freeway-parcel buildings are a block away: 400 Grove at Gough, where a 950-square-foot two-bedroom transferred at $1,700,000 in May, and 8 Octavia (Hoodline, Apr 2014; Redfin, 400 Grove #504). No AI office of any size is in Hayes Valley; the office figures in the paragraphs below describe SoMa (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