The Belvedere at 2525 Van Ness: four closings this year at $2,120 a foot, three of them 1,951-square-foot three-bedrooms above $4.1 million, in a building that opened in 2024

The Belvedere is two years old and its first resales are already on the table. Four condominiums closed at 2525 Van Ness Avenue between January 1 and October 15, 2026, against five in the same window of 2025; $14,580,000 of volume against $9,012,500. The median sale is $4,115,000 and the median price per square foot is $2,120, against $1,420 last year, and the comparison is thin on both sides: 2024 and 2025 were largely developer closings, 15 and five of them, and this year three of four sales were the building's largest plan.

Those three are 1,951-square-foot three-bedrooms. #502 closed at $4,150,000 on September 14 without listing; #602 at $4,130,000 on August 14 after 19 days; and #601 at $4,100,000 on April 13, the same stack. The one two-bedroom, #604, 1,353 square feet, is the low at $2,200,000 after 22 days. The median listed sale took 20 days to contract, and one of four went inside two weeks.

Both paired resales were bought from the developer in 2024. #601, bought in June 2024 for $3,750,000, sold for $4,100,000, up 9.3 percent in 22 months. #604, bought in November 2024 for $1,950,000, sold on May 7 for $2,200,000, up 12.8 percent in 18 months.

March Capital Management built The Belvedere on the site of a two-story commercial building that held the Big Bubble laundromat, bought in January 2020 for $8 million: seven stories and 65 feet by Handel Architects, with a Studio N façade and Chris Dikeakos as architect of record, built by Achill Beg for about $18.5 million, with a 6,200-square-foot roof deck, a 14-car garage and a 1,120-square-foot retail condominium on the ground floor; the final map recorded 28 residential units in December 2022 and Handel announced the opening in June 2024 (SocketSite; SF YIMBY; SF YIMBY; SF Board of Supervisors; Handel Architects). The retail space was listed at $896,000 after 311 days on the market (Realmo).

2026 so far, against the same window in 2025

Closings at The Belvedere 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 The Belvedere since February 2024, 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 $1,420 in 2025 (5 closings). 2026 year to date stands at $2,120.

By bedroom count, 2025 against 2026

Every closing in 2026

All 4 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.

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

Van Ness at Union and Filbert

Directly across Van Ness is Union House at 1515 Union, the other new Handel condominium building on the intersection, 41 units finished in 2020 by DM Development (SF YIMBY; Connect CRE). Next door is The Amero at 1501 Filbert, whose four ground-floor retail condominiums have been for sale, and Victorian buildings run south of the site (SocketSite; Handel Architects). The Van Ness and Union bus stop is at the door, with the 30, 45, 49, 70, 90 and 101 lines, Cole Hardware is a block away, and Fort Mason and Ghirardelli Square are a ten-minute walk (SF YIMBY; Realmo).

Van Ness got its bus rapid transit lanes in April 2022, and in April 2025 the Board of Supervisors lifted the formula-retail ban on the avenue (SFist; SFist). No AI office of any size is within walking distance; the nearest cluster is the North Waterfront's startup leases at Levi's Plaza and Waterfront Plaza (Jamestown).

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