Category Archives: Condos

Median Condo Price Down, Houses Up in December 2020

The latest numbers are in: Single-family homes were the overall winner during the holidays in San Francisco.

The median condo price was $1.1M last month, down from $1.2M in December 2019. There were 672 active listings last month compared to 1209 in November. This signals that properties either went into contract with an end-of-the-year urgency, or agents temporarily withdrew listings. Interestingly, the condo days on market (DOM) didn’t dramatically fluctuate; the DOM last month was 44, up from December 2019’s 39. Continue Reading

SF Real Estate Smackdowns: Holiday Edition

It’s been years since I ran a San Francisco real estate smackdown. I thought it would be a good time to take a look at a range of homes competing for buyers’ attention as 2020 (thankfully) winds down.

A smackdown is when we take a look at two different properties at the same price point, in two very different neighborhoods—and you get to choose which one you’d buy. Don’t hesitate to get in touch if you’re a qualified buyer who’d like to see your pick in person.

Smackdown #1:
3BR+ House or Condo | $2M Range
Contestant #1

178 Denslowe | Lakeside
4BR/3BA, 1925 sq ft
$1,849,000

The Art Deco-style home at 178 Denslowe is very charming, and has been totally remodeled. The bedroom locations are a little staggered, with two bedrooms on one level, and two additional bedrooms on their own levels. There’s walk-out garden access and lovely finishes throughout. Noise-sensitive buyers take note, the property backs up to busy 19th Avenue. However, if you’re looking for a home close to San Francisco State, the university is across the street. And you’re a short distance from Stonestown Galleria. (Photo courtesy of Compass)

Contestant #2
1436 Vallejo | Russian Hill
3BR/3BA, 1 tandem pkg
$1,995,000

1436 Vallejo is a two-level condo in a three-unit building on a central block in Russian Hill. The unit has a small outdoor space, an ensuite bedroom downstairs and an open living/dining/kitchen area. There are also fun perks like a built-in sound system, a smart refrigerator, and steam shower. HOA dues are $322/month. (Photo courtesy of Compass) Continue Reading

Holiday Home Stretch Condo Inventory at Peak

I started blogging several years ago about what I call “the holiday home stretch”—the time right after Thanksgiving through Dec 31st.

2020’s holiday home stretch is finding condo inventory at possibly the highest level ever, with 930 condos currently available. Compare that number to what was on the market in the same timeframe in 2014 (81), 2015 (241), 2016 (411), 2018 (417) and 2019 (388). We are literally swimming in condos in the city. Continue Reading

Welcome To The 2020 Holiday Home Stretch

2020 has been a year like no other, but I’m willing to bet that motivated buyers and sellers will follow their usual holiday season activity pattern. Buyers will aggressively write offers and try to negotiate, and sellers will be more willing to negotiate so they can wrap up their sale before year end.

There’s a healthy amount of houses, condos and TICs on the market that all stand a chance of having to return in 2021. Here’s a quick look at each category:
Single-Family Homes
Number available: 345
Median list price: $1,890,000
Avge days on market (DOM): 59
Where the inventory is: Parkside/Sunset, Ingleside, Sunnyside, Noe/Eureka Valleys, Pacific Heights, Cow Hollow, Bernal Heights, Mission, Bayview, Visitacion Valley.
Worth noting: There are far fewer houses than condos sitting on the market, with about 40% listed for up to $1.5M. That means buyers can expect to pay $2M+ for most of the homes on the market. Continue Reading

Check Rental Restrictions When Buying a Condo

Make sure you’re aware of rental restrictions on that condo you’re thinking of buying—especially if your future plans involve being able to rent it out and keep the property for investment purposes.

Most condo buyers like to know that they’ll be able to rent out their unit if so desired. Circumstances could change and require you to move, but you’d like to keep that condo for the long term and rent it out for a while.

It’s important to be fully aware of potential rental restrictions in the Covenants, Conditions and Restrictions (CC&Rs)—the main document that homeowners associations (HOAs) use that states how the HOA will be run. Continue Reading

Why There Aren’t More Condo “Deals” In San Francisco

Many prospective home buyers and real estate market watchers have been waiting for San Francisco prices to plunge ever since our shelter-in-place went into effect on March 17th. After all, people are reportedly leaving the city in droves, and there’s such a lack of interest in urban dwellings that homeowners will take any price just to get out from under a property that’s steadily falling in value—right?

Wrong. Volume may be down in 2020, but prices certainly aren’t plunging. The single-family home remains the holy grail, very much in demand. And condos are holding steady, especially units in smaller buildings with outdoor space. Continue Reading

Large SF Condo Inventory Available for First-Time Home Buyers

Corona has ushered in a period of real estate movement in San Francisco. It seems like everyone is making big decisions about where they’re living—and where they might want to live in the future. Working from home is the new normal, as is spending more time at home.

Many city condo owners are deciding to stay in San Francisco and trading up to a large single-family home. I’m seeing this firsthand while showing my new listing at 517 8th Avenue in the Inner Richmond. Almost all of the prospective buyers own condos and are on the hunt for a house with three or four bedrooms, office space and a yard. Continue Reading

Here’s Where You Can Negotiate the Best Price on a 2BR Condo

Looking to get a good price on a two-bedroom San Francisco condo? Check out a few of the 360 two-bedroom units currently on the market in San Francisco in buildings with ten or more units. These properties have been on the market for an average of 56 days, and I’m betting their owners would love to get offers from qualified buyers.

It helps to know where to look for the best deals. The neighborhoods where these condo buildings are located are Diamond Heights, Mission Dolores, Hayes Valley, Pacific Heights, Downtown/Financial District, Nob Hill, Van Ness/Civic Center, Mission, Mission Bay, SoMa/Yerba Buena, South Beach and Dogpatch/Central Waterfront. Continue Reading

The Difference Between a TIC and a Condo

It’s not always obvious whether a property is a condo or tenancy-in-common (TIC) when you’re a buyer who’s searching online for properties. You have to click in to all the details before you realize that the photos of the wonderful “flat” that seems listed kind of low is actually a TIC.

But what’s the difference between a TIC and a condo? All things being equal, couldn’t you just buy a TIC if it has the space and location you want? Continue Reading

Price Reductions Hitting Large SF Buildings

Condos in larger buildings are seeing their fair share of price reductions during corona, based on sales that have closed from July 1 to August 15th.

Twenty percent of the 306 condos sold in that timeframe saw a price chop prior to closing, in various locations throughout San Francisco. But a majority of the reductions were concentrated in the Mission Bay, SoMa and South Beach areas.

Condos in smaller buildings with yards and parking that also have convenient neighborhood locations appear to be holding their values better. Buyers aren’t as quick to write offers on units in hotel-like properties where they have to share elevators and common areas with large numbers of residents. Continue Reading

How to Evaluate a Condo and HOA

The condo market offers excellent opportunities right now for savvy buyers, because there seems to be more inventory than interested purchasers. This is particularly true for condos located in larger buildings and high rises—not so much for units in smaller buildings with access to outdoor space. Those are still popular and go into contract more quickly.

It’s important to consider the complexity of owning this type of property, before you rush out to look at different possibilities.

Here’s a quick primer that will help you evaluate the fundamentals of a condo and its homeowners association (HOA). Continue Reading

My Picks for Price-Reduced Properties

I’m seeing a lot more price reductions happening on a regular basis lately, especially in the $2M+ price ranges for condos. Sellers and their agents are trying to find their accurate home values and the corona market is a work in progress.

I always recommend seeing a property as soon as you can if there’s a big price reduction. A large list price cut tends to attract eyeballs, particularly belonging to folks who had already been through on a showing. Continue Reading

What The Heck is HO-6 Condo Insurance?

You might have HOA insurance coverage when buying a condo, but you have to purchase your own “walls-in” coverage during escrow.

Lenders require what’s known as HO-6 insurance. Otherwise known as hazard or individual unit coverage, HO-6 insurance provides personal property and liability coverage for whatever happens within your unit’s walls. Continue Reading

The Best Way To Screen Condos Before Scheduling a Showing

The real estate community is still working within corona limitations when it comes to showing property. Open houses won’t be returning anytime soon. Home-buying is all about qualified, ready-to-write-an-offer buyers who thoroughly screen homes via virtual tours with their agent prior to even thinking about seeing the property in person. Continue Reading

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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