Category Archives: Condos

Inventory Glut Hits Luxury Condo Market in San Francisco

Buyers looking for a condo in the $2M+ range are in luck: There’s plenty of inventory from which to choose.

The numbers tell the story. There were just under 150 active condo listings from $2M+ as of Friday. On the other hand, only 26 condos in this category are actually in contract, and 56 listings have expired or been cancelled since July. Continue Reading

1BR Condos a Good Bet for First-Time Home Buyers

A one-bedroom condo—especially one with a den or office area—is an excellent option for first-time home buyers. This type of property truly exemplifies the concept of getting your foot in the door of San Francisco real estate, and aiming to build equity with the goal of trading up in a few years.

The average price of a one-bedroom condo citywide is $876,707 (based on sales from July 1-Sept 30, 2021). If your price range is under $1M, targeting conveniently located one bedrooms is the way to go.

There are currently 242 one bedrooms on the market, so you have plenty to choose from. The one bedrooms that will have the best chance of appreciating have parking, on-site laundry, a good location near retail and public transit and HOA dues that aren’t excessively high. I set out to find some properties that meet this criteria and which I think are well worth considering at the moment. Continue Reading

September 2021 Market Check: How Are We Doing?

September 2021 Market Check: How Are We Doing?

September sales are in, and it looks like the San Francisco single-family home and condo markets are as robust as ever—assuming certain property attributes and locations are in play.

Here’s what’s going on, based on sales from September 1-23, 2021:

Single-Family Houses
Number sold: 165
Median price: $1,795,000
Avge overbid: 12.24%
# houses overbid 20%+: 70
Everybody loves a single-family house in San Francisco. The homes that really fly off the shelves have three or more bedrooms, additional space for guests or a family room, parking and a desirable location. Almost half of these homes sold for more than 20% over the list price. There were a few eye-popping sales this month; those never seem to get old. Here’s the lineup:

121 Theresa | Mission Terrace
3BR/2BA, 1664 sq ft
List price: $1,525,000
Sale price: $2,250,000
Percent over list: 47.5
(Photo courtesy of Compass) Continue Reading

5 Ways To Think Outside the House-Hunting Box

Home buyers usually have a wish list for the property type and neighborhood in which they want to be—and a budget that may not allow for all the amenities.

I learned long ago that part of my job as a real estate agent is to help clients think outside the box when it comes to getting what they want within their budget.

To give you a feel for what I’m talking about, here are five things that are typically on home buyer wish lists—and the trade-offs you can consider to get you the functionality and central location that will work for you:

1. A house with a private yard. We’ll call this the San Francisco dream. But the reality is that single-family homes in areas like the Inner Sunset, Noe Valley, West Portal or Mission Dolores, for example, are typically well above $2M. However, there’s one property type that can get you the privacy and outdoor space you need—a condo with exclusive-use outdoor space such as a deeded yard or roof deck. Continue Reading

Just Listed: 400 Beale #1211

Just Listed: 400 Beale #1211

I’m proud to present my 2BR/2BA South Beach condo at 400 Beale #1211 in the BridgeView. This lovely condo has bridge and water views and is conveniently situated near the Embarcadero, Woodlands Market, Ferry Building, Chase Center, Oracle Park, Caltrain and freeway access.

#1211 features an open living/dining/kitchen floor plan, along with a spacious primary bedroom with balcony, large closet and en suite bath. The second bedroom with its French doors is perfect for guests or an office. This unit has a dedicated storage locker, in-unit laundry closet and one-car parking.

BridgeView has always been one of my favorite buildings in the neighborhood. It has a host of useful amenities like a 24-hour concierge, heated outdoor pool, well-equipped gym, and sky deck with multiple seating areas and two BBQs.

Check out our property Web site here. List price: $995,000.

We’ll be open Saturday 8/14 and Sunday 8/15 from 1:00-3:00. Stop in and see me if you’re in the neighborhood!

Just Sold: 451 Kansas #630

Just Sold: 451 Kansas #630

Congrats to my clients who just purchased the light and bright 451 Kansas #630 in The Potrero. They lucked out with a top-floor unit steps from the shared view roof deck. This 1BR/1BA has in-unit laundry, a storage locker and parking.

It’s also located above Whole Foods and within walking distance to everything in Potrero Hill. Easy freeway access and a straight shot to Mission Bay, too. The Potrero has a few useful amenities like a gym, bike racks and even a craft room.

Listed for $839,000, #630 sold for $890,000 with multiple offers. Special thanks to listing agent Peter Monti for a smooth transaction!

Hard Hat Tour: Lofton at Portola

Hard Hat Tour: Lofton at Portola

I went on a hard hat tour of the Portola neighborhood’s Lofton development this week. Featuring 54 single-family attached homes currently being built by TriPointe, Lofton is an excellent option for folks who are getting outbid on San Francisco single-family homes—and who would appreciate owning a new-construction home with minimal maintenance.

There are five different plans on the site. I walked one of the framed townhomes in Plan A, a 3BR/3.5BA, 1764-square foot floor plan on the east side of the lot. These homes have unobstructed views of the Bay, and start at around $1.5M:

Continue Reading

Great Time To Buy a BMR Condo

Great Time To Buy a BMR Condo

It’s an opportune moment to purchase a below-market rate (BMR) condo, as competition is slim and inventory available.

The San Francisco Mayor’s Office of Housing and Community Development offers first-time home buyers a below-marke trate (BMR) condo program that spans a variety of neighborhoods. The benefit? Pay a mortgage instead of rent, and build a bit of equity.

The program has strict eligibility requirements, and typically involves a lottery for each available condo. However, the SF population exodus over the past year has narrowed down the BMR buyer pool. So there’s a number of “First Come, First Served” listings for which you can apply once approved. Continue Reading

Buyers Target SF Condos in May

Buyers Target SF Condos in May

Here’s how things shook out in the condo market last month:

Average Price: $1,365,896
Median Price: $1,230,000
Average Price Per Square Foot: $1,114
Days on Market: 36
Average Overbid: 5.87%
20%+ Overbids: 32 (8.8%)

My Take: The San Francisco condo market made a strong showing in May, with a similar number of sales and a slightly higher average sale price compared to April. Buyers shied away from massive overbids, with fewer than ten percent of condo sales involving overbids of more than 20%. The largest overbid was for a Bernal condo at 1593 Treat (see photo), one of two condos in a duplex that went on the market simultaneously. The 2BR/1BA, 1130-square foot unit was remodeled, had in-unit laundry and two-car parking and sold for $1,510,000—$515,000 over the list price. Its 3BR/2BA, 1760-square foot top-floor counterpart at 1595 Treat had similar results. Listed for $1,495,000, the unit closed for $1,995,000. Chalk one up for the continued popularity of condos in smaller buildings with all the amenities. [Photo courtesy of Kindred SF Homes]

New Townhomes On Tap in Portola

New Townhomes On Tap in Portola

San Francisco’s Portola neighborhood is getting an injection of new inventory—54 townhome-style condos, to be exact. Lofton at Portola is currently under construction at 489 Cambridge Street.

Tri Pointe Homes is building the units on a two-acre parcel previously occupied by Fellowship Academy Day Care buildings. The project is a mix of two- and three-story condos ranging in size from 1,387-1,896 square feet with parking.

Pricing starts at around $1.2M for the two-bedroom units, and $1.4M for the three bedrooms. HOA dues are quoted on the Lofton Web site as being $256/month, but I would ultimately budget a higher amount for a community of this size. Continue Reading

Just Sold: 1650 Broadway #304

Just Sold: 1650 Broadway #304

My clients just closed on the purchase of their two-bedroom/two bath modern condo at The Luxe at 1650 Broadway #304. Built in 2016, the building has a spacious, nicely decorated lobby with doorperson, as well as parking with an EV charger.

The south-facing home features an open floor plan with terrace, kitchen with Studio Becker cabinetry and Sub-Zero refrigerator and a primary suite with walk-in closet by California Closets and a spa-like bathroom with radiant heat and a walk-in stall shower encased in tile:

The condo closed recently for the $1,595,000 list price. Congratulations to my lucky buyers!

Budget for HOA Dues During Loan Preapproval

You’re thinking about buying a condo in San Francisco, and the first thing on your checklist is loan preapproval. Along with mortgage payments and property taxes, your lender tells you that you need a rough idea of how much your homeowners association dues (HOA) will be. But you don’t know what you’ll be buying, so how are you supposed to know how much the dues will be? Continue Reading

5 Reasons Why Your Condo May Not Be Selling—And What You Can Do About It

There are currently more than 620 condos for sale in San Francisco. And more than half of them have been on the market for 21 days or more—that’s a lot of sellers who are probably wondering why their properties aren’t selling if the San Francisco condo market has made a comeback over the past two months.

There are a lot of reasons some condos take longer to sell. But here are a few of the most frequent sale barriers, along with some ideas for overcoming them: Continue Reading

Big Condo Overbids Return in 2021

Big Condo Overbids Return in 2021

Condos with two or more bedrooms, all the amenities, and desirable neighborhood locations are currently very much in demand by San Francisco buyers. As a result, there are increasing numbers of large overbids and sellers receiving many, many offers.

You’ll read about this trend a couple months from now in the mainstream media, but I am officially seeing the return of the list-low, sell-for-more pricing strategy for these properties.

A look at February’s closed and pending condo sales point to a trend in rising buyer demand for condos in popular neighborhoods near parks and retail areas. A condo that also features an exclusive-use outdoor space is at the top of everyone’s list. Even better if that condo is remodeled, and has two bathrooms, in-unit laundry and parking. 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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