Category Archives: Condos

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

Condos Heading for Property Tax Break?

The San Francisco Assessor’s office may be on track to consider reassessing condos that may have lost value since the pandemic hit, reports the San Francisco Business Times.

The city is currently surveying large commercial property owners this month about how their rents and expenses have changed in the past year. The assumption, according to the Business Times, is that office buildings saw a reduction in revenue in 2020.However, this data review effort may also extend to condos if it becomes clear that such properties have lost value. Continue Reading

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

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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