The one-bedroom condo is a popular choice in San Francisco. Of course, one bedrooms have their limitations and aren’t for everyone. Because of the narrower buyer pool, you can increase your chances for good resale value by purchasing a unit in a desirable neighborhood central to services, public transportation, and restaurants/cafes.
The average price for a 1BR condo has jumped in recent years. It’s $791,306 as of the time period from December 2015-March 16, 2015. 14% of the 182 1BRs sold had price tags in excess of $1M.
The most expensive 1BR sold was #406 at Millennium Tower. That unit had 1633 square feet, garden views and ten-foot high ceilings and changed hands for $2,325,000. The least expensive market-rate 1BR condo? A 513-square foot unit at 8200 Oceanview Terrace in Ingleside Heights that sold for $388,000.
You can expect to pay an average of 4.5% over the asking price for a 1BR condo. But neighborhoods like Hayes Valley, Marina, Mission, SoMa and South Beach saw their share of 20%+ overbids.
Here are three 1BRs currently on the market that have excellent locations within popular neighborhoods:
45 Wilder #3
45 Wilder #3 is one block from the heart of Glen Park Village, and only a couple blocks to BART. There’s a good-sized bedroom, and ample kitchen space. One person owns and rents out the other three units in the building, so buyers will need 25% down and will be limited to an adjustable-rate mortgage.
HOA dues: $389/mo
If you love the North Beach scene, 19 Medau is the perfect home for you. It’s situated in a small alley, but only steps away from Columbus Avenue. You can also walk to the Financial District from here. The unit has a formal dining room, updated kitchen and bath, and Victorian period details.
300 Berry #505
HOA dues: $446.86
I recently listed and sold a condo in The Arterra, and can vouch for its quality and desirability. #505 has partial downtown and park views, well-appointed kitchen and in-unit laundry. You can catch Caltrain and Muni from here, or jump on 280. And let’s not overlook being only a few blocks from AT&T Park. Baseball season is fast approaching.
Give me a shout if you’d like to see any of these condos! I’m at email@example.com/415.823.4656 and would be happy to get you going.