One trend I’m seeing this year is an increase in sales for large condos and TICs in hot neighborhoods like the Haight, Hayes Valley, Mission Dolores, and NoPa. What I think is happening—and which I’ve also heard from some of my colleagues—is that buyers are snapping up these properties due to their need for more space to accommodate existing or growing family needs.
It’s also likely that these buyers have been priced out of the single-family home market in these areas, which offer proximity to restaurants, shops and easy access to public transportation.
Indeed, I’ve seen my share of 3BR/2BA condos and TICs in the aforementioned areas on broker tours this year. There are currently eleven such condos and TICs on the market at a list price average of $933,717, with a 1,688 square feet average. And there are nine such units in contract, at a list price average of $828,389. The average size of these units has been about 1800 square feet.
Recent sales have been brisk. A total of 47 three-bedroom+ condos and TICs have sold year-to-date at an average of $874,015. With an average sales price for a single-family house in these neighborhoods clocking in year to date at $2,180,222, you can see why some buyers are settling for well-located, spacious condos instead.