Is it Time for SF Home Buyers to Embrace Condo Living? The Numbers Say Yes.
Regardless of whether my client is new or existing, I hear it all the time : “Matt, can you find us a single family, renovated victorian home, in X neighborhood, with at least 3 bedrooms/2 bathrooms, that has garage parking and an outdoor entertaining space?”
Sigh. If only I could make everyone’s dream [home] come true.
The issue really comes down to inventory. Everyone is looking for the same thing, and since most of my clients are competing with everyone else in the city who is shopping for the same home...ultimately that will drive a higher purchase price and become more difficult to nail down.
Sometimes it takes time, sometimes it can be right under your nose
I want to make something clear. Finding your dream home isn’t impossible and requires patience. Regardless, it’s good to understand all of your options because you might be surprised what you can find. The reality is your money can take you a lot further if you’re a little open minded.
What’s interesting about the market right now is that most of my home buyers are in the $2mill - $3mill purchase range. Unbeknownst to many, there are certain neighborhoods in San Francisco which are experiencing a major real estate inventory surplus in general and especially in this price range. Which ones you ask? SOMA and South Beach.
Before you say ‘ugh’ hear me out. ;)
Look, I get it. We’ve all fallen under the spell of the charming victorian luring us in with the promise of not only the quintessential SF home, but also the quintessential San Francisco lifestyle. We’ve put on our rose colored glasses and have no issues ignoring the multiple compromises that come with owning a victorian.
In what ways? Let’s take a look at the numbers:
The Icing on the cake? Say hello to negotiating power!
Negotiation? What does that even mean? Well, like more San Franciscan home buyers, the thought of a negotiation when buying a home is a very, very, foreign concept. The benefit of a surplus means that the buyer actually has the power to name their price (the seller has to accept it of course). Instead of asking $100k, $200k or sometimes $500k over asking, there is an opportunity to negotiate down, which means a bigger bang for your buck.
Ready to see your high-rise options? There are two that I think you’ll love.
With the tagline ‘SF’s most stylish address’ it’s no surprise that these residences exude luxury. Architected by the famous Ten Fulk, it boasts the highest private lounge in San Francisco, a concierge, penthouse lounge, valet, fitness center, and swimming pool. Oh and they offer 1, 2 & 3-bedroom living spaces.
The impressive architecture and design hits you squarely in the face as soon as you walk into the doors if this beautifully designed building. With two-bedrooms averaging over 1,880 sq ft, three-bedrooms averaging over 2,100 sq ft — and the full-floor grand penthouse topping out at over 6,900 sq ft the options seem to be endless. The first 38 floors have been leased to Facebook, so this exclusive building will only have the opportunity to be coveted by 55 lucky owners -- I’d get it before it’s too late!
Ready to start looking? Contact me here.
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