There’s always demand for one-bedroom condos in major cities, and San Francisco is no exception. The buyer pool is typically filled with first-time home buyers, investors, empty nesters or those seeking pied-a-terres.
Location is a huge factor in what a buyer will pay for a one bedroom. There were 13 units that sold for $1.5M or more in neighborhoods like Pacific Heights, Russian/Nob/Telegraph Hill, and new construction in Hayes Valley, South Beach and Mission Bay.
Only eleven percent of all the one bedrooms sold changed hands for all cash, which speaks volumes for the low interest rates available. Units that sell the most quickly are located in central neighborhoods with easy access to public transit, retail and restaurants. And it’s worth noting that there are currently a lot more one bedrooms listed vs. actually in contract.
1BRs sold Jan-Oct 2021: 954
Avg price: $862,795
Avg price per sq ft: $1,083.51
Active listings: 226
In contract: 106
The Highs and Lows
The most expensive unit sold was at the newly built 1 Steuart Lane #503 (photo above courtesy Polaris Pacific). The 1405-sqare foot 1BR + den had two full baths and closed for $2,310,000.
On the more affordable end of the spectrum was 901 Bush #503, a 1BR/1BA with 429 square feet which had in-unit laundry and storage for $510,000.
1380 Greenwich #301
Open floor plan in a 33-unit contemporary building with Pacific Heights outlooks, in-unit laundry, storage and parking (plus guest parking). HOA dues are $605/mo. [Photo courtesy Sotheby’s International Realty]
Be flexible on price if you’re a seller with a one bedroom that’s still on the market after two weeks. If you’re a prospective buyer, I highly recommend seriously considering all existing inventory, as the supply will wane after Thanksgiving.