The two-bedroom condo market appears to be tapering off a bit as we approach the end of the year. Though two bedrooms are the most popular and frequently sold type of condo, buyers are backing off the crazy overbids. And quite a few two bedrooms are sitting on the market with sellers who are hoping to snag buyers and get into contract before the end of the year.
The average overbid for two-bedroom condos citywide in September and October 2021 was six percent, with only 29 units closing for 20% or more over the list price. This modest overbid trend apparently didn’t influence the sale at 1 3rd Avenue in Presidio Heights—a tri-level, 2BR/2.5BA flat located on the bucolic end of 3rd Avenue between Lake and Presidio Terrace. Listed for $1,995,000, the sale closed for 30% over asking at $2.6M.
There are currently 54 two bedrooms on the market for $2M or more. The air is definitely thinner at that price point for this size condo, and only the prime neighborhoods can typically command that.
Just about half of the September-October sales were in the $1M-$1.5M price range. This seems to be the sweet spot for two bedrooms, so you’ll have a large buyer pool on hand if you decide to sell your unit.
2BRs sold Sept-Oct 2021: 253
Avg price: $1,422,428
Avg price per sq ft: $1155
Active listings: 262
In contract: 163
The Highs and Lows
The most expensive unit sold was at 1915 Hyde #2 in The Garage on Hyde, a lovely eight-unit building redeveloped in 2014 by Ogrydziak/Prillinger Architects and Willis+Co. This home had open beam ceilings, large windows and gorgeous finishes. It closed for $3.8M. (Photo above courtesy Sotheby’s International Realty)
On the more affordable end of the spectrum was 1460 Webster #1 in Western Addition. This 2BR/1BA, 850-square foot unit had parking as well as a private patio, and closed for $615,000.
2 Sharp Place
If you’re looking to live smack dab in the middle of Russian Hill, 2 Sharp fits the bill. Featuring two bedrooms, one bath and an exclusive-use patio, this unit is one of only three in the building and includes a formal dining room and one-car tandem parking. HOA dues are $348/month. [Photo courtesy Vanguard Properties]