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August 3, 2015

SF Condo Market Sees Summer Softening


The San Francisco condo market tends to hop into a hammock for a siesta around July and August. For buyers who aren’t on vacation and serious about snagging a new home or investment property before the big Fall push, summer can present a wonderful opportunity to avoid bidding wars and get a pretty good deal.

There are 200 condos on the market as of this writing, and almost half are looking at a days on market (DOM) count of 21 days or more. 38 of these condos are listed for under $1M, and 29 for $1.5M+. For once, the luxury market isn’t leading the market-sitter pack.

The most expensive condos are listed for close to $10M. Those would be 10 Miller #2400 (photo, above), a 3BR/4.5BA unit with 3,197 square feet and unobstructed views ($9,495,000) and 301 Mission #PH1D, a 2BR “functional objet d’art” penthouse in the Millennium for $9,450,000.

In the $1M and under/21 DOM+ market, you can find condos in new construction buildings like The Rockwell at 1688 Pine in Lower Pacific Heights, and 6 Mint Plaza in SoMa. There are also a few condos scattered among the Richmond, Pacific Heights, Nob Hill, South Beach. And let’s not forget the sole condo in this range in popular Noe Valley—1200 Castro, a 2BR/1BA in a prime neighborhood location that’s short on square footage but big on interior design efficiency. Currently listed for $775,000, the unit’s future owner will also have to participate in the future $70,000+ assessment for soft-story work. This could be what’s making buyers hesitant, as this unit doesn’t come with parking, to boot.

I sorted through the current condo listings that have been on the market for 21 days+ and wanted to share these cool finds::

2947 Jackson / Pacific Heights
3BR/2BA, 2100 sq feet, 1 pkg
Days on Market (DOM): 61
That lovely bedroom is part of the package at 2947 Jackson, a spacious condo in a four-unit HOA. Great neighborhood location near the Divisadero corridor. Chef’s kitchen, master with walk-in closet, rear deck with city views and parking—it’s all there. HOAs are $440/month, which is also quite reasonable.

271 Clara #A / SoMa
1BR/1BA, 992 sq feet, 1 pkg
DOM: 47
For buyers who want a little Edwardian soul in their SoMa home, 271 Clara #A is a good bet. The unit has a nice, open floor plan, in-unit washer/dryer and parking. The building is situated on a one-lane street that runs parallel to Harrison. #B shakes out to $755/square foot in a part of town that typically demands a much higher figure. The unit is technically a TIC being sold in conjunction with the upper unit (3BR/2BA, listed for $999,500). Both units need to close escrow concurrently in order to become condos.

2600 18th Street #22 / Mission
2BR/2BA, 1662 sq feet, 1 pkg
DOM: 54
2600 18th Street #22 is a three-level loft with sweeping views of Twin Peaks. There’s an oversized living room with gas fireplace, kitchen with gas range and in-unit laundry. The second bedroom and bath are on the second floor, so you have a good separation of space when it comes to guests. The building is located on the steadily developing eastern end of the Mission, near Flour and Water, Central Kitchen, Mission Cliffs and a variety of other cool businesses (not to mention old standby Slow Club at the next corner).

Please get in touch ( / 415.823.4656 if you’d like to see these or any other properties!

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