27 Oct Shift in SF Condo Market Creates Opportunity
For those of you waiting for the market to take a dip, our team believes we are seeing the dip RIGHT NOW, particularly in the San Francisco condo market. There’s been a huge swing in our condominium market that has created one of the best buyer’s markets in recent times! We see a few factors at play which has helped us get buyers into contract for under list price.
First off, there is a huge surge of inventory coming from new development condominiums. This has created a surplus of properties that has diversified the focus of San Francisco buyers.
Secondly, we’re hearing a lot of uncertainty and discussion surrounding the elections. Whether it’s due to uncertainty about future economic policies or simply being distracted, buyers are hesitating to act.
Lastly, we’re entering a seasonal low point in the year. The holidays serve as another distraction point as families prepare for their respective winter traditions.
The result of all this? We’ve helped multiple buyers get real deals on great properties in the City. Two of our buyers were able to ratify well below list price on luxury condos in South Beach. Another buyer was able to get something very close to list price in the Marina District. We are seeing multiple properties that are sitting without offers longer than 30 days and many properties that came on at very low prices that would normally tended to attract multiple offers, that now remain unsold.
Reach out to our team to find out if this is right time for you to begin looking at condos. It’s a rare buyers market right now, and we’d love to help you realize your dreams of home ownership in San Francisco!
If you’ve been thinking of getting into the market, particularly the condo market, give us a call today. 415-735-5867
Future Condominium Supply by District
Figures 12 and 13 above show the number of new condominiums currently under construction and entitled by district. There are 2,123 new condominiums currently under construction in San Francisco. 350 units are Mission Bay Block One, which began construction in 2015. In addition, a sizeable number of condominium projects were entitled and could begin construction in the near future.
More photos & information on all the buildings here:
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Contact us to learn how we can help you buy an investment opportunity or a new home. We are also available to do a free price analysis of your current home.