Since the first of the year, 178 new listings have been entered into the San Francisco MLS. At a rate of 10 per day, this could bode well for buyers who have been frustrated by the lack of inventory.
The lion’s share of the new inventory is condos and TICs. There are 90 of them new to the market in neighborhoods and prices ranging from a $6.6 million condo at The Millennium condominiums downtown on Mission Street to a two-bedroom fixer condo on Kiska in the Bayview listed for $215,000.
The tenancy-in-common (TIC) market runs at lower prices than the condo market, but requires higher downpayments and the loans for TICs have higher rates. Fifteen of the new condo/TIC listings are TICs, averaging a sale price of $976,436 and 1319 square feet.
Of the 17 two-to-four unit buildings new to market, 11 are two-unit buildings. Two-unit buildings are often suitable for condo conversion if both units are owner-occupied for one year. However, please keep in mind that not all of these two-unit buildings will easily qualify for condo conversion because San Francisco’s rent control laws can make it difficult for new owners to occupy their buildings if they are delivered rent-occupied.
Questions? Get in touch.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com
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