This weekend, I am holding an Open House this weekend in what you might consider to be a regular commodity in an urban market such as San Francisco. The 1 bedroom, 1 bath condominium that comes with parking is actually rather a rare find these days. While there is a large amount of new construction coming on to the market that might fit the bill – many new luxury condos don’t have the character or the square footage of the older Art Deco units built during the early 20th century. They often don’t come with parking either…though bike parking is increasingly more popular.
This unit has architectural details that include hardwood floors made of this plank white oak, curved thresholds and distinctive moldings. The kitchen & bath are also still in their original style; the bathroom has colorful tiles from the period yet the kitchen appliances are all updated. This place also comes with ample storage outside of the unit.
Rather than focus solely on the selling points of this unit, however, I want to highlight what a distinctively LOW inventory market we have in the San Francisco market for a 1 bedroom condominium in this area.
Statistics can be tricky (to say the least), so let me describe the criteria:
- Exclusively the Inner Mission district within a 1/2 mile radius from the property on 25th Street
- Only targeting 1 bedroom or less, 1 Parking space, Condo & Loft, 999 sq. ft. or less
- (this is a dense urban environment, so there are many multi-family buildings)
- Price range = $849K or less
The graph shows there were 5 units on the market once April 2014, and the only other time there were 4 units available was once in July 2013 and once in April 2008!
Do you find this surprising? Of course, this doesn’t account for the percentage of listings sold “Off Market”. Though usually this is only a fraction of those sold on the MLS.
Here is a graph of the City of SF (orange) over the District 9 for the past 10 years.
As you can see, we have an astounding low amount of inventory even for the past 10 years. This lack of units to choose from drives the prices up. It also makes for an extremely competitive offer situation. In turn, it best to be prepared to offer well in advance, and know exactly what you are looking for…do you have to have parking? How much is a parking space worth?
2875 25th Street #1 is part of a four-unit, distinctive art deco building in the heart of the exciting Mission District. Over the 90-plus years of this building’s existence, the Center of the City has grown up around the Inner Mission with the addition of freeways and parks, gentrified neighborhoods now replacing the colloquial feel of a once-Latin, Irish, and Italian community within the city by the bay.
Nonetheless, being in this area has it’s appeal for the foodie, the commuter, the “pied-et-terre” or first-time homebuyer, for the single empty nester, or even as an investment option. The well maintained period details and age of the unit do entail adherence to the rent control, and HOA rules will also apply.
Come visit this unit and see what a rare find this unit is.
February 18 & 19th, 2017 / Saturday & Sunday / from 2-4pm
So that people can make an informed estimation of value, I always try to provide useful information as they come through the door.
Today’s Open House will include:
- neighborhood amenities for the Inner Mission
- charts I have displayed here
- current market rate information from a lender
- Anthony’s cookies
- a list of similar style properties on the market for reference
- First-time buyer materials (maps & tip sheet)
just to name a few…
Am I missing something? Would you like to see me add any information about the area or the low inventory situation in San Francisco?
49 ways home intends to provide helpful information for the seller, buyer or investor on a regular basis. If you would like to receive my monthly newsletter, or the weekly hotlist of new property, email me at:
or call: (415) 806-4966