An often asked question is what can you buy for $1M in San Francisco? In many parts of the country,$1M can buy you a mansion – not so in SF! When I did a search for properties listed on the MLS (Multiple Listing Service) between $985,000 and $1M, 32 properties came up. What are these properties? There are 11 single family homes, 18 condos, and 3 two-unit buildings.
The homes are from 1 – 4 bedrooms and average 1435 square feet. They have been on the market for an average of 38 days. Despite the fact that 5 of the homes have been on the market for over 30 days, there has been only one price reduction. (It is not unusual to reduce the price of a property on the 31st day if it has been on the market for more than 30 days without it going into contract). This may be a sign that sellers are being unrealistic about the value of their homes and don’t want to lower their prices, or that it is just taking longer to sell in this changing market. The homes are located in neighborhoods like the Parkside and the Sunset with some in southern neighborhoods like Ingleside Heights, Crocker Amazon and Portola.
The condos are from 1 – 4 bedrooms and average 1290 square feet. They have been on the market for an average of 43 days. Despite the fact that 9 of the condos have been on the market for over 30 days, there have been only three price reductions. The condos are in a variety of neighborhoods in the northern and southern part of the city, including Pacific Heights, Nob Hill, SOMA, and the Inner Mission.
The 3 two-unit buildings average 1599 square feet and have been on the market for an average of 97 days. Two have been on longer than 57 days but there have been no price reductions. The 3 two-unit buildings are located in the Central Richmond, Western Addition and Silver Terrace.
Since things are taking longer to sell, this is a great time for buyers to get into the market and negotiate. I recently held an open house for one of these condos. It is at 728 33rd Avenue. It’s a two bedroom, 1.5 bath Edwardian with lovely original details and two car parking. It is 1434 square feet according to the tax records and has views of the water out of the living room window. It is listed for $988,000. Its offer date came and went over two weeks ago. The photo above is of the unit. It could be a great time for a buyer to swoop in!
If you are looking to buy in SF for around $1M, give me a call. I’d be happy to help!