Carol Solfanelli | Compass | DRE License # 01347033 | 415-297-7031 |
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As The SF Luxury Co-op Market Slows, Make a Deal!

This month is co-op month for me with one luxury view co-op on the market now and a second coming on soon. 

Co-ops, which are often but not always in luxury buildings, are different than condos. A  cooperative or co-op is a form of ownership in which an owner owns shares in a corporation which owns the building and signs a proprietary lease which gives them exclusive use of their unit. One of the big differences between a co-op and other forms of ownership is the requirement to be approved by a Board of Directors and while the approval is normally given, there is no guarantee.

One of the more famous cases where a buyer was not approved is the case of Madonna who was refused by the co-op board of the San Remo on Central Park West to buy a $1.2M apartment in 1985 when she was 26. I discussed this  and my current listing recently in this article in SFGate:

Co-op Amenities

Co-ops usually have better amenities than most condos, such as an on-site manager, a workout studio, a dog-walk, a pool, an entertainment room with bar and kitchen, and other attractive features. Their HOA dues can be high to support these amenities, often more than $2000 a month. 

Co-ops Currently on the Market

There are 24 co-ops currently listed throughout the city now. Most co-ops in San Francisco tend to be luxury units so their prices can go into the stratosphere. The most expensive co-op listed for sale now is a 3-bedroom penthouse in Pacific Heights, listed for $35M. The average price of co-ops on the market now in the city is around $5.3M. 

Recent Sales

Twenty were sold throughout the city in the last 6 months for an average price of $1.9M. Co-ops normally sell for more but there were a few buildings with lower priced co-ops which recently sold, bringing down the average. The most expensive sale in the last 6 months was for a Pacific Heights penthouse co-op which sold for $11M.  The average sales time for co-ops in the city in the last 6 months was 99 days, demonstrating a slowing in the market for co-ops. 

Since things have slowed a little, those lucky few who can afford to buy a luxury view co-op in the city should look now while the market is soft, because there are opportunities out there to be had! I’d be happy to assist.:)

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