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Tuesday, January 27, 2009

Buying San Francisco Condominiums

By R. Kim

Many condo buyers were priced out of San Francisco condominiums in the past. But because of the recent downturn in the economy and turmoil in the financial market, many of these condos are now becoming available to many more buyers. Short sales and discounted foreclosure on rampant in San Francisco bay area.

According to real estate information services, the bay area condos have fallen in price by as much as 6.7 percent to average sales price of $375,000 in late 2008. It is down almost 44.4 percent from November 2007 when the price was highest at $629,000. You can see why these condos are affordable now as before many were priced out of the market.

This is causing a frenzy among buyers of condominiums that were prices out of the market in the last few years. San Francisco condos are in location where many of the areas top restaurants, bars, and entertainments are in downtown. Downtown offers unique urban living with excitement of a big city. It is much better than renting an apartment, which was better options when the prices were high, but with decline of prices it is making it more affordable for those with cash.

The average sale price of San Francisco condominiums is between $400,000 to over a $1,000,000. In recent years many new condo developments have gone up in places like Sea Cliff, Sunset, and St Francis Wood.

Because of good weather all year around and many local places to visit like Lake Tahoe, it makes these condos more desirable and are good investments.

Luxury high rise San Francisco condos market has not taken much a hit. These luxurious high priced condominiums that are in south of the Market area are still in high demands. Even with the recession, luxury condominiums and penthouses have been selling, majority of them being in upper part of the building. These have been increasing in value anywhere from 15 to 20 percent with strong demands. Because of proximity to work many executives have preferred these condos.

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