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Old 11-16-2011, 01:24 PM
 
4,862 posts, read 7,939,637 times
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Are the buys mainly domestic or foreign?
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Old 11-16-2011, 02:59 PM
 
139 posts, read 201,303 times
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well..one good thing in CA is the low property taxes...on the East coast we pay about 3times the taxes...so you wouldnt mind paying a little more...
For a condo priced at 600K, typically taxes would be 12-15K and maintenance anywhere from 500 to 1000. Compared to that, paying 750K for a single house in Noe Valley with taxes of 3K is a steal.
zillow does show me the same houses selling for 200K in 1992...thats a huge runup, 4 times in 20yrs, even after the bubble was busted - its the only thing that makes me a little nervous.
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Old 11-18-2011, 06:31 PM
 
Location: San Francisco
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I'm a San Francisco Realtor. $700k is not realistic for a single family home in Noe Valley. That buys you a tear down. Glen Park which is nearby and $700k is realistic, but is also a very different neighborhood despite its proximity to Noe. Plenty of other SF neighborhoods have great $700k homes, but Noe Valley is one of the most sought after neighborhoods in San Francisco for a variety of reasons.... including some of the best weather, and it's quick access to the highways for Pennisula commutes.

As far as rent vs. own, the one thing that few take into account is that most rentals are not remodeled. If and when they are remodeled they command much higher rental prices. So what many are comparing when they do rent vs. own calculations is an unremodeled rental vs. a remodeled purchase. That said, rent vs. own was FAR out of whack during the bubble, and has contracted significantly. Purchase prices have dropped, interest rates have dropped, and rent prices have gone through the roof. If you can put 20% down, and you get a tax deduction, you can now break even in monthly costs.

The one-bedroom market is the easiest to find these deals. I recently sold a 1Bed loft on 3rd Street in the Dogpatch neighborhood for $341,000 that was renting for $2500. You should do the math on your own to see how this shakes out. Of course that was one of the best rent vs. purchase ratios I've seen in the City. Easier to find is something selling for $400,000 renting for $2,000+, or $600,000 renting for $3,000. The NYTimes rent vs. buy calculator is definitely worth running these scenarios through. Use Craigslist to try to figure out what the home you are interested in would rent for and you'll be off to the races.
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Old 11-18-2011, 06:40 PM
 
Location: San Francisco
5 posts, read 8,210 times
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By the way, you mentioned Miraloma Park and Inner/Outer Richmond. Your numbers ($700k and $2700) are pretty close for Miraloma and the Outer Richmond (not likely in the Inner Richmond). Both are foggy neighborhoods in the Summer, whereas Noe is one of the most protected from fog in the City. And that is a large reason why you can find a $700k home in Miraloma and the Outer Richmond and you can't in Noe. On the other hand you can find a 2Bed Condo in Noe for that.
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Old 11-20-2011, 08:20 PM
 
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Thx for the info robregan. What are rentals going for in Miraloma Park? I dont see any listings online. I dont mind fog myself. BTW, I saw a few listings online for around 800K in Noe...I was assuming I could get it down to 750 after negotiation.
I do think 600K renting for 3000 is a good buy value in SF, given the low property taxes.
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Old 11-22-2011, 02:57 PM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,630,809 times
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Quote:
Originally Posted by Tokyo Deez View Post
San Francisco is pathetic when it comes to housing. People actually get into bidding wars over 2 bedroom 900 square foot apartments that cost 700K. No back yard, upstairs noise, sharing walls. It's pure insanity.
Your point?

Millions want to live where only 750,000 can fit
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Old 11-25-2011, 08:22 PM
 
6,438 posts, read 6,884,237 times
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Quote:
Originally Posted by BajanYankee View Post
Have you looked into a job opportunities at Google and Facebook? Or have you considered going to Harvard or Yale Law? Or have you ever thought about neurosurgery? You should just take one of those routes. Then you'll be able to afford a house in the city.
It sounds like he can already afford a house in the city; he just doesn't want to overpay. At the moment, renting in SF proper does look like a better deal than buying.
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Old 11-28-2011, 04:25 PM
 
Location: Bay Area
2,406 posts, read 7,885,203 times
Reputation: 1864
Properties sell for about 96-103% of asking price, so forget negotiation....for the most part what you see is what you get.

Quote:
Originally Posted by katskill View Post
Thx for the info robregan. What are rentals going for in Miraloma Park? I dont see any listings online. I dont mind fog myself. BTW, I saw a few listings online for around 800K in Noe...I was assuming I could get it down to 750 after negotiation.
I do think 600K renting for 3000 is a good buy value in SF, given the low property taxes.
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