There is a concern amongst Realtors that many people are moving out of the city due to all the closures and lack of entertainment. However, this may be a very short sighted projection and every San Franciscan knows that the city is going to come back. The combination of record-low interest rates and hordes of still-employed buyers descending on limited listings has kept prices high. At first glance, buyers for the South Beach condo market appear to be holding out, however, some do recognize that it’s a great opportunity to buy. The median price per square foot for condos citywide is approximately $1,102, a 5.4% decline since last year.
Currently, Sellers are bringing their condos on the market at 2019 prices, but are seeing more interest and serious buyers as soon as there is a price reduction to about 10%. In fact, we’re seeing price reductions citywide.
Every condo unit is different too in terms of its views, condition, and the condominium building. So depending on your condo value, you may not have to reduce price. Bottom line is, price right or follow the market down.
According to Compass California President, Mark McLaughlin, in his expectation for the second half of 2020, he sees three significant macroeconomic variables driving our real estate markets. They are:
Federal Stimulus Package: The combination of the current State & Federal unemployment stimulus expires July 31st. The entire reason our newly unemployed citizens can meet rent and mortgage obligations are these unemployment benefits. In my view, Congress owns this part of the economy until 3 – 6 months after a vaccine is actively in the “market”, I do not see these unemployment benefits changing anytime soon.
Election: We get volatility and anxiety in our economy and equity markets every time there is a meaningful election. This one coming up is no different. Whether you want change or stability; we will get volatility and anxiety until it’s over – this is the way it has always happened.
Vaccine: A successful vaccine changes everything, once it is in the market and deployed. It seems our government is aggressively investing in the ultimate manufacturing and distribution of a successful vaccine. I do not believe we have seen a possible accelerated delivery like this in any other health crisis. Once the vaccine is on the market, the COVID home buying surge could substantially relax.
Robyn’s Hot Summer Listings
Waterfront Condo Residences
Available For Purchase. Featuring 3D self-guided tours that you can visit from anywhere. Like what you see? Call me for a in-person Covid-safe appointment.
Elegant North Waterfront Living
A Mid-Century Modern Renovation
111 Chestnut Street #601 / North Waterfront
Shown by Appointment*
Sunday, August 2nd, 2:00pm-2:30pm
*Call 30 minutes ahead for appointment with Covid docs
Stunning corner on a cul-de-sac with sea breezes. Mid-century modern renovation blended with Euro elegance, including blond ash, stainless steel, high gloss, stone, electronic fireplace, LEDs, Neolith, Miele, Wolf, and SubZero, heated stone floors in baths. Open floor plan with flexible space, extensive storage, and two well-separated master suites. Chef’s Kitchen! Dining in the glassy corner overlooking Alcatraz & Mount Tam. A walk score of 95 & walking distance to Embarcadero Waterfront, Financial District, Franklin Square, the Ferry Building, the Farmers’ Market, the San Francisco Bay Club, Levi Plaza Park, indoor & outdoor dining, grocery stores, & more.
Offered at $1,788,000
This enchanting corner is suitable for additional seating, a dining room area or a zoom room for video conference calls.
This sought after 2 bedroom urban residence offers an open concept floor plan, separated bedrooms & city lights views. Features include: wood flooring throughout, marble baths & chef’s kitchen. The residence has open outlooks to the north, west & south.
Available now! Stay tuned for more information and photos!