Ryan Fay, Joey Hersh, and Omar Maissen offer up 3 tips for condo buyers in San Francisco. If you’re thinking of buying a condo, or curious about things to consider when buying a condo in San Francisco, then we hope you enjoy this short and informative video. If you liked these tips, consider downloading our 10 Things To Know Before You Go guide with additional tips and information.
SF Condo Buyer Tip from Omar:
Understand that while market dynamics are market dynamics, the things that make the SF market tick are a little bit different. Our market, for example, has more cash buyers than other markets and has been less sensitive to changes in interest rates than other markets. Neighborhoods have their own dynamics in addition, and those are often influenced by future neighborhood plans, which we can help you understand.
SF Condo Buyer Tip from Ryan:
A condominium is a legal set of ownership rights for the property. It is not a building style. Lofts in the Dogpatch are condominiums. Town-homes in Hunters Point are condominiums. Sleek glass towers soaring above Yerba Buena are condominiums. A Victorian flat in Noe Valley can be a condo. Every San Francisco buyer has to prioritize their most important choices, so take the time to learn about the various condo styles and neighborhoods you’re most likely to find them in. You might surprise yourself.
SF Condo Buyer Tip from Joey:
Have you thought in advance about your ideal monthly homeowner’s association (HOA) fee? Depending on building size and style, you’ll find a huge variety in the ways that HOAs in San Francisco fund themselves and manage their finances. Some people are more comfortable in smaller condominium buildings (2-6 units) where decision making is typically more informal and consensus driven. Others prefer the structure and formality of larger HOA associations with elected officers, regular meetings, and professional management.
In addition, dues vary dramatically. Smaller buildings often adopt a pay-as-you-go approach and have fewer or no shared building amenities, so they typically have lower HOA fees. Larger buildings tend to have higher HOA dues because they typically offer many more amenities and staff and will have a more formal long-term building maintenance plan with more reserves.
If you liked these tips, consider downloading our 10 Things To Know Before You Go guide with additional tips and information.