2 BD/ 1 BA Condo in Inner Mission District

Just recently, a client of Salpi and mine were looking into a 2BD, 1 BA Condo in San Francisco. Her requirements (like many) were that….

>> The property had at least 2 BD, 1 BA
>> The property was located in a desirable neighborhood
>> That there was parking deeded into the purchase
>> And that the property would have a quality resale value

Those were the main criteria from the client, and the two of us found this one unit in the Inner Mission district. It was a 2 BD, 2 BA with one car-parking deeded listed at $499,000. Salpi and I both looked over the property and saw a lot of benefits about the Condo – mainly that the 4-unit building had already been converted into a Condo, so there was no worries about waiting (and hoping for winning the conversion rights from the city) for the chance of having the (then) TIC convert to the Condo.

The condo itself was located in a decent area in the Mission and it wasn’t situated at a busy intersection, but instead was right on the cross street next to South Van Ness which was good. Close to coffee shops, and the freeway which helps, and finding the HOA (homeowner association fees) were quite low compared to many other HOA fees for condo’s that we’ve looked over.

After showing our client the listing and describing the benefits, we decided to write-up an offer for the Condo. Unfortunately, our offer wasn’t the highest and was rejected, but here’s the kicker, from what I’ve found out is that the accepted offer from the potential buyer was far in away higher than all of the multiple offers that were put on the table for the Condo.

From the comparables that we’ve looked over, the accepted price is an overpaid value of what the Condo is worth in today’s market. If (and when) escrow closes for this property, we’ll update you on what the sold price is as we’re all surprised by the accepted offer price from the potential buyer in today’s market.