Which starter house can you buy for $ 1 million?

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Which starter house can you buy for $ 1 million?



The past year has been chaotic – and competitive – for first-time homeowners in the Bay Area. Some realtors say this has been a particularly difficult year for those looking to move from a condo to a home with more space.

Often times, people looking for that affordable “starter house” turn to “starter condos” instead, especially in San Francisco and Oakland.

In the first months of the pandemic, the condominium apartment inventory in San Francisco was the highest in 15 years as people scrambled to get out of smaller spaces and move to places where they could find “homes.” starting points ”larger. , with outdoor space. However, most of the time people didn’t go too far. Time-series analysis of US Postal Service data showed that the most popular county for San Francisco residents moving during the pandemic was Alameda County, just above the Bay Bridge.
In part thanks to this migration model, the East Bay real estate market has become extremely competitive. Compass real estate agent Anne Culbertson said single-family homes in Oakland regularly sell for between 30% and 40% off list price – and that many are receiving dozens more offers than they would in recent years .

Realtors say the market is so fierce that some people are now choosing to stay in San Francisco, often in smaller apartments they wanted to get rid of or focusing on larger apartments. And, as a result, the condominium market appears to be heating up again on both sides of the Bay Bridge.

So what does a “starter condo” look like these days? Here are two properties, one in San Francisco and one in Oakland, that exemplify some of the trends in both markets.

A two bedroom shoebox size in the heart of San Francisco city life

227 Guerrero St, San Francisco

List of prices: 985 000 $

Cut: 700 square feet

Price per square foot: 1 407 $

Approvals: Renovated kitchen, single storey terrace, common courtyard with barbecue and outdoor fireplace, parking

227 Guerrero St, San Francisco
Photograph of open houses

Located in the middle of the Mission Dolores neighborhood, this two-bedroom, one-bath condo would be considered the most upscale of San Francisco’s “starter condo,” but in category nonetheless, real estate agent Compass said. Tal Klein, who is the listing agent for the property.

The $ 1 million-plus market in San Francisco is basically just condos, Klein said, and there are very few of them. There are cheaper condos in neighborhoods like SoMa and Diamond Heights, but for centrally located locations like Mission Dolores, $ 1 million or slightly below is the minimum entry point for buyers. And for these properties, buyers will likely be looking for a bedroom under 1,000 square feet or two extremely cramped bedrooms.

227 Guerrero St, San Francisco
Photograph of open houses
227 Guerrero St, San Francisco

227 Guerrero St, San Francisco
Photograph of open houses
227 Guerrero St, San Francisco

227 Guerrero St, San Francisco
Photograph of open houses

Compared to other places in the Bay Area, there are fewer single family homes in San Francisco in general, making them even harder to find. But those “starter houses” really start at $ 1.3 million, Klein says, and they would likely be in neighborhoods further on the outskirts of town, such as the Excelsior, Portola, and Bayview. If you want something in the center of town, you’ll be looking at $ 1.6 million – and it’ll likely be a repairman, Klein added.

227 Guerrero St, San Francisco
227 Guerrero St, San Francisco
Photograph of open houses
227 Guerrero St, San Francisco

227 Guerrero St, San Francisco
Photograph of open houses

This momentum has in part helped the condominium market to reboot. Klein says if the Guerrero Street condo is an example of a small starter house in the city, it’s a rarity due to its location, walk, and view (it’s a top floor unit) .

Artists have been commissioned to paint the interior of the building, and the backyard has a common vegetable garden which all occupants take care of.

227 Guerrero St, San Francisco
227 Guerrero St, San Francisco
Photograph of open houses
227 Guerrero St, San Francisco

227 Guerrero St, San Francisco
Photograph of open houses
227 Guerrero St, San Francisco

227 Guerrero St, San Francisco
Photograph of open houses
227 Guerrero St, San Francisco

227 Guerrero St, San Francisco
Photograph of open houses
227 Guerrero St, San Francisco

227 Guerrero St, San Francisco
Photograph of open houses
227 Guerrero St, San Francisco

227 Guerrero St, San Francisco
Photograph of open houses

“If you want to feel like you’re in a city and a community, that embodies everything,” Klein said.

But the living quarters will be narrow.

A three-bedroom condo at the bottom of the house, with outdoor space

524, 21e rue, Oakland
524, 21e rue, Oakland
Peter Lyons, Caldecott Properties

524, 21e rue, Oakland

List of prices: 779 000 $

Cut: 1364 square feet

Price per square foot: $ 571 square feet

Approvals: Terrace, common courtyard, top floor, washer and dryer

524, 21e rue, Oakland
524, 21e rue, Oakland
Peter Lyons, Caldecott Properties

When it comes to “starter condos” in Oakland, this three-bedroom, two-bathroom property is among the best – and largest – of the bunch. It sits in a central walkable neighborhood in Uptown, near Lake Merritt, and includes a large outdoor space (a patio and backyard shared with one other unit). But it has a potential drawback: no parking.

In Oakland, “starter condos” can range from newly built properties to loft-style spaces, said Caldecott Properties real estate agent Shalene Rose, who is co-listing the 21st Street property with real estate agent Michael Braillard. And just like in San Francisco, Rose says she sees the condominium market recovering from last year.

“We are definitely seeing more exuberance in the market when it comes to condos, especially when they are unique and have beautiful outdoor space,” said Rose.

“This market continues to be very competitive,” she said. “The Bay Area is a very attractive and great place to live.”

524, 21e rue, Oakland

524, 21e rue, Oakland
Peter Lyons, Caldecott Properties
524, 21e rue, Oakland

524, 21e rue, Oakland
Peter Lyons, Caldecott Properties
524, 21e rue, Oakland

524, 21e rue, Oakland
Peter Lyons, Caldecott Properties
524, 21e rue, Oakland

524, 21e rue, Oakland
Peter Lyons, Caldecott Properties
524, 21e rue, Oakland

524, 21e rue, Oakland
Peter Lyons, Caldecott Properties
524, 21e rue, Oakland

524, 21e rue, Oakland
Peter Lyons, Caldecott Properties

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