Snapshot: San Fran
We love San Francisco. Love it. We love it so much we had a difficult time choosing just one neighborhood as the focus of our first San Francisco Snapshot. The whole city just has this urban-meets-cozy-meets-ubercool vibe. In the words of our local agent friend, Radhi Ahern, “Everything in San Francisco is really desirable.” We have to agree. Lower Pacific Heights has a special place in our heart due in part to its proximity to some of our favorite haunts: La Boulange (pastries, quiche, coffee); Japan Town (sushi, of course, and the annual cherry blossom festival), BunMee (Vietnamese sandwiches), Perish Trust and Bi-Rite (not officially in the neighborhood, but close enough). In essence, it’s the kind of neighborhood where we’re certain the lucky ladies who live there wake up every day and say, (with a smidge of pride), “Yep. I’m a San Francisco girl.”
What $1.2M will buy:
You can still get a two- to three-bedroom condo with about 1,400 square feet.. Yes, that’s a whopping $800 per square foot, which, of course, will go up or down depending on proximity to the shopping on Fillmore, parks, or other neighborhood perks.
Also, you’ll want to remember that 42 percent of sales in San Francisco right now are cash sales. But, even if you don’t have cash, it is still possible to purchase. “The key is being completely qualified by a local lender,” Radhi says.
Rental income potential:
You can command top dollar for rent in San Francisco. Lower Pacific Heights is especially conducive to renting out multiple rooms because the average room tends to be on the larger side. Landlords can fetch upwards of $5,000 a month for a three-bedroom place, and if you’re just looking for roommates, a single room can bring in as much as $2.000.
Lower Pacific Heights draws an eclectic young crowd of techies and artists.
This trendy hood has everything you could need: great shops, tons of bars and restaurants, and easy access to transportation. Anything you can’t find within its official boundaries (which, according to the San Francisco Association of Realtors, actually includes Japan Town), you’ll find in the adjacent neighborhoods of The Fillmore District, Laurel Heights, and Pacific Heights.
San Francisco Economy*:
Unemployment rate: 4.9%
Median household income: $73,802
Median Value of Owner-Occupied Housing Units: $750,900
Median Sales Price: $1,002,500
Median List Price: $891,500
*Data taken from RealtyTrac.com, United States Census Bureau, Oct. 2014