Office-to-Condo Conversions in San Francsico
Youโve probably heard about office-to-condo conversions in San Francisco? Maybe youโve also heard they are not a silver bullet for the housing shortage, but theyย areย a step in the right direction.
SF Mayor Breed has proposed to remove the city’s transfer tax on buildings converted from office to residential use. This could check a lot of boxes from an expert Brookings analysis earlier this year: removing barriers and providing a one-time tax incentiveโnot direct subsidyโto turn vacant space into homes.
While not all buildings are suitable for conversion, these incentives create new possibilities. For our intersecting issues of housing supply, affordability, even homelessness, every solution counts.
In finance news, mortgage rates have risen to a 23-year high, now averaging 8% nationally. Last yearโs gap between jumbo and conforming loans has closed, but San Francisco buyers still often secure rates 1-2% lower than the national average. Interested in exploring your options? We can connect you with a trusted local lender.
Lastly, San Francisco’s luxury condo market is showing more signs of cooling off. Oversupply from projects initiated between 2017-2019 has led to a drop in sales and prices. If you’re eyeing the high-amenity, low-maintenance lifestyle, now might be the time to strike.
Check out our latest articles below, including tips to maximize your homeโs sale price without moving and professionally staging it first. ๐ฆ
As always, please don’t hesitate to reach out with any real estate questions. We are happy to help you and anyone you send our way!
OFF THE PRESSES โ SF REAL ESTATE NEWS, CULTURE, BUSINESS AND MORE
Mapped: What You Need to Earn to Own a Home in 50 American Cities – VisualCapitalist
The generative AI boom runs through this behind-the-scenes [SF-based] startup – Semafor
The History of San Francisco’s Original Craft Brewer Will Live On at the Smithsonian – SF Standard
Can You Negotiate During Escrow Buying a Home in San Francisco? Absolutely! – VivreRealEstate.com
Investing in Real Estate for Your Adult Children – DanielleLazier.com
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