Office-to-Condo Conversions in San Francsico
You’ve probably heard about office-to-condo conversions in San Francisco? Maybe you’ve also heard they are not a silver bullet for the housing shortage, but they are 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 incentive—not direct subsidy—to 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 year’s 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 home’s sale price without moving and professionally staging it first. 📦
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!
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