Office-to-Condo Conversions: San Francisco's Housing Solution?
Vivre Real Estate October 29, 2023
Newsletter
Vivre Real Estate October 29, 2023
Newsletter
Have you heard about the latest trend reshaping San Francisco's real estate landscape? It's the transformation of office spaces into condominiums. This innovative approach is a creative step towards addressing our city's housing needs, although it's not the ultimate fix.
San Francisco's Mayor Breed has proposed removing the transfer tax on buildings undergoing such conversions. This move aligns with the recommendations from a Brookings analysis, aiming to convert empty office spaces into residential homes efficiently. It's a strategy that not only addresses housing supply but also touches on affordability and homelessness issues.
In other news, the financial landscape is shifting with mortgage rates soaring to a 23-year high, now averaging around 8% nationally. However, it's not all bleak for San Francisco buyers, who often secure rates 1-2% lower than the national average. If you're contemplating your options in this market, we're here to connect you with reliable local lenders.
A significant trend in our luxury condo market is the cooling off of sales and prices, particularly for properties initiated between 2017 and 2019. This presents a unique opportunity for those seeking a high-amenity, low-maintenance lifestyle. If this interests you, now might be the perfect time to make your move.
As your San Francisco real estate experts, we're always ready to offer insights and assistance in navigating the latest developments. Staying informed is key to making sound decisions. If you have any questions or need guidance, feel free to reach out to us. Let's explore your real estate opportunities together in San Francisco!
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