There is a selection of 2 beds in that $700k price range.
Also, I'm not sure how much time you have spent in SF but if you ended up in the 94105 your commute would be about an hour - especially during the rainy season. You may want to consider the north-end of the city or maybe even Southern Marin. Sausalito is a wonderful walking & biking town and only 10 mins from the city.
Avalon offers some pretty good rentals. I've included their link for your review.
If you are looking to make an all-cash purchase, then $700K can buy you a condo or single family home in SF. It is however a very popular price point because it's at an entry level for many homebuyers. Properties in a "nice walkable neighborhood" will be at high demand so you will face healthy competition.
- You can buy a "fixer" home in a great neighborhood in SF with a larger than normal downpayment and use the rest of your cash for updating the property.
- You can try to purchase in the $900K - $1.3M range with at least 50% down.
- You can try to purchase in Southern Marin County with less competition, better prices and stronger market for resale than Novato or Northern Marin County. From Sausalito you can get into SF in less than 10 minutes.
I currently live in Marin and I am very familiar with both SF and Marin markets. Let me know when you will be in town next and I would be happy to schedule a tour for you of neighborhoods and homes with potential.
All the best,
Broker Associate - DRE 1844627
Paragon Real Estate Group
What's a nice walkable neighborhood to you?
You can find properties in the $700K range in SF, but maybe they wouldn't be what you'd like-maybe they would.
What's a fantastic deal to you?
Do you want a 10% return? 20%? 30%
I do think this is a terrific time to buy, but 2 years may not be a long enough horizon. We don't know what will happen in the next year, so I certainly don't want to tell you 'no problem-you'll make money in two years'-that's not realistic.
I've found that prices are better for sure and all cash might buy you a bit more, but it's still all about money in the eyes of a seller. They want to get as much as they can, so unless they have a lot of equity, someone willing to pay more may win even if they have financing and you don't.
Some properties are priced low and still getting multiple offers, so if you are looking at the premium properties that everyone wants, you aren't likely to get the screaming deal.
You should get together with a trusted realtor to discuss your options and goals.
Also, you will be doing reverse commute, so it'd work great for you.
Frank Howard Allen Realtors
Here is the link:
This post is for homes @ $750K:
Broker Associate - DRE1844627
What you are thinking is very doable. Just make sure you are working with an experienced and knowledgable Realtor who will be patient in putting in multiple offers for you so you can get a good rate.
I have clients who are in contract to buy a single family home. In a few weeks from now when that transaction is finished we will be putting their 2 bed 2 bath condo in Cole Valley on the market which is a very walkable neighborhood. In essence your cash might interest my clients. If you would like to learn more call me at 415-378-3120.
Eric C has the best answer. It really depends on what your answers to his questions are..... People are offering you 2/2 units or homes but they are not in the best areas or are in foggy areas of San Francisco. And all who say 2-3 years hold is not long enough are correct. Our rate of appreciate is predicted to be in the mid to low l digit....not what it used to be.
I would look in Marin County where you can get more bang for your buck. Try Whiskey Springs or complexes around there in Sausalito. The walk score will be good and it is a 10-15 minute drive from San Francisco. Also San Rafael is not far from S.F.
The key is to find the areas you like and then make decisions on properties. You might try renting for a while as well. I would hate to see that you bought in an area that you do not love.......Talk to realtors. If you need ones for Marin, I can recommend some excellent agents for you to meet and use.
Yes, you can leverage your cash for a fantastic deal you find that fits your needs. I know of a US Mortgage Bank that is "Canadian friendly" in that they will lend to Canadian citizens at very attractive rates, even though they do not have a US Social Security number. They could help you invest your $700k into a $1.5 million purchase if you want to go that high.
Feel free to contact me for the bank's contact info and a very good loan officer to help you.
All the best,
It is still a buyer's market and I actually feel that Marin over the long run will always hold value.
The properties have gone down a bit since the crash and it even may go down a small bit further, but with cash as your leverage, there should not be a problem.
I am happy to help you by setting up an automatic email system that will show you listings.
Please email me firstname.lastname@example.org and I will get it set up.
Broker, State of California
Licensed by the CA Department of Real Estate