Home Buying in San Francisco>Question Details

MeganElizabe…, Home Buyer in Stockton, CA

I'm looking to buy in a young Business professional neighborhood in San Fransisco....any suggestions?

Asked by MeganElizabeth, Stockton, CA Sat Sep 22, 2012

I Don't have much of a budget. I'm just doing a lil research on Appt/condo buying. I plan on moving my Business Head Quarters to San Fransisco in 2013. I'm Young (I'll be 26 when I move there) and Single. This will be my first time Buying in real estate! I'm Sooo Excited!! I want the amazing view, Doorman, Gym in the building, and a really cool neighborhood!!! I want to be able to go home relax and have great night on the town!! I don't want to be in a neighborhood full of families nor a bunch of college hipsters. Can someone help me!!! Please and thank you!
-Megan

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11
Jae Ng’s answer
Hi Megan,

Soma, Mission Bay, South Beach are amazing neighborhoods for young professionals. Most of the high rises are newer construction and have the amenities(gym, doorman, pool) & VIEWS that you're looking for.

Hope this helps!

Jae
1 vote Thank Flag Link Sun Sep 23, 2012
Thank you so much hun!
Flag Sun Sep 23, 2012
When you say you do not have much of a budget, what range are you talking about? And, if your budget is indeed low by San Francisco standards, will a studio work for you?
1 vote Thank Flag Link Sun Sep 23, 2012
not having much of a budget...meaning I have a lot of wiggle room. Looking at the median price range for 2 Bed 2 bath condo. I now know have enough for the best San Fransisco has to offer..i have 2.2M.
Flag Sun Sep 23, 2012
Megan,

Take a serious look at SOMA or the Mission District. The Mission does have a hipster scene but that increases by the day in SF, sorry. Not all of the hipsters there are college age though.

If you don't have much of a budget to buy here you may also want to consider Oakland. It has a great scene, a booming housing market, and you'll pay a fraction for an equivalent home. Because I don't know what kind of price you're working with, I'm shooting blind here but those would be two area I would suggest.

Good luck!

Gabriel
1 vote Thank Flag Link Sun Sep 23, 2012
Thanks Gabriel!!! I'll defiantly look into SOMA and the Mission District!! My budget is very open. 2.2M.
Flag Sun Sep 23, 2012
You need a bigger budget or lower expectations.
San Francisco is a fun town.

Good Luck!
0 votes Thank Flag Link Sun Sep 30, 2012
Ooops. Sorry about the typo in my previous email. Let me know if you need assistance with identifying a location for your business.

Astrid Lacitis
Keynote Properties
415 860 0765
astrid@keynoteproperties.com
0 votes Thank Flag Link Sun Sep 23, 2012
I just helped a design firm relocate from Chicago to San Francisco. Let me know if you need assistance with that aspect of your move.

Astrid Lacitis
Keynote Propertiesd
415 860 0765
0 votes Thank Flag Link Sun Sep 23, 2012
Hi Megan,

Congratulations on moving yourself and your business to San Francisco. You will love it here. You can go to my website http://www.sallyrosenman.com and find lots of information on things to do and see under Links....and for what is within walking distance, go to http://www.walkscore.com.

Forget SOMA .... go directly to South Beach. The newer buildings have all the amenities you want... Infinity, One Rincon Hill, The Brannan are among the best.... When you buy, you need to watch on which side of the building each unit is located. Lots of construction will be coming in the next few years and you will/could lose your view.

If you are not paying cash, you will need to get pre-approved by a bank or mortgage broker. I prefer mortgage brokers as they have their fingers on hundreds of loans. My website under Resources lists excellent ones like Tim Wood and Ephraim Schwartz.

I, along with everyone else here, would love to hear from you. If not, I wish you all the best.

Cheers,

Sally
0 votes Thank Flag Link Sun Sep 23, 2012
My first inclination here is to say that a home search should not read like a "match.com" profile. That said, it is good to want to be around like minded and like lifestyle oriented people within your age range. The budget is always FIRST!

Buyers don't generally live in the total mortgage ($500K) you live in the monthly expense. The first thing you should do is see a mortgage professional. If they determine that your price range is $300K, the city of San Francisco may be out of your price range. Irregardless of neighborhood there are 10 active condominiums on the market in San Francisco's 10 districts between $275-325K (2 w/o parking).

The rough (VERY rough) monthly expenses for a $300K purchase(20% downpayment, 30 year fixed at 3.75%) is ~$1460/month not including HOA dues which can range from as low as $275-600/month (And it can be higher). Lets mid-range your purchase based on some of the neighborhoods outlined in other posts. At $625K (~$2979/month + HOA Fees). All of this is predicated on your mortgage professional evaluating your financials and qualifying your current and past income and assets for a property within that price range. There so many, many factors that an outline as you provided above barely scratches the surface.

We as Licensed Realtors can't steer you to a young, hip, Asian, White, moderate income, brown eyes, bald people, Latino, wealthy, moderate income, gay, Black, straight, whatever neighborhood. We can offer you up resources for you to evaluate the neighborhood or community to assist you in your decision but we can't "steer" you. Just as if you asked about crime statics. I would say, the best place for you to get that information is to visit the local station in the neighborhood you are considering and speak to law enforcement professionals and obtain detailed information for you to make an informed decision.

That said, I recently sold a home to a young couple (30s), first child in a neighborhood where the average home owner owned their home for a minimum of 17 years. Not long before that I sold a house in that same neighborhood to a 25 year old unmarried male and a woman in her late 50s all within 15 blocks of each other. Which means nothing except people of all ages and life needs will move into any and every neighborhood. Is there a more prevalent community in a building that is 22 lofts on 3 levels with no elevator? Yes, people who want to live in a loft and can walk up and down multiple flights of stairs. However there is no hard and fast rule.

Best of luck to you in your search but go talk to a mortgage professional FIRST. Of course if you want to contact me please feel to email or call.

Lastly, if you are considering moving your company to the city of San Francisco or the Bay Area also consider where to locate in regards to your future employees. Can they afford to live here?

Herb
0 votes Thank Flag Link Sun Sep 23, 2012
Hi Megan,

I echo the comments of my colleagues.. South Beach is a personal favorite.
The condo recommendations will depend heavily on your budget but here are some buildings for you to consider.
http://www.lizetesantos.com/properties/sf-condos.htm

Regards,
Lizete
0 votes Thank Flag Link Sun Sep 23, 2012
"amazing view, Doorman, Gym" and you're pretty much looking at South Beach, SOMA, Yuerba Buena and Mission Bay. But if you want a building like the Infinity, for example, you're also looking at $600,000 and up for a 1 bedroom - the better the view, the higher the price. And HOA dues to pay for the gym and doorman are going to be roughly $700 per month.

To search for yourself try my search site http://www.SF-MLS-Search.com
0 votes Thank Flag Link Sun Sep 23, 2012
Hi Megan:

You will need to know the price range, then you can begin a search of what's available on the market.
Call for an appointment to pre-qualify for a loan with an in house loan specialist at my office.
helenyuen@lpirealtor.com (415) 469-0577
0 votes Thank Flag Link Sun Sep 23, 2012
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