Innovative Lease-to-own options in SOMA / South Beath

Mark Johnson
Other/Just Looking
94109

I've noticed that several condo units / townhomes originally built to sell are now being leased. I am interested in finding an owner who is willing to create a lease-to-own agreement, the lease portion lasting now more than 36 mos with purchase after this period (or something similar). Is there an agent that specializes in this area who can provide direction?

Answers (2)
Mark Johnson
Other/Just Looking
94109

Thanks Jed. I will be in touch once I do find a unit / space that I want and can live in. It is nice to know that there are options availalble.

Fri Jul 10 2009, 10:54
Jed Lane; Fog C...
Broker
San Francisco, CA
FIRST ANSWER

Each developer will have different agendas. My recommendation would be to find a unit that you like in a development that is acceptable and not going to lose value over the 36 months of the lease. Then approach with your desire.

The reason I say this Mark is that most of that condos are running a six month absorbtion rate which is still a buyers market. Although it is steadily dropping from the February high of 15 months you are in the driver seat. Part of the reason for the drop in inventory is for the reason you've noticed, it isn't moving so it's being rented.

Developers will entertain any offer to get income and occupancy. A good agent can represent your offer as the best choice they have. But you need to first and foremost want to live in the space and have a good expectation of the value holding in three years time. Having been involved in that market and seeiing what happened when resellers needed to move and times had changed I know what will hold value and what won't.

Fri Jul 10 2009, 09:20

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