Wow I also didn't realize that even though 2-unit bldgs pass the condo conversion lottery, it can take upto 2-3 yrs for the process to complete. The bldg and the unit itself is absolutely brand new with all the upgrades recently completed so I would not have to spend a penny in remodeling the place. I wonder how much of an upside would this property get once it's converted to a condo? The current price is about $570k.
One more thing- The unit has a commercial space downstairs for sale so if that were to end up being a coffee shop or a store would the property value be lowered?
gosh its so hard to deceide. Please help once again.
If you would like to discuss this further, I am available to help so call anytime. All the best, Callista
Paragon Real Estate Group DRE 01844627
One thing to keep in mind that "fast track" conversions typically take about 2-3 years when all is said and done. So you will be sharing a loan for that time period, which is something to consider in the current economy.
Please check out the TIC section on my blog, which could be helpful to you:
Zephyr Real Estate
Bernal is one of the neighborhoods that is hisghly desirable for it's weather, closeness to freeways and charming character. But the location, the configuration and condition of the units and the price point will have a significant effect on the desirablity of the units as condos. Not having a garage in Bernal could be a major negative in many of the areas in Bernal as street parking is tight and public transportation is pretty much limited to the bus on Cortland. For entry level condos, it may not be as significant because Bernal is very attractive to bicycle commuters.
If you would like advice on the specific property you are considering, please feel free to contact me anytime.
Maureen McGinley DRE #01049345
How long down the road are you thinking? Parking is a great feature to have, but more and more scarce in San Francisco moving forward. Currently, Bernal Heights has relatively abundant street parking, a zip car lot and is reasonably served by muni. Caltrain and Bart are on the fringe of what would be considered walking distance and so your condo without parking becomes a reasonable alternative to a comparable home in say SOMA or a denser neighborhood.
Remeber the parking issue will be factored into the price when you buy now as well as when you sell later so will in many senses be a "wash" unless the neighborhood changes drasticaly during your holding period.
Climb Real Estate Group
There are duplexes and condos in Bernal, so that would not be excluded by default. Each property would have to be evaluated on its own in comparison to what they would sell for is condos to see if there is upside. Lots of places in Bernal don't have parking, although it's always going to add value if you have parking.
No one knows where the market is headed and since you need to have a certain appreciation just to cover commissions and transfer tax, you want someone familiar with the market who is also a great negotiator.
We have done a number of our own projects buying duplexes, fixing them up, and selling them, (one in Bernal), as well as for clients, so if you want an opinion on a particular property or discuss the topic in general our contact info is below.
Lance King/Owner-Managing Broker