Is buying a condo possible with a 180k budget?

Asked by Orosz.rachel, San Francisco, CA Sun Mar 3, 2013

I'm hoping to buy a condo in a year and a half. My budget would be 180k, and I was thinking Berkley or I the Lake Merritt part of Oakland. I would love to live in SOMA, Lower Haight or Inner Richmond, but I'm pretty sure those would all be out of my price range. I was thinking a 1-2 bedroom condo, and I'm open to foreclosure properties.

Is this possible? Or should I be looking in other areas?

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Alison Hillman’s answer
Alison Hillm…, , San Francisco, CA
Thu Mar 7, 2013
Hi there-

Take a look at the market trends in the area, should be useful: http://www.trulia.com/real_estate/San_Francisco-California/m…

Hope this helps,
Ali, Community Manager
0 votes
karen.ramirez, , Honolulu, HI
Wed Mar 6, 2013
Aloha! Come and visit this site http://commercialinvestmentstrategies.com/ maybe this could help you out! Mahalo for your post!
0 votes
Paul Neal, , San Francisco, CA
Mon Mar 4, 2013
To answer your most recent question about minimum prices for condos in Berkeley, Lake Merritt, for example, and San Leandro, there are currently 15 or so condos on the MLS at roughly $250-300,000 in these areas. The closer you can get to that price range, the more choices you will have when it comes to purchasing. To get the ball rolling you will need to speak with a lender to get pre-approved for a loan. It is not too early to start that process so that you have a realistic idea of what it will take to purchase and how much your monthly payments will be, including HOA dues. If you want to discuss this further, give me a call at 415-350-1946.
0 votes
Alina Aeby, Agent, San Francisco, CA
Mon Mar 4, 2013
Hello again, Rachel!

I have another idea for you: last year I represented a buyer in this very nice and conveniently located building in Emeryville, pretty much within the walking distance from the main shopping area on Bay St. The building has amenities and security.

The 1 bedroom condos went for 200-300k, but some of the smaller units could be less than 200k.

The second phase will be released sometimes in spring( although they may raise the prices a bit):

http://www.ownbridgewater.com/home/

I really recommend this development as I believe is a great value.

For San Leandro and Oakland you may need a little bit more than 200k for a safe, desirable location. I would look into Vallejo too, it is not that far from San Francisco and you may be able to find something under 200k.

Best,
Alina

Alina Aeby-Broker Associate
Pacific Union International
http://www.bestsfhomes.com
415.744.4844
0 votes
Gail Swanson…, Agent, Wailea, HI
Mon Mar 4, 2013
You can buy a condo in that price range in (drum roll please) MAUI, HAWAII! Please email me and I will send you some listings to surf through. Aloha! Gail Swanson :)
0 votes
Oops I missed the rest of your question... the commute will be a little longer than 45 minutes and involves a plane, sorry! *lol*
Flag Mon Mar 4, 2013
Orosz.rachel, Home Buyer, San Francisco, CA
Mon Mar 4, 2013
Ok, so obviously my choices would be limited to non-existent. I am single, make under 80000, and would be a first time homebuyer. I work in fidi, and would really like to keep my commute under 45 minutes, so I can focus on building my career.

What would be the minimum budget I would need in safe areas of Oakland, Berkley and San Leandro?

Thanks so much for the advice!
0 votes
Alina Aeby, Agent, San Francisco, CA
Mon Mar 4, 2013
I have to agree with my fellow colleagues: you can't buy anything in San Francisco with 180k, not even a BMR- Bellow the Maket Rate unit, sold under the MOH- Mayor Office of Housing.

For 180k you can buy a fraction of a condo ownership, pretty much a time share and I don't think this is what you are looking for.

Peninsula, Marin and most of the Alameda County are also off limits for this price range, but I would try a bit further away from San Francisco, such as in Concord, Martinez, Vallejo, possibly Hayward and San Leandro, where you might still find properties under 180k.

Good luck!

Alina Aeby-Broker Associate
Pacific Union International
http://www.bestsfhomes.com
415.744.4844
0 votes
fouxdfafa, , San Francisco, CA
Sun Mar 3, 2013
That price range is impossible in San Francisco.
0 votes
Paul Neal, , San Francisco, CA
Sun Mar 3, 2013
Prices in your desired San Francisco neighborhoods tend to be much higher than your budget. In fact currently there are no condos within your budget in any neighborhood in San Francisco. Your best bet is the East Buy where you will have choices. Berkeley is a high demand area and current prices there are generally outside of your budget as well. There are several areas in Oakland with many condo listings within your budget and at this time there is one condo within your budget in the Lake Merritt area. You may want to consider other areas of Oakland and some of the other areas of the East Bay where you can get more for your money. Two factors you might want to consider are that in 18 months prices may be higher for East Bay condos further limiting your choices. Also, condos require monthly dues and you will need to factor these dues into how much of a condo you can buy. If you want to discuss this further, give me a call at 415-350-1946. Paul Neal, DRE Lic. #01195196, Frank Howard Allen Realtors, San Francisco, CA 94118.
0 votes
Steven West, Agent, San Francisco, CA
Sun Mar 3, 2013
You are dead on with being under budget in San Francisco. Unfortunately you will probably not find anything you like in Berkley or near Lake Merritt for that price. If something does hit the market in that range, investors will likely outbid you.

Are you single? Do you make less that $80,000.00 a year? If so, you might be qualified for a few different programs in San Francisco.

check out these links:

http://www.sf-moh.org/index.aspx?page=737
http://www.sf-moh.org/index.aspx?page=263

Good Luck!

Steve West
DRE#010909032
The GoWest Group
Mason McDuffie BHG
1427 Valencia, San Francisco, Ca
(415) 746-9520 (office)
(415) 305-1082 (direct)
TheGoWestGroup.com

"work with the best team in the west"
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