Desirable Condos Selling Within Days Of Hitting The Market
It’s no secret the condominium market has been deflated these past months, with buyers opting for the suburbs in search of space to work from home for the indefinite future.
However, a recent uptick in the San Francisco market is showing properties with certain features like outdoor space, private patios, and roof decks are back to selling at a familiar pace: Less than a week on market. They are all seeing heavy attention before they hit the market.
As it stands, there are more pocket listings available in San Francisco than any moment in the history of the city’s multiple listing service.
What that means for the consumer - there are plenty more options available than meet’s the public eye if you’re buying, and plenty more competitors if you are selling a home. Either way, these options are imperative to know of or have toured for a depth of market knowledge.
In the traditional condominium neighborhoods (*think everything east of Golden Gate Park) there are currently 124 coming soon/pocket listings.
With ~ 1400 properties already available on market, an additional ~120 listings available hardly seems like a dint. For buyers in the market though, a significant amount of opportunity exists off-market.
In the current state of the market, condominiums are sitting longer than previous years with desirability for backyards, outdoor space, and roof decks at a premium. Properties that feature 1 or more of these attributes are disappearing from the open market at a break-neck pace, similar to what we would expect in a regular market.
In 2020, listings with these features are selling faster than previous years due to the increased desirability for space and a private place to relax outside.
TIC in Noe Valley, San Francisco
After all, having a private patio opens you up to an entirely different living experience. If this summer has taught us anything, being outside in this beautiful city is one of the most underrated and necessary components of the lifestyle we’re all accustomed to. Especially being in your own outdoor oasis without having to communicate with any of your neighbors! Bliss.
The best way to find these ideal home features is to dig through all off-market portals, as they tend to hit the market and get swooped up within the week.
With new requirements around how realtors disclose pocket listings, the number was bound to increase this year. No one could have predicted the amount to reach 3 digits, though.
Tapping into agent psychology, pocket listings act as a teaser before hitting the open market. Agents produce marketing material and distribute to the agent community to see who, if any, has buyers ready and waiting to pounce.
In a traditional market, this is the inherent value of a well-connected local realtor. In the pandemic market where some homes are sitting for 60-100 days, and others are selling in 2, this is where buyers will find the diamonds in the rough. With so many sellers fearing their Days On Market clock to get too high and affecting the perceived value of their property, some listings have been Coming Soon since March at this point. Will the ever actually come? Who knows. But you can buy them..
Published October 2020
