Below-market-rate condo listed for under $300K: It could be yours—with stipulations


  • 63ea6 920x920 Below market rate condo listed for under $300K: It could be yours—with stipulations

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This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker


This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker


This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker


This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker



This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker


This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker


This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker


This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker



This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker


This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker


This below market condo, asking under $300K, could be yours if you can qualify.

This below market condo, asking under $300K, could be yours if you can qualify.

Photo: Marina Tsang • Coldwell Banker




Below-market-rate units, the city’s answer to San Francisco’s unaffordable real estate, come up for sale rarely.

Here’s the latest: a junior one-bedroom on the corner of Market and Mason, asking $249,889.

The unit

This property is a 613-square-foot condo on the top floor of a 28-unit, five-floor building.

Circa 2007, the compact apartment includes a full kitchen, dining nook, and a separate bedroom. All appliances are extra and parking is not included.

The monthly HOA fee of $593 pays for “Water, Garbage, Ext Bldg Maintenance, Grounds Maintenance, Outside Management, Internet,” per the listing.

The five most expensive zip codes in the Bay Area.


Media: San Francisco Chronicle



The rules

If you want the chance to own #503 (the street address is alternately listed as 30 Mason St.where the entrance to the building is or 942 Market St.where the facade faces Market), you must jump a few hurdles.

First, you must qualify: You need to be a first-time homebuyer and income eligible. In this case, income eligible means a maximum income for one person of $80,700.

You must also complete/obtain the “Application, loan pre-approval, homebuyer education certificate, and SF Purchase Contract” prior to 4/24/18 by 5pm.






This packet, once complete, is your ticket to the lottery. You may or may not win the house even after all this work.

AS #503 is being offered through the Mayor’s Office of Housing and Community Development (MOHCD), it is subject to “resale controls, monitoring, other restrictions.”

Once purchased, restrictions on BMRs state that the units must be owner occupied 10 out of the twelve calendar months; they cannot be used as rental property. When and if you sell again, the re-sale price will be determined by the city.

Worth it? 

Obviously, any kind of real estate under $300,000 is a rare phenomenon is San Francisco. But is it a welcome one, or is it really just too much work for such debatable advantage?

See the full listing here.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert 

Article source: https://www.sfgate.com/realestate/article/Below-market-rate-condo-San-Francisco-real-estate-12810943.php

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