I’m taking a trip to San Francisco at the end of this month to look at some homes. I’ve already been talking to a realtor and browsing the MLS listings. What I’ve seen isn’t very encouraging.
I currently own a 3 bedroom 2 bath 1130 square foot condo, which I paid $95,000 for in 2003 (which was below market value at the time). At the heights of the real estate boom, it would have sold easily for $230,000. Now I’d be lucky if it sells for $170,000. Although there aren’t many foreclosures in my complex, the one next to me has almost 50% foreclosures, with many of them selling for $45,000 or less. Of course that brings down prices for the entire area.
In most parts of Broward County I can easily buy a nice 2 or 3 bedroom condo for a lot less than $300,000, but in the San Francisco bay area, I’m lucky if I can even get a small 1 bedroom unit for that price.