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Exactly what I was thinking. There is a lot of BMR condos but to qualify you have to make under 120k for a couple and those condo prices are just insane for that income.
This is what I was thinking. If this is the actual rate, I am going to sell my house now and buy with this rate. (Not one of the lucky people that bought with a 3% rate....currently at 6 from 3 years ago).
Condos in SF go for $700-2k/sqft. The median is right around $1k/sqft. That would make OP's place a very small 400 sqft studio or 1 bedroom. But OP said elsewhere it's a BMR so that's why their price is so low.
"Below market rate" units. SF planning code effectively forces developers to build them. They come with income restrictions and the city sets prices based on median income. For this reason, you never really build any equity, because you're forced to sell them for around the same price as you bought them. But they provide some housing for lower income people.
You yourself still build equity, but when you sell it the property is still within the ‘below market rate’ program and must be sold through the program below the going market rate!
Yeah, so you still build wealth by contributing to the principal of the property, but not as much as if the property appreciated with the normal real estate market.
Yes. You can pay down the mortgage but the property won't appreciate much at all. You have to sell it to another BMR recipient at a price set by the city.
doesnt have to be bmr. there are plenty of condos in soma for that price
Are there? I just checked sold listings in SOMA for under $450k over the last 3 months and there are about 10 BMRs that are around 500-700 sqft and only 1 market rate unit which is 266 sqft.
Isn't it a lottery to even get considered for one then you actually have to qualify income wise. BMR I think it's called. But yeah congrats on the new home!
A lot of the SF ones lately have not had multiple eligible applicants, and are first come first served. You have to go through the screening process before applying so that deters people as well.
Good for you! I was enrolled in one of these first-time home buyer programs back east and unfortunately for me the timing didn’t work out. It makes me happy to see someone access them, especially in a challenging housing market. Congratulations!
As a native Michigander, Jet's is actually my favorite. It definitely just comes down to minor personal preferences though, rather than quality, once you're getting it from a place in the D.
My friend also paid $420k for a 2 bedroom apartment in SF. However, HOA is like $1 K/month which includes water and garbage and others. Total monthly mortgage is about $4K
Virginia is a pretty legit state man - certainly in the top quarter of so states nationwide. You don’t have to be in the middle of nowhere to get a wooded lot. I’m 15 min outside our state capital with a very similar setup to what he describes
Tons of nature, cities, culture, beaches, mountains, excellent public education. I’d be curious to see you list 9 states that are better.
Congrats! People in the comments are mad when someone in an expensive city pays $1M and also apparently mad when someone in an expensive city gets a good deal. Lol
Why not? Not realistic or just not your kinda place? I LOVE haight street, and the panhandle neighborhood. My landlord has a beautiful house in that neighborhood. More realistically, ill buy a house in vacaville.. lol plus, where else in the world can a guy with a criminal record, and no college dregree make 6 figures for blue collar work? I moved to the bay area as a homeless junkie went to the oakland Salvation army) and 8.5 yrs later, I'm a journeyman engineer in the Healthcare industry, have a wonderful wife and kid, drive an f150 and my dream subaru sports car, and am planning on buying a house in the next year or two.. San Francisco makes the American dream real for ppl who want it. Sorry, I love preaching.. haha
I personally want a home with privacy from my neighbors, a yard to roam around to plant a garden and fruit trees, a garage and driveway to park my cars and my guests' cars, freedom to do as I please to my house without backlash from an HOA, clean air and clear skies to stargaze, a safe community free of vagrants, and a good public school system. Not too sure San Francisco or other urban centers can get me those things without being born from money.
Am not sure why everyone is surprised. This is a normal price for SF or NYC markets for this kind of apartment. Way to go OP for taking advantage of down market in SF.
If it's one of the many "affordable housing programs" the city has, it makes sense. Many, many years ago, before being priced out permanently, my husband and I applied for one. It was more of a lottery though and we didn't get selected. There are a surprising amount of below market rate apartments and condos. The HOA/co-op fees can be as bad as the mortgage though.
Thank you u/CoastInevitable6916 for posting on r/FirstTimeHomeBuyer.
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Either this is rage bait, or we are looking at OP’s entire home in this picture. No bathroom or kitchen included.
No, but all jokes aside, congrats OP!
It's for sure likely >60% of their sq/ft
And I say that as someone who visited home/SF today and sorely miss it and am jealous as fuck. Lol
Could be a 1b condo in BMR price.
Exactly what I was thinking. There is a lot of BMR condos but to qualify you have to make under 120k for a couple and those condo prices are just insane for that income.
Interest rate seems low too.
This is what I was thinking. If this is the actual rate, I am going to sell my house now and buy with this rate. (Not one of the lucky people that bought with a 3% rate....currently at 6 from 3 years ago).
Likely an ARM or I/O
Really? That's nearly bang on the 5/1 (5.25%) available with a local CU. They are legit (source: they are my lender).
425k in SF? No way
SF’s condo market is WAY down. Many are going for well under the asking price. But hoa fees continue to rise so there’s that
Condos in SF go for $700-2k/sqft. The median is right around $1k/sqft. That would make OP's place a very small 400 sqft studio or 1 bedroom. But OP said elsewhere it's a BMR so that's why their price is so low.
What is BMR?
"Below market rate" units. SF planning code effectively forces developers to build them. They come with income restrictions and the city sets prices based on median income. For this reason, you never really build any equity, because you're forced to sell them for around the same price as you bought them. But they provide some housing for lower income people.
How do you not build equity? If you pay your mortgage off you presumably own the home? Are you saying it doesn't appreciate?
You yourself still build equity, but when you sell it the property is still within the ‘below market rate’ program and must be sold through the program below the going market rate!
Yeah, so you still build wealth by contributing to the principal of the property, but not as much as if the property appreciated with the normal real estate market.
Right. Which is still better than paying rent.
Yes. You can pay down the mortgage but the property won't appreciate much at all. You have to sell it to another BMR recipient at a price set by the city.
So…you’re still building equity. The condo isn’t appreciating, but you’re building equity.
[deleted]
condos here refers to the type of apartment ownership not the size of the apt
How exactly did you come to that conclusion using 1 picture?
He wants it to be true. Jealousy does that.
Bmr condos
doesnt have to be bmr. there are plenty of condos in soma for that price. hoa will still be high
Op said it is income restricted
ah, apparently he said it in the comments. That said, it's not unreasonable to find condos in SOMA for that price. Not that I'd buy it, still...
That's kinda in the low end even for the worse parts of SoMa like 8th.
Are there? I just checked sold listings in SOMA for under $450k over the last 3 months and there are about 10 BMRs that are around 500-700 sqft and only 1 market rate unit which is 266 sqft.
Yeah, 500k condos that sounds seemingly cheap but these suckers have a $2,000 HOA monthly dues.
I thought the same thing!
Is this the entire home? (Not being sarcastic, genuinely asking)
it has to be a condo.
Tell us more. Is this from a city program?
Yes, for first time homebuyers and it is income dependent.
Isn't it a lottery to even get considered for one then you actually have to qualify income wise. BMR I think it's called. But yeah congrats on the new home!
A lot of the SF ones lately have not had multiple eligible applicants, and are first come first served. You have to go through the screening process before applying so that deters people as well.
Congratulations! Way to go. How long did it take from the time you entered the program until you got your home?
A little less than 3 months from when I first applied
how much did you put down?
Yikes! That is awesome.
Good for you! I was enrolled in one of these first-time home buyer programs back east and unfortunately for me the timing didn’t work out. It makes me happy to see someone access them, especially in a challenging housing market. Congratulations!
Congrats - great way to start!
What neighborhood?
BMR?
Congrats! What's in the box?
“What’s in the box? WHAT WAS IN THE BOX?!”
Nothing!! Absolutely NOTHING!!
You so stoooooooopid , weaver
unexpected wheel of fish
Why did I have to scroll so far to find this question
I know me too, I couldn’t figure out wtf it was.
If, like me, you're from the Northeast in the US, I don't think you're going to like the answer.
Also from northeast. My first thought was lasagna. Then nachos. Now thinking it might be pizza? But I hate every answer
Proof that SF is incapable of edible pizza.
Bruh, I thought it mashed strawberries and slime mold
10/10 username, but also, LIES. you have clearly never tasted north beach pizza, that stuff's absolutely glorious
Such a bad take lol
In SF there’s square guys pizza,never been but mayyybe🤷🏻♂️
Couldn’t tell if it was pizza or some desert.
it looks like it’s probably pizza from a detroit style spot in san francisco called joyride.
As someone who grew up an hour away from Detroit, that is not Detroit style. Can’t really be sure it’s even pizza 😭
As someone else who is from Detroit, it looks like someone put carpet on a deep dish.
ok listen. i know i got downvoted for tellin yall where its from - i’m just sayin where i believe it’s from, i never said it was good 😆
As someone who is also from Detroit and has actually been to this spot, it’s actually really solid.
Proof
https://preview.redd.it/7zhbiero23ag1.jpeg?width=4032&format=pjpg&auto=webp&s=88e427591df32002ac67b70ae20910822dd7308f
Detroit Square Pizza in the mission. Pretty solid
Is that a flatbread? My first thought was those were some pastries that went fuzzy.
Haha. It’s Detroit-style pizza. It wasn’t the best, but it’s also pizza, so still decent
As a Detroiter, I have many questions. Number one, how dare you?
As a non-Detroiter, how do you view Jets Pizza? Sacrilegious or representative?
Jets is pretty good, not the best possible, but perfectly acceptable
As a native Michigander, Jet's is actually my favorite. It definitely just comes down to minor personal preferences though, rather than quality, once you're getting it from a place in the D.
In contrast, Square Pie Guys is 100% trash.
It looks more like lasagna.
California killing pizza one bad pie at a time.
My friend, where did you get this abomination from? SPG? Please try Joyride or The Laundromat, you'll be blown away.
Also, congrats on the place! Huge accomplishment in our NIMBY-owned town.
Not Detroit style lol
Yay, congratulations! Enjoy your new home 🎉🎊
Glad to see your realtor included the complimentary moldy new house bread.
I don't think it was included. I'm positive the spider webs were extra cost.
My friend also paid $420k for a 2 bedroom apartment in SF. However, HOA is like $1 K/month which includes water and garbage and others. Total monthly mortgage is about $4K
[deleted]
Uhh but you’re in the boonies… in Virginia of all places.
Atleast you don’t have human feces outside your door in VA
Virginia is a pretty legit state man - certainly in the top quarter of so states nationwide. You don’t have to be in the middle of nowhere to get a wooded lot. I’m 15 min outside our state capital with a very similar setup to what he describes
Tons of nature, cities, culture, beaches, mountains, excellent public education. I’d be curious to see you list 9 states that are better.
Congrats!! 5.37 is an awesome rate in the current market. Can you share your lender info?
Congrats! How many square feet does $425k get you in SF? And, what's in the box???
Congrats! People in the comments are mad when someone in an expensive city pays $1M and also apparently mad when someone in an expensive city gets a good deal. Lol
Yeah; the shady comments about the size are not a vibe.
Congrats on the home and the price!
The price is right for what I see!
Nice! Getting to the city is everyone's goal, congrats!
Thank you!
Definitely not my goal
Let them keep their dreams
It's fine to have your own desires. Just don't assume that's what everyone wants, is all I'm saying.
how dare you not want a 500 sq foot condo for the same price as a house most other places!!
Why not? Not realistic or just not your kinda place? I LOVE haight street, and the panhandle neighborhood. My landlord has a beautiful house in that neighborhood. More realistically, ill buy a house in vacaville.. lol plus, where else in the world can a guy with a criminal record, and no college dregree make 6 figures for blue collar work? I moved to the bay area as a homeless junkie went to the oakland Salvation army) and 8.5 yrs later, I'm a journeyman engineer in the Healthcare industry, have a wonderful wife and kid, drive an f150 and my dream subaru sports car, and am planning on buying a house in the next year or two.. San Francisco makes the American dream real for ppl who want it. Sorry, I love preaching.. haha
I personally want a home with privacy from my neighbors, a yard to roam around to plant a garden and fruit trees, a garage and driveway to park my cars and my guests' cars, freedom to do as I please to my house without backlash from an HOA, clean air and clear skies to stargaze, a safe community free of vagrants, and a good public school system. Not too sure San Francisco or other urban centers can get me those things without being born from money.
Not sure why you’re downvoted so much. Also absolutely no desire to live in the city
what on earth is in that box?
I’m assuming the whole house is in the picture
Is that a pizza?
What’s in the box?
San Fernando, San Felipe? What SF can 425k get you a house?
Lots of condos going for real cheap now in SF.
I think it was a typo. It was supposed to be SF, New Mexico.
That’s an expensive dinner but it looks good. Inflation is rough
Do you have any HOA fees?
Wtf is that pizza
Pizza?
Wow, this is pretty nice. I’m happy for you.
It took me a while to figure out this is not some food placed on soil in front of an opened container shaped like a house. Congrats OP!
Congratulations.
I recommend getting active in your HOA. I'm a fellow CA condo owner and the fee increases have been fast and furious!
If this is in SF this is the entire living space in this Pic. Congrats if that's what you're into. Honestly a "steal" for the area still.
WHATS IN THE BOX?
If you earn less than $150k in SF you qualify for affordable housing.
That pizza looks like a hellraiser victim
What's in the box!
What food is it?
What is the HOA monthly or yearly if you don't mind answering?
Hi. It’s 1k a month. Pretty steep. But with rent prices going up, I think I would probably pay similarly or more in rent for a similar space
600sqft?
Congratulations
slices lookin good
Congratulations
How did you get that interest rate ? Did you buy down points?
Is that vecnas butt cheeks in the box ?
Seems cheap for SF.
Congrats, but why is nobody asking wtf is in that box
Am not sure why everyone is surprised. This is a normal price for SF or NYC markets for this kind of apartment. Way to go OP for taking advantage of down market in SF.
"Spacious living room for sale in SF!"
Nice bedroom
What is the strange snack ?
CONGRATULATIONS!!
Congrats but as others have said
Sample 500k 500 sqft condos w 2k HOA dues.
Math 500k x 6% = 30k 2k HOA fees = 24k Insurance 1% = 5k Maintance 1% = 5k
64k per yr for the 500 sqft condo.
That is a closet lol
Mortgage rates are 5.37% these days??
I locked my rate back in late October. I got really lucky
https://preview.redd.it/5a13lsvmeaag1.jpeg?width=809&format=pjpg&auto=webp&s=c810c388e1924efc6faa2c5b4a2f14e40f612e14
Kinda small for the price, but as long as your happy. Congrats man
$425k in SF is just like the corner of that room
The kitchen and bathroom aren’t included in the price
A studio in Hayward is $750k and that's in a mid neighborhood with sketchy people down the street. Sf is at least hitting $900k+
If it's one of the many "affordable housing programs" the city has, it makes sense. Many, many years ago, before being priced out permanently, my husband and I applied for one. It was more of a lottery though and we didn't get selected. There are a surprising amount of below market rate apartments and condos. The HOA/co-op fees can be as bad as the mortgage though.
Super hard to win the lottery because everyone qualifies. Lol. Good for OP though.
You can get a two bedroom in a decent neighborhood for just over $1mm.
Imagine how crazy that sounds to someone from out of state. Lol. They already think OP overpaid at 425k.
For sure. It’s insane. And I’m glad here are programs to allow folks to get into the city for a more reasonable price.
There are condos south of Market that are under $500k
The city is a lot cheaper just Google it.
Da fuk, is that food? Prolly some gourmet SF overpriced bullshit just like this studio.
Relax
https://preview.redd.it/kusq92n4jo9g1.jpeg?width=300&format=pjpg&auto=webp&s=17760c4e2b38e2d6edc969b35b2e6f6fea050c7e
Congrats
Congratulations!
Congrats to you!! 🍾
Not having pizza is blasphemy.
All kidding aside, congrats!
That is pizza lol
Oof
Post your HOA fees
You got the whole room for only 425k?
Where’s the pizza? God damn it!
What area of SF is 425,000?
105 properties under $500k on Zillow right now.
What will they sell for though?
Under $500k. They're condos.
Congrats OP, I have to sell my place because Californians took over the city I live and ruined it.
Nobody asked!
If they live where you do, they're no longer Californians! That's how moving works
I live in a California city.
Get outta California!