Today’s featured listing is courtesy of Burbed reader Lars, so thanks very much! Comments here can get a little raucous, so maybe it’s time for a my-political/economic-system-can-beat-up-your-political/economic-system rantfest. Yes, this is a Below Market Rate listing.
SQ. FT.: 476
$/SQ. FT.: $590
LOT SIZE: –
PROPERTY TYPE: Junior, Condominium, Studio
STYLE: Modern/High Tech
VIEW: City Lights
YEAR BUILT: 2001
COMMUNITY: Pacific Heights
COUNTY: San Francisco
SOURCE: San Francisco MLS
ON REDFIN: 179 days
Luxury below market rate unit. Must be 1st time homebuyer & income eligible. Maximum income level for 1 person:$104,400; Two People:$119,250;Three People:$134,200.Offers submitted with: Application, loan preapproval, homebuyer education certificate/proof of class registration, and SF Purchase Contract. Please contact Realtor for application & more info. Unit avail. thru the SF Mayor’s Office of Housing & subject to resale controls, monitoring & other restrictions. See sfgov. org/moh for info. Fair Housing Opportunity. Offers are on a first come/first serve basis.
Here’s what Lars has to say about this property:
Not sure if this is good material for your blog, but I found this a bit absurd:
You can qualify to buy this 476sqft "below market rate" shoe box for only $281,000 if you are a first-time home buyer making less than $104,400 per year. Good thing that SF is taking care of the poor. Socialists! I wonder if the deal includes food stamps for the Whole Foods nearby?
I want to know why San Francisco property for poor people gets 23 photos. Most of the crapboxes we dig up in Redwood City and East Palo Alto only have one exterior shot taken from the agent’s about-to-be-repossessed-Mercedes. If you look at the listings we feature in East San Jose you get a second blurrycam of the kitchen where light from the window overwhelms the tired cabinetry and 1963 appliances. (Maybe that’s not a bug, but a feature.)
This listing isn’t like that place on Russian Hill with 82 photos, but it’s 28% of the way there! So what if half the shots are building exteriors and common space, while another third are neighborhood eateries? The typical Mountain View close-to-Google-and-nothing-else-to-recommend-it 3/2 has 9 pictures if you’re lucky!
This is so much better! Example: Midnight snacking is easy, as the kitchen is just three steps away from your sleeping area!
However, the Whole Foods is three whole blocks away (but not too far to merit its own photo)! That shouldn’t matter too much, as almost everything else will be passing right under your window. Never mind a place on a busy street; this is a place on the corner of a fracking Federal Highway, and this unit is only on the third floor.
Hope you like the horn section, and I don’t mean from the SF Symphony 12 blocks south, nor do I mean marching bands parading down Van Ness. This is more of a spontaneous jam, as in vehicle horns from traffic on a six-lane thoroughfare.
And watch out for those resale controls, as this ten year old unit has already changed ownership three times. But you get to go to the Mayor’s Office to apply! Now that’s class!
And don’t fret about those strict income limits. Grab yourself a couple of jobless roommates (they’re everywhere!) and you might just slip in under the $134,200 max. That’s at least 148 square feet a person, lots of elbow room for SF housing!
So why deal with arbitrary rent hikes in a tight market? Buy this place and deal with arbitrary HOA fee hikes instead! That extra $545 a month isn’t going to kill your budget, as long as one of your roommates can find a cash job off the books.