One Franklin Condo Listing Drops Below 2016 Purchase Price

Purchased brand new for $682,500 back in September 2016, 11 Franklin Street #202 landed on the market for its inaugural resale earlier this year. The 2nd floor 1-bed/1-bath condominium was originally listed for $737,000 — a price that would afford the seller a small profit after paying broker fees, taxes, etc. — but has since been reduced multiple times to $675,000. Opportunity knocks to buy the dip!

Related reading: Home Buyer Tips: Navigating High Prices & Borrowing Costs

Only three other 1-bedroom units at One Franklin have been offered for resale. Most recently, a near identical home directly above the subject property changed hands was purchased for a reported $701,000 in October 2021. It was preceded by two sales in 2019 for $658,000 and $685,000. Those properties were on the market for an average of 28 days, illustrating how much the demand for entry-level condos in San Francisco has cooled from pre-pandemic times.

While 11 Franklin Street #202 enjoys the cache of a Hayes Valley address, it is just a stone’s throw from Market Street and The Hub. No fewer than four major mixed-use developments are either proposed or approved for the transit-rich nexus of neighborhoods. Those projects — Hayes Point, One Oak, 98 Franklin and 10 South Van Ness — are expected to create approximately 2,000 market-rate homes over the next decade, revitalizing the area and lifting real estate values.

Map of The Hub and artist renderings of the Hayes Point, One Oak, 98 Franklin and 10 South Van Ness new developments.

Consensus among local REALTORS® is that 2023 will see fewer buyers, fewer sellers, and overall a decrease in sales activity from recent years, but not any significant drop in home prices. For what it’s worth, San Francisco is historically faster to recover from economic downturns than other parts of the country. It is, after all, a fundamentally robust market, one of the most desirable in the world, with a perennial undersupply of housing and new construction severely limited by geographic and political constraints.

This sentiment was shared by National Association of REALTORS® Chief Economist Lawrence Yun earlier this month. Nationally, Yun expects sales activity to fall by 7 percent while some markets experience price gains and others price declines. He also forecasts a strong rebound for housing in 2024, with a 10 percent jump in home sales and a 5 percent increase in the national median home price.

You can always live chat with us to get real-time data and a qualitative take on the market. We’re actively identifying unique opportunities and making deals happen. We know what’s good!

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