Just over one year since 2238 Market Street #306 was purchased brand new, the 1-bedroom and 1-bath condo reappeared for sale this week. This first resale listing in the 42-unit building — now approaching closeout — follows a series of price cuts on remaining homes by the developer, some reduced by 20 percent or more. Furthermore, as reported to SFAR MLS, almost half of the new home sales at 2238 Market year-to-date traded below their advertised price.
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A test of this seller’s motivation is coming, possibly. Just a single 1-bedroom condominium in the greater Castro area has sold this year at or above the $965K paid for this property; a 2-bedroom has sold for less. On top of all the usual challenges as of late in San Francisco’s real estate market — decades-high borrowing costs, job insecurity, an overwhelming lack of urgency to buy — a seasonal slowdown in activity is imminent. To put it plainly: the timing isn’t great and, generally, listings going live have sellers who need to sell.
That said, 2238 Market Street #306 has at least one thing going for it: low competition. Aside from there being no other 1-bedroom offering in the building, there is only one other 1-bedroom condominium listed for sale in the entire area (including Duboce Triangle, Eureka Valley and Corona Heights) which is priced $100K higher. The number of home sales year-to-date citywide is down approximately one-third from last year and half the year before; the pickings are slim.
