Some of you may have heard about the San Francisco’s Below Market Rate Housing Program. It allows would-be homebuyers with income that is somewhat restricted to actually buy a home of their own.
The purchase price and resale price of these units is restricted by the City, so you’re not going to earn as much appreciation as you would in a a market value unit, but you ARE able to purchase something when otherwise, you might not be able to do so AND you are paying yourself instead of a landlord.
The studio condo in the picture is ready and waiting for a new buyer for the bargain price of $220,873!
Only 1 occupant is allowed to live in the unit and the income MAXIMUM is $67,750. For more pictures and more details on the unit, visit the public link on the SF MLS.
But the listing agent does a pretty good job of describing the condo on her blog:
Built in 1906, the stunning brick and limestone facade reminded me of the timeless beauty of the historic brick buildings that I grew up with back east.
The building’s interior has elegant original details interspersed with stylish modern murals. For relatively low HOA fees, residents enjoy a rooftop deck and a gym in addition to other common meeting spaces and laundry facilities.
Inside the studio, the light from a large, street-facing window gleams off of beautiful hardwood floors and a modern stainless steel countertop. Although small, the studio is smartly designed with space-maximizing storage solutions.
The best features of this condo are the location and the price. Busy professionals and students will appreciate how close the building is to all major forms of transportation that will quickly take them anywhere in San Francisco and allow them easy access to the East Bay, Peninsula and the South Bay. Additionally, there are several spacious common areas that allow a party to continue when the last guest has nowhere else to stand but in the bathroom.
So if you’re in the market for something small, but efficient and your income doesn’t exceed $67,750 – this might be the home for you!