This month is co-op month for me with one luxury view co-op on the market now https://2164hyde202.com/ and a second coming on soon.
Co-ops, which are often but not always in luxury buildings, are different than condos. A cooperative or co-op is a form of ownership in which an owner owns shares in a corporation which owns the building and signs a proprietary lease which gives them exclusive use of their unit. One of the big differences between a co-op and other forms of ownership is the requirement to be approved by a Board of Directors and while the approval is normally given, there is no guarantee.
One of the more famous cases where a buyer was not approved is the case of Madonna who was refused by the co-op board of the San Remo on Central Park West to buy a $1.2M apartment in 1985 when she was 26. I discussed this and my current listing recently in this article in SFGate: https://www.sfgate.com/realestate/article/historic-1915-san-francisco-co-op-apartment-sale-18108878.php
Co-op Amenities
Co-ops usually have better amenities than most condos, such as an on-site manager, a workout studio, a dog-walk, a pool, an entertainment room with bar and kitchen, and other attractive features. Their HOA dues can be high to support these amenities, often more than $2000 a month.
Co-ops Currently on the Market
There are 24 co-ops currently listed throughout the city now. Most co-ops in San Francisco tend to be luxury units so their prices can go into the stratosphere. The most expensive co-op listed for sale now is a 3-bedroom penthouse in Pacific Heights, listed for $35M. The average price of co-ops on the market now in the city is around $5.3M.
Recent Sales
Twenty were sold throughout the city in the last 6 months for an average price of $1.9M. Co-ops normally sell for more but there were a few buildings with lower priced co-ops which recently sold, bringing down the average. The most expensive sale in the last 6 months was for a Pacific Heights penthouse co-op which sold for $11M. The average sales time for co-ops in the city in the last 6 months was 99 days, demonstrating a slowing in the market for co-ops.
Since things have slowed a little, those lucky few who can afford to buy a luxury view co-op in the city should look now while the market is soft, because there are opportunities out there to be had! I’d be happy to assist.:)
