[quote=spdrun]SF has a lack of condos. . . [/quote]
There is a lack of “HOAs” in many areas of SF, spdrun. This is because these buildings were built long before HOAs were a figment of anyone’s imagination. The vast majority of these buildings are comprised of rented “flats,” which are either one-half or one whole floor of the bldg. Almost none of them meet ADA reqs and climbing stairs to these units is required.
In the last two years, I personally have seen online 3000 – 4500 sf residential bldgs for sale in SF (2-3 rental “flats” with 2-3 garages) with asking prices of $500K – $700K. Obviously, they needed work and in a couple of cases, gutting. But they are there and the energetic and enterprising buyers of these fantastic opportunities can eventually (thru “sweat equity”) get themselves a great unit to live in as well as a VERY good permanent monthly income from the other unit(s).
Unlike SD, the vacancy rate in most areas of SF has always been close to zero.
