A real real estate post!
I’ve noticed over the last year or so that while SFH values have increase 20–30% since Covid hit condominium values in the real Bay Area have actually declined. I’m currently seeing units on the Peninsula priced ~20% below their 2018 highs sitting on the market for >30 days. $/sqft appears to be in the $600–800 range vs $1200–1600 for SFH.
So the question is, are we seeing a buying opportunity for condos/townhouses? I can rationalize the disconnect as buyers putting a premium on SFHs during Covid due to the need for additional space to support WFH, distance learning, home gyms etc etc. As life returns to normal and people become busier it seems like the convenience/amenities of condos/townhomes should become more attractive and the price difference w/ SFHs return to normal. It would be interesting to track the ratio of condo $/sqft to SFH $/sqft in different zip codes to see where we are currently relative to the historical mean.