Dare I say it is possible to find a deal on a home in San Francisco in 2024?

The market is in an interesting position, with some homes getting 40-plus offers and selling for all cash in a couple weeks (see: single-family residences on the west side with attractive list prices), while others are languishing on the market for months with massive price cuts (see: condos downtown).

Between these extremes are where deals are to be had — maybe. It’s still expensive — Bay Area prices are up 6% this year — but there are indeed nice properties out there that have been overlooked. Compare this to 2019, when every property was the subject of a bidding war.  Today, a home might be on the market longer than 30 days, have numerous price cuts or even sell for below the asking price.

What is a find, exactly? It’s a home you love but perhaps has quirks that make it less desirable to others. Maybe it’s too small, too retro or too weird, but for you, it’s just right. And when you can avoid competing with other potential buyers, the real estate stars can align. It happens sometimes, even in San Francisco.

The purpose of this column is to shine a light on the finds, something I’ve been doing the last several years on a popular account on X.

I’ve lived in San Francisco 17 years and have co-founded two companies, Priceonomics and Personforce, but recently became a licensed real estate agent. I’ve purchased properties in San Francisco, as well as Sonoma and an area near Yosemite National Park; Kauai; Taos, N.M.; Oregon; and Asheville, N.C.

But the important thing to know is that I love hunting for real estate. And while I am an agent, I will not be recommending homes I’m trying to sell — just the ones where I see untapped value and enormous potential. You know: the finds. 

This condo may well be the best-designed home on the market right now. Constructed in 2004 (relatively new by SF standards), it feels both classic and modern, with built-in bookcases, a renovated kitchen and a private roof deck. The building is right at Clement Street, just a few blocks from Baker Beach and the Presidio, so you’ll have ample cafes and restaurants (and Golden Gate Bridge views!) at your doorstep. 

The unit does not have a parking spot, which may be a deal-breaker for some. But that could be a silver lining: Parking can add $100,000 to the price of a one-bedroom condo.  Another plus: While single-family homes on the west side can spark fierce bidding wars, condos tend to be less competitive.

The cacophony of Lombard Street melts away as you enter this building, where you’ll find an updated unit for sale at the back of the building with (the best part) a private patio.  

In 2022, a similar unit in the building sold for $1.6 million, so this one seems to be attractively priced. It has been on the market for 55 days, a sign that a bargain could be in the offing. 

Just picture yourself hanging out on the peaceful patio on a warm day, enjoying the fact that you bought at a good price because everyone else assumed the unit would be noisy. Of course, you may be ruing 2024 interest rates, but that’s another story.

Perhaps no section of the city is as in demand as the top of the hill in Pacific Heights, with its large lots and stunning views. Real estate agents used to just show up at people’s doors and offer $29 million for the homes.

But the bidding wars have mostly subsided, and prices have softened. This home, for example, was listed at $14.995 million in September 2023.

The spectacular property, with more than 8,000 square feet of living space on a triple lot, has breathtaking views of the bay. Custom woodwork and stained-glass windows are giving Gilded Age. Make no mistake: This is a mansion, and the market for mansions in San Francisco has cooled.

In general, the ultra-luxury market is dramatically slower than before the pandemic. First Republic and Silicon Valley Bank provided the loans on many such properties, but the former no longer exists, and the latter is a shadow of its former self. At the same time, the IPO engine of Silicon Valley that fueled cash purchases has paused for now. As a result, some impressive properties sit on the market, waiting for someone (or some legal entity) to call them home. After all, even limited liability corporations are looking for finds.

While homes in the Sunset used to be synonymous with fog, today they might be known for real estate bidding wars. Listing agents tend to set prices low, and the final sale ends up being much higher.

But that is not always the case. This home on a small lot is a modest 1,080 square feet and has only one bathroom, so it might not work for buyers looking for space. But for someone who doesn’t require a large home or is willing to expand over time, this could be a foot in the door of the San Francisco housing market. 

Single-family homes in the Sunset on larger lots (3,000 square feet), with at least three bedrooms, usually go for way over the asking price, so this little jewel is worth investigating. 

Rohin Dhar is a licensed real estate agent who lives in the Richmond. He has an MBA from Stanford and a weird portfolio of properties that includes an Earthship. You can find him on X, where he has a popular real estate account.