Search your dream home through Short Sale among the nice neighborhoods of San Francisco

Let’s face it – home buying has taken a new dimension in the “troubled waters” of San Francisco housing market. The foreclosure crisis is the reason for this and recently the Short Sale option for distressed home sellers opens up new vistas to home buyers as well.

The fourth most populous city of California, San Francisco, records a population figure of 808,976 as per 2008 Census. This is the cultural, financial and commercial and transportation center of the larger San Francisco Bay Area of California.

If you look at it as a housing property location for buying, you will be amazed with the variety of neighborhoods existing at San Francisco. The list is so long and here are few samples:

The northeast quadrant, bordered by Market Street, is the historic center of San Francisco; the nearby Financial District carries best shopping malls, restaurants and hotels; Nob Hill summit was once the place for luxurious bungalows of business tycoons; Fishermen’s Wharf – a tourist area; Russian Hill is a popular residential area, which contains Lombard Street, North Beach, the city’s Little Italy.

Then you have China Town; Japan Town; the working class-people-filled Mission District; “The Painted Ladies” – a row of resort like dwellings of Victorian homes; the Pacific Heights – consisting of lovely mansions for the business elite; and also The Marina to the North, Richmond and Sunset with predominant Asian population.

The foreclosure fiasco has not saved any of these neighborhoods from contributing foreclosure filings, mounting month after month. The inventory of distressed properties lying unsold under foreclosure is considerable. To be precise – there are 3,254 properties – including pre-foreclosure properties; scheduled Trustee Sale foreclosure auction and Bank owned repossessed properties.

The Short Sale option exercised by the troubled home owner-barrowers will make these properties from the best neighborhoods of San Francisco, mentioned above, within reach of many home buyers.

The median price of foreclosure properties of San Francisco is recorded as $541,846. Assuming these properties are sold through Short Sales, the buyers are in with a chance of a bargain price, lesser than this. The reasons are – there is urgency on the part of lenders to dispose them off by the quicker route of Short Sales; motivation for the home owners to avoid foreclosure and its heavy impacts; and the Government is granting subsidies for easing up Short Sales.

Posted by Eureka Expert on Mar 31 2010. Filed under Housing, Short Sales. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry