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San Francisco Condos for Sale: Buildings, HOAs and Financing

By Matthew Martinez, Founder, CEO & Managing Broker, Diamond Real Estate Group. California DRE #01869679.

A San Francisco condo is a unit you own outright plus a shared interest in a building run by a homeowners association, so buying one well means judging the building and the association as carefully as the unit. San Francisco is a consolidated city and county, and its condos range from downtown and South Beach towers to boutique buildings and older flats converted from apartments or tenancies in common. Before you write an offer, read the HOA’s budget and reserve study, its balcony inspection report, its litigation history and the building’s permit record, and confirm the project works with your loan.

This guide covers the building types, the documents California law requires a seller to hand over, financing rules that can sink a sale, rent rules for condos you might lease out, and what sellers should prepare.

San Francisco condos for sale

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Building types and where they are

San Francisco condos fall into a few groups, and each carries its own risks.

Building type	Typical areas	What to check first
High-rise towers	South Beach, Rincon Hill, Mission Bay, South of Market, Yerba Buena	Reserve study and dues trend, mechanical systems and facade work, foundation and settlement history, commercial space share for financing
Mid-rise and boutique buildings	Hayes Valley, Dogpatch, Pacific Heights, Nob Hill, Russian Hill	Size of the reserve fund relative to a small owner base, self-management, construction defect claims
Converted older buildings	The Mission, Western Addition, Richmond, North Beach, Marina and other prewar neighborhoods	Seismic retrofit status, wood balconies and stairs, eviction history before conversion, whether the unit is truly a condo or a tenancy in common

For tower comparisons, our downtown condo building comparison sets out what to tabulate, and our neighborhood pages for South Beach, Mission Bay, Pacific Heights and Nob Hill cover each area’s streets and housing. Buyers at the top of the market should also read our guide to luxury condos and penthouses.

If the listing says “TIC,” you’re buying a share of the whole building, not a condo. Our guide to buying a TIC in San Francisco explains the different financing and ownership.

The HOA documents a seller must give you

California Civil Code section 4525 requires a condo seller to give the buyer a set of association documents as soon as practicable before title transfers. The list, in the version effective January 1, 2026, includes:

The governing documents: CC&Rs, bylaws, rules and articles.
The association’s most recent annual budget report and related disclosures distributed under the Civil Code’s Article 7 rules.
A statement of current regular and special assessments, any unpaid amounts on the unit, and any board-approved changes not yet due.
Any rental or leasing prohibition in the governing documents.
Any unresolved notice of violation sent to the owner.
Any initial list of construction defects provided to members, and related information, unless the matter has been resolved.
The most recent balcony, deck and stairway inspection report under section 5551.
On request, the last 12 months of approved board minutes, excluding executive sessions.

Ask for the minutes in every case. They are where pending repairs, insurance changes and disputes appear before they become a special assessment.

Reserves, assessments and balcony inspections

Under Civil Code section 5550, if the major components the HOA must repair have a replacement value of at least half its gross budget, the board must have them visually inspected at least once every three years and review the reserve study every year. The study lists components with a remaining life under 30 years, estimates their cost, and sets a funding plan.

Section 5605 limits what the board can impose without a member vote: regular assessments can’t rise more than 20 percent over the prior year, and special assessments can’t total more than 5 percent of budgeted gross expenses in a fiscal year. Larger increases need approval by a majority of a quorum of members, so a vote on the calendar is worth knowing about.

Civil Code section 5551, the condo rule often called SB 326, requires associations with buildings of three or more units to have wood-framed balconies, decks, stairs and walkways more than six feet above ground inspected by a licensed structural or civil engineer or architect. The first inspection was due by January 1, 2025, then at least every nine years.

The report goes into the reserve study, and an immediate safety threat must be reported to the city within 15 days. Apartment buildings follow a separate law, covered in our SB 721 balcony inspection guide.

For how shared costs are split among owners in older buildings, see our older-building shared-costs workbook.

Financing: warrantable, FHA and project problems

Lenders approve the building as well as the borrower. Fannie Mae’s Selling Guide (section B4-2.1-03, dated August 5, 2026) lists characteristics that make a condo project ineligible, and many lenders follow similar rules even for jumbo loans.

More than 35 percent of the project used for commercial or nonresidential space, with hotels and rental apartments in the project counted as commercial.
One entity owning more than 20 percent of units in a project of 21 or more units.
Pending litigation against the HOA, or developer litigation over safety, structure or habitability, beyond minor matters.
Critical repairs, including unfunded repairs over $10,000 per unit due within 12 months, or a special assessment tied to an unremediated critical repair.
Hotel-like operation, such as mandatory rental pooling, and more than 10 percent of HOA income from non-incidental businesses like restaurants or spas.

A building that fails these tests is “non-warrantable,” and buyers usually need a portfolio loan with a larger down payment. For FHA loans, check the building on HUD’s FHA condominium search, which looks up projects by state, city or name. Diamond may refer you to partners we work with; you’re free to choose any provider.

Permits, seismic status and building history

San Francisco’s Housing Code section 351(A) requires a seller of a residential building to obtain a Report of Residential Building Record, the 3R report, before the sale. It applies to condos, with a separate application for each unit, and lists building permits only, not plumbing or electrical permits. The city’s current 3R request page lists a fee of $286 per report, with a surcharge for online card payment, and a processing time of seven to ten business days.

For a fuller picture, search the address on the Department of Building Inspection’s Permit Tracking System, which covers building, electrical, plumbing and boiler permits and complaints, with online records back to the 1980s.

Older wood-frame buildings may fall under the city’s Mandatory Soft Story Program, which covers wood-frame buildings of three or more stories, or two stories over a basement or underfloor area, with five or more units and a permit applied for before January 1, 1978. DBI publishes a list of covered properties and their status. Ask for the retrofit permit and sign-off.

Ground conditions matter too. Our San Francisco hazard maps guide explains liquefaction and flood maps. The best-known case is the Millennium Tower at 301 Mission Street, which by 2016 had settled about 18 inches and leaned about 24 inches; a perimeter pile upgrade drilled 18 piles about 300 feet to bedrock and was completed in February 2025, and monitoring continues.

Parking, transit and what you actually own

Parking in a San Francisco condo can be a deeded separate parcel, an exclusive-use common area assigned to the unit, or a space leased or licensed from the HOA. These differ in whether the space transfers automatically, whether you can sell it separately and whether the HOA can reassign it.

Read the condo plan and the grant deed in the preliminary title report for the unit and any parking or storage parcel.
Check the CC&Rs for exclusive-use common area assignments.
Get any lease or license for a space in writing, with its term and fee.

Many buyers trade parking for transit. Towers in South Beach and Mission Bay sit near the Caltrain terminal at Fourth and King Streets and Muni Metro, and downtown and South of Market buildings are close to the BART and Muni stations under Market Street. Walk the route at commute hours before you decide a space is optional.

Renting out a San Francisco condo

State law, the Costa-Hawkins Rental Housing Act (Civil Code section 1954.52), lets an owner set the rent on a unit that can be sold separately from other units, which includes most condos. San Francisco’s Rent Board explains that a condo is exempt from the city’s rent increase limits only if the tenancy began on or after January 1, 1996.

The exemption has exceptions. Condos the subdivider never sold separately haven’t been exempt since January 1, 2002, and a serious code violation left unabated for six months before the last vacancy removes it. An exempt condo is still covered by the Rent Ordinance for everything else, including just-cause eviction rules and the annual Rent Board fee.

Check the HOA’s leasing rules too: section 4525 requires the seller to disclose any rental prohibition in the governing documents.

Selling a condo in San Francisco

Condo buyers and their lenders ask for the association package early, so order it before you list. The HOA or its manager usually charges for the document set, and turnaround can affect your escrow timeline.

Order the section 4525 documents and read the minutes and reserve study yourself before buyers do.
Apply for the 3R report from DBI; the city doesn’t process rush orders.
Collect permits for any remodel, and confirm the soft story status if the building is covered.
Check the project’s loan eligibility so you know whether your buyer pool includes FHA and conventional buyers.
Plan for transfer tax. Who pays is negotiable; our San Francisco transfer tax guide covers the city’s rates and the local custom.

Our San Francisco selling guide walks through pricing and preparation in more detail.

Questions people ask

What’s the difference between a condo and a TIC in San Francisco?

A condo owner holds title to an individual unit plus a share of common areas, with its own loan and tax bill. A TIC owner holds a percentage share of the whole property under a TIC agreement, which changes financing, resale and risk.

How much are HOA dues for a San Francisco condo?

They vary with the building’s staff, amenities, insurance and reserve funding, so compare each building’s budget rather than a citywide average. The budget report and assessment statement in the seller’s section 4525 package show the current figure and any approved increases.

What is a non-warrantable condo?

A condo in a project that doesn’t meet Fannie Mae or Freddie Mac standards, for example because of pending litigation, too much commercial space, one investor owning too many units, or critical repairs. Buyers usually need a portfolio loan, often with more cash down.

Is a San Francisco condo under rent control?

For rent increases, usually not if the current tenancy began on or after January 1, 1996, under Costa-Hawkins. The unit is still subject to the Rent Ordinance’s eviction rules, and a pre-1996 tenancy remains fully covered.

Has the Millennium Tower been fixed?

Its perimeter pile upgrade was completed in February 2025, and engineers reported that settlement had stopped and the tilt had been reduced by nearly two inches. Monitoring gauges stay in place, so ask the HOA for current reports and any remaining assessments.

Do I need a 3R report to sell a condo?

Yes. San Francisco requires a 3R report before a residential building is sold, and DBI requires a separate application for each condo unit. The first sale of a newly built building within a year of its certificate of final completion is exempt.

Does the balcony inspection law apply to condos?

Yes, to associations with buildings of three or more units and wood-framed balconies, decks or stairways more than six feet above ground. The seller must give the buyer the most recent inspection report.

Can I buy a condo with an FHA loan?

Only if the project or the unit meets FHA’s approval rules. Check the building on HUD’s condominium search and ask your lender early.

When you’re ready to compare buildings, we can review the HOA package, permit history and loan eligibility with you before you commit. Start with our San Francisco buyer representation, or explore more of the city on our San Francisco real estate guide.

This is general information, not legal or tax advice; talk to a California real estate attorney or tax adviser about your situation.

Sources & notes

The official statute pages on leginfo.legislature.ca.gov could not be opened during this review, so Civil Code sections were read on Justia and public.law. The live search results for this page’s keywords weren’t reviewed before drafting.

Last reviewed October 2026 by Matthew Martinez.