Thursday, October 4, 2007

South Of Market Area

The South Of Market Area (SoMa) is next on our neighborhood tour. As the name implies, SoMa spans the area between Market and Townsend. The western border is the 101 Freeway, and the eastern border was once the Embarcadero, but the few blocks closest to the water are now known as South Beach which will be the next neighborhood on our tour.

This once industrial district is now an eclectic mix of warehouses, nightclubs, restaurants, stores, and residences. This area has changed dramatically over the past fifteen years with the dot com industry and new developments seeming to pop up everywhere. The addition of the Metreon and more recently the new Bloomingdale's are a successful effort to get people to venture across Market Street. The new Federal Building at 7th and Mission is also expected to change the feel of SoMa.

At the moment there are 104 residential properties on the market in SoMa, 94 of which are condominiums or lofts. The other ten are 2-4 unit buildings. Single family homes are almost non existent here. The prices range from $295,000 for a small studio condo to $5,399,000 for a luxury condo in the 4 Seasons with 280 degree views. Don't worry, it does come with one parking space. I know, that is a ridiculous price span. The average sales price according to Trulia.com is $823,120.

What does the average price get you in SoMa? How about this new development designed by Stanley Saitowitz/Natoma Architects Inc. This building is located on Howard Street at Eighth. For $809,000 you can purchase a two bedroom, two bath, 1279 square foot unit with one car parking. This is a minimalist building with premium quality finishes. For public transportation, there are buses that run all through the neighborhood, and BART and MUNI Trains run all the way down Market to the Embarcadero. Also, if you are commuting to the peninsula, there is the CalTrain Station at 4th & Townsend.

1 comment:

For Sale By Owner said...

I can say that on Fizber - a fsbo website - numbers a bit differ...