3 posts tagged “soma”

Within my firm, we calculate some statistics on previous year sales figures and I thought this would be interesting for my "Luxury Condo" buyers.

Here is an excerpt from 2006 figures:

SF Luxury Condos/Co-ops ($1,500,000+)

District                         Total Sales  Avg Sales $  DOM

Pacific Heights                     32        $2,705,813     40

Russian Hill                         20        $2,598,150      67

Nob Hill                               13        $1,972,000      49

South Beach/SOMA             27        $2,246,068      45

Overall                                134       $2,232,361      47

Hopefully these actual sales numbers gave give you some guidance towards what is happening in 2007 and possibly use for a baseline in the future.

I have had several discussions recently regarding the state of the San Francisco market and I thought I would address the resale vs. new sales..

Many ask: "Ken why are you so busy when I hear in the media that sales are off for real estate sales." Well, here is how I answer them.

First of all, the SF market is unique compared with say Boise, Cinncinnati or even Richmond, VA for that matter. But locally I have found that sales of new condos and homes are a bit sluggish compared with the resale market. Maybe it's the character of the properties or simply the location that affects them.

I am not sure but my opinion is that the resale market is alive and kicking. Having said that.

Maybe this is a time of "opportunity" for the SOMA condo market. Have your agent (hopefully me) negotiate non-recurring closing costs or builder supplemented property upgrades. Both parties will be happy and what is wrong with a "win-win" resolution?

Happy Home Hunting!!

San Francisco's real estate market is alive and kicking. Unlike popular media reports, the market in San Francisco is moving steadily forward. Inventory levels are way off normal levels so this reduction is putting upward pressure on prices and offers on the "good" properties, currently available.

A current hot spot in San Francisco is the St. Francis Woods / Balboa Terrace districts. I recently had to adopt the hot market offer strategy to be successful on a home there. 18 disclosures & 9 offers and YES we won!!

But if you are a buyer and can be patient. I recommend watching the SOMA area. With hundreds of units in various phases of construction I anticipate a savvy buyer will be able to get sub-list pricing within 6 months. Hopefully, this means they will call me for representation of course.

Lastly, let me promote my listing at 10 Miller Place, #1201...as they say views, views, views!! 2/2/1 that is shorthand for 2 bedrooms, 2 bathrooms and 1 car parking. all for $1,150,000...Hard to beat that in Nob Hill.

If you have any questions or just want to bounce some real estate ideas off me just give me a call or email me @: kglidewell@pacunion.com !!