When the San Francisco Association of Realtors redrew their city map in 2010, they split SoMa into two districts: one still known as SoMa and another, bounded by Fifth Street to the west, Second Street to the east, Market to the north and Harrison to the south. The new district was given the name “Yerba Buena” after its centerpiece, Yerba Buena Gardens.
Taking a break from our usual real estate analytics (which can still be found using the links above), below is a half-serious, semi-whimsical look at how San Francisco is ranked by a number of objective and subjective criteria, according to a wide (and not necessarily reliable) variety of authorities. Typically, these rankings were made within the last 2 or 3 years. Many should be taken with a large grain of salt.
Despite its reputation as the epicenter of the 1990s loft universe, the South of Market neighborhood offers an impressive variety of living options – with more to come. Construction is brisk at the neighborhood’s western and northern edges, adding a slew of impressive high-rise buildings to what so far has been a low- and mid-rise neighborhood, but that doesn’t mean SoMa’s fate is to be overrun by towers like neighboring Yerba Buena. Living in SoMa can mean almost anything.
The San Francisco real estate market grew increasingly frenzied as the first quarter of 2014 progressed, leading to another surge in home prices in virtually every neighborhood in the city. The high-demand/ extremely-low-inventory/ competitive-bidding situation is similar to what occurred first in spring 2012 and then, to an even higher degree, in spring 2013. After the market seemed to stabilize in the second half of last year, we didn’t expect to see it turn this fierce in early 2014, but right now it appears to be every bit as ferocious as last spring’s.
Change is afoot in San Francisco’s South of Market (SoMa) district, but then, isn’t it always? Since it was first platted in 1847, SoMa’s only constant has been change. During its long life it’s been an exclusive residential neighborhood, a district of light industry and warehouses, a convenient landing spot for transient workers, a hub of nightlife activity, a place where local artists set themselves up in inexpensive warehouse space and early tech workers powwowed in brand-new live-work spaces…
Prior to 1998, there was no residential neighborhood in Mission Bay; no Victorian farmhouses, no worker cottages ordered out of a Sears catalog in 1910, no ticky-tacky little boxes constructed en masse by Henry Doelger before World War II, no apartments, no condominiums, no townhouses. There were rail yards, warehouses and parking lots. The Mission Bay we see now was invented by Board of Supervisors decree in 1998.
While the nation as a whole saw a tiny decrease in the S&P Case-Shiller Home Price index in the January report released today, the San Francisco Metro Area Index (for 5 northern counties) bumped up again. The C-S Index for higher priced houses has now completely re-attained the previous market peak set in 2006, as measured by January data points. The city of San Francisco itself has exceeded the rise in the 5-county area and has generally surpassed previous peak values – many SF neighborhoods by substantial margins.
You want to buy a house in San Francisco for under a million dollars, or for over $2 million, or you have $1,800,000 to spend on a luxury condo with a spectacular view. If you’re buying a house in San Francisco, your price range effectively determines the possible neighborhoods to consider. That does not apply quite as much to condos and TICs, except for sales in the luxury segment: generally speaking, in neighborhoods with high numbers of condo and TIC sales, there are buying options at a wide range of price points, though, obviously, size and quality will vary. Also, all the new condo projects being built in many different areas of the city is changing the neighborhood pricing dynamic for condos.
These tables report average and median sales prices and average dollar per square foot values, along with average home size and units sold, by property type and bedroom count for a wide variety of San Francisco neighborhoods. The tables follow the map in the following order: houses by bedroom count, condos by bedroom count, 2-bedroom TICs, and finally a small table on 2-unit building sales.
It’s safe to say that Mission Bay is San Francisco’s fastest-growing neighborhood. Empty Southern Pacific Railroad yards only 15 years ago, the district is now home to some of San Francisco’s finest apartment and condominium complexes, with more going up seemingly every day. Want to see the future of Mission Bay? Stand at the corner of Third Street and Mission Bay Boulevard and look back toward downtown. You’ll see no fewer than four cranes busy at work, lifting girders and beams into place on what will soon be two new mid-rise apartment complexes, Venue and MB 360. Google Maps still shows the two-block stretch of Fourth Street between Channel and China Basin as an unbroken string of parking lots; they need to catch up.
There are a number of new developments in San Francisco that are being planned, in progress, and selling out as we speak. Here’s a selection of projects around the city to give you an idea of recent changes, ones that are currently happening, and ones that are just around the corner.
It is far too early in the year to reach definitive conclusions regarding substantive changes in the market, but there are indications of a number of shifts. From the hurly burly on the street, the word is that the quantity of offers coming in on new listings is declining. Where a new listing might have attracted 10 or 12 offers last spring, 3 or 4 are coming in now; where 3 or 4 offers would have arrived, the seller is getting 1. And, according to Broker Metrics, for every 2 listings that accepted offers in December and January, another listing expired or was withdrawn without selling.
No matter your price point, California really does have it all. Source: Parascope Social
We aren’t sure if winter will ever arrive, but while the forecast calls for mid- 60′s and partly cloudy skies, it’s perfect weather for strolling through one of your favorite San Francisco neighborhoods. Whether you’re jones-ing for a pick-me-up from Philz Coffee, … Continue reading
After investigating with the Departments of Planning and DPW, their inventory and pipeline reports, U.S. census data, MLS data, Andy Sirkin, NAHB and a half dozen other resources, we came up with the following estimates about San Francisco housing inventory: …
Wishing you and yours the safest and happiest of holiday seasons! Please confirm all locations, dates, times, ticket fees and reservation requirements in advance. https://my.paragon-re.com/Docs/General/HTML_Gen_Images/2013_Holiday-Events_V4.jpg (click to enlarge)
Source : https://www.parascopesf.com/san-francisco-home-sales-by-district/