I closed escrow on my listing at 590 6th Street #309 yesterday, and we had a very smooth transaction. We received two offers after our third Sunday open house, and my client accepted the stronger of the two. There were no problems with the buyer’s loan process, including the appraisal and final loan approval. The 2BR/2BA, 1,235-square foot property closed at its $649,000 asking price.
SoMa is definitely in a steady state of recovery. I saw this firsthand with my 6th Street sale, but am also working with very enthusiastic buyers who are ready to purchase in the neighborhood. There are more and more foreclosure-free sales coming on the market, and some sellers are getting with the program and pricing their homes at market value. There are currently 103 condos/lofts on the market in SoMa, and 32 in contract. A total of 75 units sold in the second quarter, at an average of $689,472 (and at an average of $658 per square foot).