SoMa Within Reach for First-Time Home Buyers

There was a time when one- to two-bedroom condos and lofts were out of reach for those who could afford up to $600,000. I know that’s a lot of money in most parts of the world, but in San Francisco, it’s first-time home buyer territory, and it’s not been an easy price range.

But things have loosened up a bit, particularly in the South of Market neighborhood. The ongoing short/foreclosure sales have brought prices down, and there’s actually plenty of inventory. A nice loft that previously commanded a price of $650,000 or $700,000+ two or three years ago can now be purchased for about $100,000 less.

There are currently 33 one- to two-bedroom condos/lofts on the market in SoMa for up to $600,000. Sure, many of them are located in less-desirable locales (hello, 140 South Van Ness!), but I thought I’d spotlight two properties I think could be good deals—at the right price—due to location and overall appeal:

601_4th You wouldn’t know it from the listing detail, but 601 4th St. #101 is located in the Heublien Building—the first large loft development in San Francisco. It’s always been a favorite of mine due to its large windows, high ceilings, and overall character. The building is also in a very central location (94 Walk Score). The unit itself features 16-foot ceilings and an outlook to a shared garden. It’s listed at $579,000, but maybe at $550,000 or so, more buyers will bite.

Next up is 695 5th #7:

695_5thLast sold for $700,000 in March 2005, this unit started out at $619,000 in July and is now down to $599,000. It’s not very different from other lower-priced lofts, so hopefully there’s room to move in price. But here’s the good stuff: You’re right at Townsend & 5th, which is a pretty central location (Walk Score: 92). The sleeping area upstairs is reasonable, and there’s one-car parking and a large deeded storage space. Knock this baby down to $540,000 or so, and you’ve got yourself a nice loft that’s just over 1,000 square feet in a hip location.

2 responses to “SoMa Within Reach for First-Time Home Buyers”

  1. krista mills says:

    Nice places, but those prices give my heartburn!! lol

  2. insidesfre says:

    I know, the prices are still hard to swallow. San Francisco just hasn’t been hit as hard as other areas. Properties in central locations still command higher price points.

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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