We hope you’re enjoying our series, “Getting Granular.“ After all, real estate trends on the neighborhood level are what’s important to most homeowners and people considering buying. We’ve been surprised at some of the results in our analyses, and this installment is no exception.
Looking at median sales prices in SoMa (South of Market), we expected to see a decline. SoMa is a funny neighborhood. First off, it is pretty massive (by SF standards). Second, it is divided into East SoMa (which is a bit nicer), and West SoMa (which is a bit grittier). Third, it is a neighborhood in transition. There are many other reasons why SoMa is a unique neighborhood, but we’ll keep it to those three for now.
- Are prices in SoMa headed south?
Lofts and condos are king in SoMa. The neighborhood may not appear like much to outsiders who drive the streets, but if they only knew what was behind some of those façades, they’d see that the ‘hood has some truly spectacular properties.
Because SoMa is largely in transition, and we’re in a down economy, we expected to see a bit of stagnation and possibly a decline in median values. Improvement of transitional areas tends to ride the coat tails of a growing economy — and we all know that’s not going on right now. So what did we find? Read the rest of this entry ?