Tuesday, September 16, 2008

Saturated in SoMa

The South of Market neighborhood remains the go-to place for young professionals looking for affordable condos or lofts with reasonable homeowners association (HOA) dues. With 96 units currently listed as available in the Multiple Listing Service (MLS), there's plenty to choose from. And that doesn't even include some of the new-construction buildings, which don't typically begin marketing through the MLS.

One bedrooms dominate the SoMa condo market. There is a selection of units ranging in price from $438,000 for a short-sale unit with a large patio, low dues and leased parking, all the way up to $999,999 for an 1800+ sq foot unit in the Clocktower Lofts at 2nd Street that's been on the market for 44 days. But most one bedrooms in the area are in the mid-$500,000s-$600,000s.

On the two-bedroom front, prices are predominantly in the $700,000s-$800,000s. Of course, this doesn't include buildings such as The St. Regis or Millennium Tower, both of which are marketing two bedrooms in the $2.5M-$4M range.

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