Many more condos are sold in the South Beach/ Yerba Buena/ South of Market (SoMa)/ Mission Bay neighborhoods of San Francisco than any other area of the city, and since new construction is surging here, that trajectory will only continue. The market here is quite hot pursuant to the same trends as the city as a whole: high demand, low inventory, rapidly appreciating prices. The great majority of condos that are sold have been selling without any price reductions and averaging a sales price over asking price.
Since opening our doors in 2004, Paragon has transacted over $800 million in business in these neighborhoods, acting as agent in over 950 sales and leases.
South of Market (SoMa District) Condo Values
Luxury Condo Sales in Greater SoMa-South Beach Area
Sales of luxury condos in this area have been soaring and often sell for among the highest dollar per square values in the city, especially upper units with spectacular views in buildings such as the Millennium and Four Seasons.
San Francisco Luxury Condo Sales, $1,500,000 & Above
As one can see in this chart, the greater South Beach-SoMa area has a large and growing footprint in the luxury condo market segment in San Francisco.
Sales reported to MLS 6/1/14 – 2/15/15. When identified, outlier sales that distort the average $/sq.ft. value were deleted. Below Market Rate (BMR) units were excluded from this analysis. Median and average statistics often conceal wide varieties of values in the underlying individual sales – and how they apply to any particular property is unknown without a specific comparative market analysis. Data from sources deemed reliable, but may contain errors and subject to revision.
* When only a small number of sales report square footage, the average dollar per square foot value is less reliable.