Ever wonder what sells faster and at what price? Within the past 6 months the average price for a 1 bed condo in SoMa is $663,004 and sold in an average of 45 days (81 sold). For 1 bed lofts the average selling price is $719,647 and sold in exactly the same amount of time; 45 days (40 sold).
Last year during the same time frame the average price for a 1 bed condo was $645,272 and sold in an average of “you guessed it” 45 days (83 sold). Lofts during the same period sold for and average price of $681,431 in 38 days (67 sold).
Why the continued high demand and high prices for lofts even though their location often times would not be seen as ideal? Maybe because there are simply less of them and are not being built nearly as often. The high ceilings and wide open floor plans continue to be very appealing to home buyers who want to reside in SoMa. So feel free to choose a loft! Your investment will most likely be as good as if you choose a condo and who knows with less supply, it may end up being a better investment in the long run.
Year End Averages
Lofts
2002 – $460,788
2003 – $489,496
2004 – $558,618
2005 – $700,652
2006 -$697,512
2007 to date – $721,785
Condominiums
2002 – $445,780
2003 – $438,799
2004 – $515,561
2005 – $614,925
2006 – $640,986
2007 to date – $665,048
P.S. Please excuse the formatting for this article. I can’t seem to get the HTML code to cooperate today.
Filed under: Buyer Info, Seller Info
