This weeks edition includes: SoMa New Development Update, New Condo Listings, New Live/Work Listings, Price Reductions, Pending Sales, Sold Prices and Useful Links. The South Beach Real Estate Real Estate Newsletter is emailed on Fridays. Interested?

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Michael Novia
Broker Associate
South Beach Real Estate
415-637-2409 (24 hours)
mnovia@southbeachrealestate.com
DRE License: 01450953
View & Luxury Specialist

#1705 – 1 bed/1 bath/$575,000
#1012 – 1 bed/1 bath/$590,000
#1510 – 1 bed/1 bath/$660,000
#605 – 2 bed/2 bath/$760,000

Please call me to discuss a strategy for buying in new developments.

Michael Novia
South Beach Real Estate
415-637-2409 (24 hours)

1 Bed/1 Bath – $590,000 (original price: $580,000)
2 Bed/2 Bath – $975,000 (original price: $965,000)
2 Bed/2 Bath – $1,100,000 (original price: $1,090,000)

Michael Novia
South Beach Real Estate
415-637-2409 (24 hours)

#1112 – Studio – $580,000. Views to the East.
#904 – 1 Bed/1 Bath – $635,000/City Views.
#2113 – 2 Bed/2 Bath – $965,000/Corner Unit with Views.
#1006 – 2 Bed/2 Bath – $1,090,000/City Views.

Here’s a price update on some of their available units. I don’t have all the square footage amounts, but this will give you a good idea of the various price points they are offering. Some of these have small balconies. Some have city views.

1 Bed/1 Bath
#604 – $630,000
#602 – $685,000
#710 – $605,000
#1012 – $600,000
#1009 – $535,000
#1111 – $520,000
#1203 – $535,000
#1405 – $520,000

The median price in SoMa, as of today, for 1 bedroom home is $660,000. Median square footage is 767.

2 Beds/2 Baths
#606 – $1,035,000
#707 – $799,000
#808 – $1,020,000
#1114 – $860,000
#1413 – $785,000
#1501 – $990,000

The median price in SoMa, as of today, for a 2 bedroom home is $945,950. Median square footage is 1,161.

HOA dues will range $550 to $650 per month. Parking is valet $70 per month. Twice monthly housekeeping is included in the HOA dues.

Here’s a tip. Try SOMA Pizza on the corner of Seventh and Mission. They serve a good slice, $2.00 for the NY style cheese and $2.75 for the Sicilian Cheese. They also offer Calzones for around $4.00 and they sell beer and wine. They are open from 11 AM to 10 PM

If you would like to attend as my guest, please call me,  Michael Novia at 415-637-2409 (24 hours a day) to RSVP. This is an invitation only event. 

Floor Plans/Prices

• Junior 1 Bed/1 Bath $500′s
• 1 Bed/1 Bath $600′s
• 2 Bed/2 Bath $700′s to 900′s
• 3 Bed/2 Bath $900 to over $1 mil
• The HOA dues are estimated to be from $500 to the mid $600′s and will include bonuses such as Housekeeping twice monthly, Concierge – 7 days a week, 12 hours a day, Gourmet tea and coffee service, Wireless Internet, DVD lending library, Restaurant reservations, Monthly wine tastings, Virtual community bulletin board, Exclusive community value card, Friends and family discount to local Joie de Vivre businesses, Package service
• Plenty of parking but that will cost you extra. It will either be leased or deeded. No pricing yet.
• Completion is expected for late 2007.

The eastern side of the building, I’m told, will have the best views. To the west a 1,900 unit apartment complex has been proposed. It will stretch from Mission to Market Street. The new Federal Building opens, I believe, next week. That will draw approximately 3,000 new people into the neighborhood each day. The Soma Grand is doing it’s best to attract a quality restaurant to the building, rumors include the Slanted Door.

 The location of this building on Mission Street, while convenient to downtown/public transportation, is certainly in the redevelopment stage. I believe the pricing reflects that. This could be an excellent long term investment. The new Federal Building, Intercontinental Hotel, 1,900 unit Apartment Complex, Soma Grand, and the very close Westfield Shopping Center will all have a positive influence on this neighborhood and will serve as a draw for bistros, cafes and service providers.

The SOMA Grand will consist of  246 luxury condos. The home owners in this building will have access to all of the amenities of a full service hotel. The building is located at 1160 Mission Street at 7th.

Soma Grand’s services were developed by Joie de Vivre Hospitality, California’s largest boutique hotel company. It’s the first condominium living experience in San Francisco to offer you the life of a hotel guest without the cost.

- Twice-monthly housekeeping services executed by hotel-trained room attendants
- Concierge services provided by San Francisco’s savviest lifestyle experts
- Round the clock gourmet tea and coffee service in the lobby
- Access to yoga instructors, pet walkers, cooking teachers, a technology concierge and more
Source SOMA Grand.com

Soma Grand will feature 246 residential condominium units atop a parking garage and select commercial retail space. With 22 stories, nearly every unit will enjoy panoramic views of the San Francisco Bay, downtown and other parts of the city. Residents will be within walking distance of Union Square, the Asian Art Museum, San Francisco Symphony, Bill Graham Auditorium, City Hall, Orpheum Theatre, the San Francisco Opera and much more. Completion of Soma Grand, which is the first boutique hotel-inspired condominium offering in San Francisco, is expected in late 2007. Source Multi-Housing News