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.
Lofts2002 - $460,7882003 - $489,4962004 - $558,6182005 - $700,6522006 -$697,5122007 to date - $721,785
Condominiums2002 - $445,7802003 - $438,7992004 - $515,5612005 - $614,9252006 - $640,9862007 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.
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Related article:
http://southofmarkethomes.wordpress.com/2007/11/07/soma-update-1-bed-lofts-vs-1-bed-conods/
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