San Francisco buyers who are tired of battling through the endless tide of multiple offer properties might consider buying in the South of Market area. Although the neighborhood may not appeal to everyone, the opportunity to buy sans competition may just be worth it.
With a number of developments with available units, and even more developments on the way, SoMa, more than any other area in San Francisco, is a location where buyers can actually walk away paying asking price for a property. Additionally, although I occasionally question the price per square foot projections for some projects, SoMa’s long-time residents have developed a solid community; they are not only defining what type of retail dynamics will be coming to the neighborhood, but they are accelerating how quickly the retail is coming in. Seeing this type of positive hyper-movement makes me more comfortable with future appreciation for SoMa properties.
Many purchasers of SoMa properties, I have discovered, simply enter the Sales Offices, review a model or two and floor plans, and proceed to write an offer with the sales team. What these buyers often fail to realize is that Sales Offices for developments are agents for the seller. The tragedy is that, without proper buyer representation by a knowledgeable Realtor®, they are quite often leaving money, or developer concessions, on the table.
Here is some helpful advice on how to purchase in SoMa:
1. Use your own real estate agent;
2. Shop multiple buildings and make sure you and your agent walk out with financing sheets and priced floor plans for units you are interested in;
3. Let the sales office know you are doing this;
4. Make sure you purchase parking if it is not included in the sale;
5. Ask for seller concessions or you have little chance of getting them.
Have more questions about the San Francisco real estate market? Ready to buy or sell your home? Contact me today for honest, experienced answers.
Amy Blakeley, Realtor®
McGuire Real Estate
Ablakeley at mcguire.com