The Neighborhood of SoMa
Over the past few years, the SoMa home has been on the rise. SoMa, short for South of Market, is an area of downtown San Francisco south of Market Street and northeast of the Mission District. The SoMa District, and the SoMa home, are characterized by their industrial past. Having moved through a wave of gentrification and a dot.com boom in the 90s, the South of Market neighborhood is now home to a vast array of artistic and cultural spaces. Warehouses still populate the area, but many have been converted to offices and live-work spaces. The district seems to be in a constant state of development — and a walk through SoMa will take you through multiple construction zones and newly carved niches of restaurants, bars, galleries and clubs. Having lived in the area, expert Rob Landsness has plenty of real estate experience both buying and selling the SoMa home.
The neighborhood is a vast and diverse area full of warehouses, nightclubs, residential hotels, art spaces, loft apartments, condominiums, and various technology companies. Despite the Dot-Com crash of the early 2000s, a variety of major software and technology companies have decided to headquarter in SoMa, including: Foursquare, Wired, Github, CNET Networks, Twitter, Square, Dropbox, and Zynga among others.
Attractions in SoMa
Additionally SoMa is home to many of San Francisco’s notorious museums, including SFMOMA, the Yerba Buena Center for the Arts, and the Museum of the African Diaspora. However SoMa’s art is not limited to just museums as there are also several small theatre companies (such as the Lamplighters) that add to the appeal of SoMA. Public health facilities in the area include the South of Market Health Center.
The SoMa home is infamous for its misaligned streets. Because the streets in the area are aligned with the half-points of the compass, people’s sense of direction is shifted 45 degrees clockwise. Thus, while driving towards Market Street, people think they are driving “northbound” even though it is actually northwest. This interesting dynamic adds to the distinctness of the neighborhood.
The SoMa Home
More recently the SoMa home has become a growing market in the San Francisco Real Estate industry. The median sales price for a SoMa home for Feb 13 to Apr 13 was $659,500 based on 12 sales. Compared to the same period one year prior, the median sales price has increased 25.6%, or $134,500. However in many ways this can also ba attributed to San Francisco limited number of sellers and a decrease in home sales by 70.7%.
Lastly the average price per square foot for a SoMa home was $791, an increase of 38.3% compared to the same period last year. The average listing price for homes for sale in SoMa was $1,074,078 for the week ending May 01, which represents a decrease of 4.7%, or $52,579, compared to the prior week. Because of its unique history and growing development, the SoMa home is becoming a hotbed for San Francisco real estate.