SoMa is a large neighborhood consisting of what I like to call "micro-neighborhoods," and each has its own set of pro's and con's. It's important for us to know where in SoMa you are referring to when you ask about the impact of a tech bubble. For example, South Beach values may possibly withstand a tech bust better than, say, the nacsent Mid-Market area. If you'd like to talk more about the opportunities and possible "downsides" of specific parts of SoMa, I'd be happy to take you through it.
McGuire Real Estate
I just moved from SOMA a couple of months ago after living there for 2 years, and we made about $120K on the sale as SOMA is getting more and more happening every day. The only reason we moved is because we had a baby and moved to a more family friendly neighborhood.
Downsides are there are more homeless people and it has a less neighborhood feel. No one knows what the future will hold but my guess is that prices will continue to rise for a while barring some catastrophe.
In addition to living there we've sold a lot of places there as well and happy to give you some insights.
Lance King/Owner-Managing Broker
Thank you for your question. Other agents have shared some interesting answers and I can agree with some of them for sure.
I would have to agree that SOMA isn't, at this point, the most conducive to the family environment. I don't think that, from your question, this is exactly what you want to know though. If family is something you're concerned with there are plans for a new K-6 grade school just over Mission Creek off of 3rd Street in addition to 43 acres of green space planned for the Mission Bay area. Every day there is new development in SOMA and the surrounding areas and this part of the city is poised for tremendous growth.
Comparing the tech sector with the growth of our fine city isn't exactly fair. I'm from NYC originally and I saw the migration to the upper west/east sides and into Harlem which is one of the hottest areas now. Like NYC, San Francisco has one option for growth. That option is to head South into SOMA and Mission Bay, Potrero Hill, and the Dogpatch which are areas still being developed. In my opinion, you have an opportunity to get it early and see a great return on your investment.
I hope this is helpful.
I am not sure the Tech bubble "IF" question will have as much affect on Soma as it may on other areas that have many of the company bus routes going through them which have gained more of a boost, but SOMA appears to be catching up.
Soma is a very specific area which people seem to love and rave about or just won't go near it, but you can say that of many areas in town. Others have also noted the neighborhood feel which is industrial and less pretty, but the folks that I know that live there find that the people who live around you can be very friendly and getting involved in the area is key to making it work.
You get what you pay for and Soma offers great value for money for the size of the unit and location to downtown, if you are on the cusp or drift into Yerba Buena / South Beach or the top of the Mission you will pay more.
This is an area that can change block by block, so do your own research and get an agent to help you start your search to meet your needs.
I'm here to help,
Also, I would look in South Beach, Mission Bay and Yerba Buena instead of SOMA. Those areas have many positive things going for them!