Hi DMT. Both those units are in escrow. They originally came on the market this past summer. I wrote an offer on one of them for my client and we wound up competing with 5-6 other buyers. A similar situation happened with the other unit. Both units are short sales.

From what I understand, both units wound up going into contract in the low 600s. Each of the units fell out of escrow at one point but new buyers were quickly found to replace them.

They are remaining in escrow without closing and showing up on Redfin because the listing agent is negotiating with the lender(s). LIke all short sales, this one will probably take awhile.

Call or email me if you want more information about these units or other short sales and/or lofts in San Francisco. You can learn more about who I am and how I work on my blog http://www.sfrealestatebuzz.com and my website, http://www.ceceblase.com . Thanks.

Thanks guys! My understanding is it will go for around high 500s or low 600's for the big one 104. Is this still a good deal? I also realized the location is at bryant and 3rd one of the busiest intersections in SOMA. Let me know your thoughts on this area and this specific unit for the price.

Sure, but that would depend what you pay for it. Hunters Point is also good for the right price.


Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)225-9894
gregory.garver@gmail.com
http://www.gregorygarver.com

Hi--Good question. 500 Bryant doesn't have a lot of turnover, so that's a good thing. Both units 101 and 104 are currently in contract; they are both undergoing short sales, and one has already been in & out of contract, so who knows if those will go through. They're both listed on the low end (it's a challenge finding a 1BR loft in a decent location for $500,000 & under), so it's likely the bank may come back & counter for more money if the appraiser deems the units at having a higher value than that of what is in contract.

If you're planning to live in your next home for a 5-7 year period, I'd recommend continuing to look for properties in this price range. If you can get a loft for the low $500,000s, you will probably be ok. At the height of the market, units in 500 Bryant were selling in the mid $500,000s and a couple sold in the mid $600,000s.

There are a lot of options in this price range right now; in fact, I wrote a blog post on the subject this week:
http://insidesfre.com/2009/10/22/somamission-within-reach-fo…

Feel free to message me directly if you'd like to talk about further details.

Real estate should always be included as part of a larger investment portfolio. With the build-up in the China Basin / Mission Bay areas including the USF Biomedical campus and plans for bio research facilities there, plus easy access to the SF Financial District, the long-term time horizon looks very promising for condo/loft investments in the area. That said, you have to ask yourself three questions: 1) is this where I really wish to live for the next 5-7 years and if so, why, 2) is it the sort of place that others would wish to rent or purchase when I am ready to move on, and 3) is it at the right price point for the current market? In helping my clients purchase properties, one the very first questions that I ask myself and my client is, how easy will it be to sell or rent out this same property in 5+ years. If you are not currently working with a seasoned local real estate agent who not only understands the local property market, but also the long term plans by San Francisco for its further development, I highly recommend that you engage with one soon. I happen to live about 4 blocks from that location and would be more than happy to meet with you and discuss your real estate investment objectives.