If I understand correctly, your question is more about buying an older home in an established neighborhood versus buying a new home in a developing area.
Maintenance issues and life of house components aside, it is always about the potential of the neighborhood.
We can argue from the position that there is no place to build in an established, older neighborhood, there will always be as much housing inventory and even if something will be build, it won't be the same style- example: Victorian, Mediterranean, Edwardian, making the older homes more architecturally significant. In that respect, it may be true.
In an newer, developing neighborhood, where there is potential to growth, you might find a lot more inventory and the style of the new homes could be very similar to each other.
But at the end it depends of personal preferences and the ability and willingness o care for an older home.
I hope this answers your question.
Good luck in your home search!
Alina Aeby-Broker Associate
Pacific Union International
Good maintenance, demand for homes in the area will make it a good investment.
Appeal, charm, views, amenities, location play such a big part that AGE of a building
is only one factor to consider.
Buy a newer building constructed after June 1979 in SF and no more worries about rent control should you decide to rent out plus possibly less deferred maintenance to deal with as Jane Lane pointed out in her answer.