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April 14, 2010

Buyer Target: Mission Bay Much More Affordable

The always-developing Mission Bay neighborhood has had its share of suffering in the housing recession over the past two or three years. It’s been said that a good chunk of homeowners in the area have been keeping the Assessor’s office busy, applying for reductions in property taxes due to fallen property values.

All told, Mission Bay condos have lost anywhere of up to 20% of their value, depending on the unit size, outlook, building/amenities, and other relevant details.

Indeed, the average reported 2BR condo sale in Mission Bay was $1,084,973 in 2008, but that number declined to $846,787 in 2009. Of course, these numbers aren’t solidly representative of actual sales activity, as the many new developments in the area never reported sales via the Multiple Listing Service (MLS). What this all means is that Mission Bay provides buyers with a great opportunity right now.

There are currently 16 condos on the market in Mission Bay, with a bulk of them in The Beacon (250-260 King). However, there’s an 1175-square foot 2BR/2BA in one of my favorite buildings, The Radiance, listed at $749,000, as well as a 1268-sq foot 2BR/2BA at 255 Berry #606 listed at $869,000 (the latter likely a tad high in today’s market). And there are 23 Mission Bay condos currently in contract, at an average price of $545,405/$572 per sq foot. So it’s quite possible for all those first-time home buyers in the $500,000 ranges to find a decent property in what I believe is a very vibrant part of San Francisco.

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