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October 17, 2014

Don’t Forget About Lofts in San Francisco


Lofts have always been one of my favorite types of homes in San Francisco. With their high ceilings, open spaces and large windows, lofts always feel bigger than they actually are. Developers went on a loft-building spree in the late 1990s-early 2000s to create live-work housing in “transitional” neighborhoods like South of Market, The Mission, South Beach, and Dogpatch. And these properties still offer good bang for the buck.

The new construction coursing through the city no longer includes lofts. But it’s important not to overlook existing loft inventory, as it provides a unique, spacious form of housing that’s near downtown, freeways, public transportation and some of the best restaurants in the city. And most lofts come with parking and modest HOA dues, which can’t be said for today’s new construction condos.

The third quarter saw 62 reported loft sales at an average of $954,774. And the average overbid was just 4.3% over the list price. So if you’re looking to spend under $1M and not in the mood to jump into a bidding war, a loft is a good option.

There are currently 13 lofts on the market ranging in price from $700,000-$1.3M (and one in Mint Plaza for $4.5M). That little number above is 49 Zoe #7 between Third and Fourth Streets in South Beach. This 1BR/1.5BA unit is listed for $699,000 and is about 900 square feet. HOA dues are $480/month, and that actually includes earthquake insurance.

If your budget is bigger, don’t overlook 380 10th Street #26–a 2BR/2BA, 1,372-square foot tri-level loft in a classic brick and timber setting. I sold a loft here a few years ago, and can attest to the quality of the property. 380 10th Street has an elevator, and #26 has direct access to two roof decks, as well as the common roof deck. List price is $1,175,000.

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