Back in 1995 when I moved to San Francisco from New York, the South Beach neighborhood had yet to emerge as the “next big thing” on the Bay Area landscape. There was still a lot of concern about safety, the homeless encampments and the lack of retail services available. These were legitimate concerns for those calling this area their home and investing in future growth. Prices were relatively low in comparison to the rest of the City, and you could certainly get a lot more bang for your buck by considering a loft in this quiet location.
Loft Conversions
When Willie Brown’s administration created the live/work zoning designation for loft conversion buildings and new construction, the area was transformed. This fueled the influx of the Dot-Com industry, which quickly created a shortage of real estate as the demand for small office space grew. The City experienced record low vacancy rates for office space, and the South Beach area began to grow. Within a few short years, we saw average sale prices go from around $500,000 to today’s average of $870,000. As prices increased, the artists and “pioneers” that had been living here for years were pushed out. It became impossible to afford a studio on what most artists were able to earn.
These changes created a backlash from those who wanted South Beach to remain a vibrant, diverse neighborhood. A moratorium on live/work lofts was approved in 2001, and the land grab mentality was supplanted by a move toward a broader mix of property types. Since the moratorium, this neighborhood has emerged as a premier residential destination. With the addition of several luxury condominium towers — starting with the three phases of The Brannan towers and 301 Bryant St, expanding to the Four Seasons, the St. Regis, 200 Brannan, 88 Townsend, and now the Watermark, One Rincon Hill, 50 Lansing, The Metropolitan and a myriad of new condominium properties in and around the South Beach/Mission Bay area – this little corner of San Francisco is blossoming.
Eric Turner, Real Estate Agent
My new business partner, Eric Turner, has been buying and selling properties in the neighborhood for the past several years. He feels that the outlook for this unique location is very positive. “I’ve lived in various neighborhoods of San Francisco, but most recently at the Oriental Warehouse Lofts, and then in the Lower Financial District at 2nd & Folsom, and currently at 200 Brannan. South Beach has recently developed into a wonderful community with so much to offer. We have the Embarcadero Waterfront, the SBC Ballpark, South Park, great restaurants, shops and of course, we’re so close to all forms of transportation such as freeways, MUNI & BART. South Beach is also home to some of the best new residential developments that are transforming this neighborhood. Aside from having authentic historic lofts, South Beach is quickly becoming known for some of the best new construction condominium- and loft-style developments. While prices in South Beach have seen significant appreciation, I still believe this is one of the better investment areas in San Francisco.”
A Great Place to Live in San Francisco
The reality is that this is a great place to live. The weather is spectacular as you sit in the South Beach sun and watch the fog engulf the rest of the City. With easy access to the waterfront, this relatively flat neighborhood provides the perfect jumping off point for various activities such as bicycling, rollerblading, jogging or strolling along the Embarcadero. We now have a bounty of options when looking for a local dining experience, and with Whole Foods, Borders Books, Walgreen’s, Safeway, Starbucks, etc., we are able to truly call this a destination for those looking for an urban feel in a growing neighborhood. It is also the cultural and entertainment center for the City with SF MoMa, Yerba Buena Center for the Arts, the Metreon, and many other attractions available for local residents or visitors alike.
South Beach/Mission Bay used to be a perfect place to get your car fixed, then it became a cool place to party and go clubbing with friends. As more businesses open offices and UCSF, Stem Cell Research and biotech companies move into Mission Bay, it has developed into a great place to work and to dine at world-class restaurants. Now, all the new developments dotting the landscape are furthering the notion that this is an excellent place to call home. Local parks are becoming more kid-friendly, retail services are expanding and sidewalk café’s are opening. And, of course, the SBC Ballpark acts as an incredible draw and provides an economic engine for this exciting “new” neighborhood.
Eric continues: “I would have to consider South Beach as the most exciting new area to visit and live. We have a great blend of optimal weather, activities and the excitement of what’s coming next! New parks, the International Cruise Ship Terminal, the South Beach Yacht Club, along with more shops and world-class restaurants. People are quickly discovering the excitement and investment opportunity in South Beach so don’t wait too long!!”
I trust you will enjoy this location as much as we do. Come see for yourself!
Feel free to contact Eric or me to discuss your South Beach Real Estate needs.
— Adam Gavzer
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Images courtesy of SFWatermark.com
