The Next Hot Neighborhood Is in SF!
Recently there was discussion of a article on Redfin about the next hot San Francisco neighborhood is not within city limits at all, but rather in Daly City. Needless to say, this was designed to grab headlines--and it did. Yes, San Francisco can be expensive, but there are pockets that you can still purchase a home relatively affordably. No, you probably won't find an undervalued gem in the Mission District, but if you cast a wider net within the city, there are options. Take for example the northern Bayview around 3rd Street. It reminds me of what Valencia Street was like 20 years ago. The neighborhood has a commercial corridor along 3rd Street that will change as businesses turn over, just as what happened on Valencia has done and what is currently occurring on Divisadero. Remember: Hot neighborhoods don't start out that way. It's about getting in before the neighborhood makes the radar.
The change is already underway in the Bayview. For perspective, the Bayview saw its first over $1 million property sale last year. The historic Quinn House sold for $1.3 million in June. If you might want something modern, I toured the seven new luxury condos at 4132 3rd Street (at Innes) on Tuesday. They are very nice indeed. You could add several hundred thousand dollars to the list price if they were located nearly anywhere else in the city for units of equivalent size and quality.
Down farther in Hunters Point, the first phase of the The Shipyard at Hunters Point is already sold out, and the next phase is being built. It is a grand vision for that whole area, and it's worth driving out to take a look. A new development at Candlestick Point (check out the video) will commence as soon as the de-construction is complete. The public housing is getting a massive makeover. The new housing will be a combination of public housing, below market rate (BMR) units, and market rate housing. A smart move. Thousands of new housings units will be created between these three developments. It is only a matter of time when city and private services start improving as well.
I should do a quick mention of India Basin as well. They have commissioned a community vision of the shoreline and development opportunities. According to their report the area will see a quadrupling of the population over the next 10 years. That estimate is probably correct considering all the construction that is happening.
Redfin did mention two other southern neighborhoods as prospective hotspots, Visitacion Valley and Parkside. Indeed, nearly all the neighborhoods in the southern swath of the city are at this point undervalued, and worth considering. Last year I got clients into lovely homes in the Excelsior and Mission Terrace, and they couldn't be happier with them. And I had the great pleasure of representing a darling home in Parkside, owned by the same family for nearly 70 years and in impeccable condition.
If you keep an open mind and are patient, the right home is out there for you. So why go to Daly City when there is so much good stuff happening in San Francisco!