But that’s not stopping anyone. The attraction is so strong for wanna-be buyers, many are putting 3-5% down in order to secure their find, with the rest of the down payment due upon purchase. Not surprising, since more than 60 percent of new construction in the area is selling for more than the asking price.
The Vida, with its colorful, geometric motif, will offer 114 studio, one or two bedroom units, each approx. 680 – 1,166 square feet, some with stunning views of “Twin Peaks” and the Bay; Others overlook the vibrant street below, known for its eclectic array of shops, restaurants and vendors.
It is the latest sign of a growing renaissance in one of the city’s most culturally rich and diverse neighborhoods. Long a working-class stronghold, The Mission is changing fast; It is now one of San Francisco’s fastest-evolving, hippest neighborhoods for all things edgy and artsy. Locals say it is becoming a highly desirable enclave for upscale professionals; They say it is even more renown, now, as a haven for Foodies of all stripes!
After several years of low inventory across the city, The Mission is currently ranked number one among the most popular places for new home development in San Francisco… and San Fran is still the most competitive real estate market in the nation. With it central location, between downtown and the outlying residential neighborhoods, local realtors put The Mission District on par with Pacific Heights and the Marina in popularity!
That means it won’t be cheap. The listing prices for the 18 studios, 45 one-bedrooms and 51 two-bedroom homes have yet to be revealed and are still guarded like a state secret. But local realtors say the going rate for the new units is expected to be roughly one thousand dollars per square foot. Some ten to twelve ‘more affordable’ units are also expected to be offered for sale, in compliance with City requirements. The Vida sports stunning roof decks on levels two and seven 14,750 square feet of ground level retail and one level of subterranean parking with 89 off-street parking spots. Best of all, for movie buffs, The Vida is adjacent to the refurbished New Mission Theatre; It has been converted from a one screen to a five screen, 900-seat movie complex complete with a no-host bar.
For current information contact us at 415-813-5083 or by email.
Listing agent, Polaris Pacific
Garrett Frakes / Principal / polarispacific.com
Gary Belk, Real Estate Broker / Urban Focus