December 21, 2007
SoMa Grand: A Reader’s Unofficial Sales Update And Insight
From a plugged-in reader who’s now in contract at SoMa Grand:
SoMa Grand is currently at about 35% contracted or occupied, reporting 90 under contract of  units as of this past weekend…. While no official incentives are available, they are willing to throw in upgrades, especially if you buy without parking. Their design center is also open now in a model unit.
As you might recall, we reported an official 30% in contract six weeks ago (a difference of roughly 15 units).
∙ Soma Grand (1160 Mission): Status And Sales Update [SocketSite]
First Published: December 21, 2007 2:46 PM
Comments from "Plugged In" Readers
Wow, only 35% in contract after more than 9 months of selling?? I have a feeling potential buyers will be able to leverage that factoid during negotiations.
Posted by: SC at December 21, 2007 3:06 PM
I work about 5 blocks from SomaGrand. My parking privleges at the BofA parking lot at 12th and kissling were revoked. SoMa actually offered me and 50 other ppl parking spaces in their building for $185 per month as "compensation". what's up w/ that?
Posted by: stanky at December 21, 2007 5:04 PM
The Soma Grand has a commercial parking garage in addition to the retail/restaurant space.
Posted by: eric at December 21, 2007 5:08 PM
Turns out there are not as many suckers in SF as Mr. Grand had expected.
Posted by: tom at December 22, 2007 8:35 AM
So if you give up parking, where does one park the armored urban assault vehicle requisite for navigating the neighborhood?
Posted by: JJ at December 22, 2007 9:14 AM
The newly added art is actually rather nice. Compared to the Soviet Bloc that is the Beacon, SOMA Grand is practically the Taj Mahal.
People who give up on parking probably have bikes. This building is not very far from pretty much all of SF, and Oaksterdam and the Valley are just a train ride away.
Posted by: Mole Man at December 22, 2007 12:57 PM
gosh, they can't sell units to the single ugliest new development in the city? what a mystery. How the hell did that thing get approved, anyway? and it totally blocks the view of the cool new fed. building.
Posted by: tom at December 23, 2007 6:53 PM
It’s not my favorite design but at least the west side of the building will be blocked by the Trinity development and the east side is a little more interesting. In either case it’s a heck of a lot better than what was there before and I’m all for more residents and restaurants in the 'hood.
Posted by: Anna at December 23, 2007 9:57 PM
I've recently been looking at buying at SOMA Grand, but am extremely worried about how they've done pricing. As another reader mentioned, it's only 35% in contract after 9 months? Also, I got a partial price sheet from seeing some of their models two weeks ago and compared to June of this year prices on the units (even on the East-facing side) have been cut from 3-8%. Couple that with the slow winter, I could see sales stagnating for the next couple months. I like the overall potential for the area so if prices improve by February I may jump in, but I'm wondering how many people will sit on the sidelines in the meantime like I am now, forcing values even lower.
Posted by: JW at December 24, 2007 11:12 PM
I have been through a walk-through at SomaGrand. The condos have great layouts, and really maximize the square footage. The bedrooms are a bit small, though. This neighborhood will not improve until you remove the shelters. I would not buy until the shelters were removed, and I do not see that happening. Just walk around the blocks around SomaGrand. If you smell urine, I would not buy there. (Note: if you don't smell urine, you need to buy some decongestant!). A wiser investment is a smaller place in Hayes Valley, which is only a few blocks away and has great restaurants and shops. (I am not a RE agent, nor do I live in Hayes Valley, I just like the neighborhood as opposed to the Civic Center BART).
Posted by: Downtown resident at December 25, 2007 9:24 PM
Ouch! The Chronicle rips apart the design of this building this morning. The comments from readers at the end of the article are especially brutal. People who think Socketsite readers are "too critical" of this building should check out this scathing attack.
See John King article on SFGATE. My posting of links is usually blocked by the filter.
Posted by: Morgan at January 29, 2008 6:52 AM