More and more properties coming to market in SOMA/South Beach over the past 8 weeks are showcasing fairly reasonable pricing.....a far cry from the generally unrealistic pricing of early fall 2009 and further in line with the adjustments made near the end of the year.
Ratified purchase contracts are on a modest upswing over the past 4 weeks, compared to the previous as prices per foot finally begin to remain fairly stable. Buyer activity is very high and inventory fairly low, keeping a balance to the recovering market. Modest view properties in solid to very good locations are now transacting in the low to mid $700's per foot and up and non-view properties are trading as low as the mid $500's per foot ( lower in average or "challenged" locations). Mid-West SOMA non-view properties have been hit hardest with prices per foot dipping in a few cases into the very high $300's and the vast majority trading between $400 and $500 per foot.
