San Francisco Real Estate: Escrow Out Loud
#45: Mid-Market Metamorphosis? with Eddy Skees
This week on Escrow Out Loud, our San Francisco Real Estate podcast, we are in one of San Francisco’s newest buildings, Stage 1075 which features 90 units. We talk to Eddy Skees about these affordable new homes and their thriving Market Street location.
[02:51] Featuring smaller units at lower, more attainable prices, the Stage building was designed with younger, first-time home buyers in mind. It is located in an area of San Francisco called the mid-market which is changing rapidly. The five-star Proper Hotel, and its rooftop bar, Charmaine, happens to be right across the street from the Stage building, and then there is the development of the Yotel Hotel, a number of new apartment buildings, and the new Wholefoods store which are just some examples of the revitalisation currently happening in the neighbourhood.
[07:58] We know that, with increasing gentrification, people on the margins of society get pushed out. The good news is that the city has recognized this problem and has been working with various non-governmental agencies on new affordable housing, to deal with this issue. Mercy Housing is building new studio units for 256 formerly homeless people behind Stage 1027.
[09:46] How does the market rate population feel about that? A majority of people interested in this area recognize and embrace the blend of economics that comes from living in a diverse city neighborhood. With a majority of people being first home buyers, this feels more like a solution to the housing problem in San Francisco. What else is planned for this location?
[16:09] What do we mean by small and affordable? Some ballpark figures for smaller one-bedrooms range in the 500-550sq feet at around 700,000 or the premium one-bedrooms at 650-700sq feet ranging around 800,000. While this might seem small to some people, its good to keep in mind that life in San Francisco revolves around city experiences and getting outside for entertainment. What’s more, their practical urban location means everything you need is at a walking distance and the subway is also just half a block away! (listen to our Late-Adjacent neighborhoods episode for more on how to choose the right location)
Thank you for joining us for this week’s episode. We hope you enjoyed tuning in and join us again next week for more San Francisco real estate stories!