The average SoMa condo now costs $900,000 (well over $1,000 per square foot generally), but this one-bedroom unit in the SoMa Grand building at 1160 Mission can be yours for the pleasingly symmetrical price of $298,298. If you’re feeling lucky, that is.
The city will hold a Below Market Rate resale lottery on unit 809 on April 20. To qualify, you can be making no more than 100 percent of the Area Median Income: $71,350 for one person, $81,500 for two, $101,900 for a family of four, etc. Although a one-bedroom condo is presumably not advised for a family of four, unless your kids are stackable.
If you want parking, the fee for a one-car space is $159 a month, and the home owner’s association fees for water, garbage, and maintenance service run you $648.25. The deadline to apply is 5 p.m., April 14.
Assuming you make the cut, the unit is 754 square feet ($390 per square foot, for those keeping score at home). The 22-story building opened in 2008 between 7th and 8th streets, a few blocks from Civic Center BART.
Back then, condos in the 246-unit building started at half a million dollars. These days, they usually sell for over a $1 million. At market rates, number 809 would probably sell for $900,000 today. The building isn’t as amenity-laden as the SoMa condos being built today, but it does offer a spa, gym, barbecue area, and private club.
So are you feeling lucky? Put in an application and cross your fingers. If this one isn’t your style, BMR resales come up every few weeks, so keep your eyes peeled.