SoMa loft drives a bargain for $725K

To be honest, we’re a little bit heartbroken about 55 Norfolk, #301. Coming in at $725,000, it barely misses the chance to join our Under $700K Club. It would have been a fine addition, but maybe the price will drop a bit in the coming weeks.

Then again, maybe not. Even if it’s a smidge pricier than we’d like, this top-floor pad is already driving a pretty good bargain in a neighborhood where condos averaged $900K last year.

Although it has the look of converted industrial space, 55 Norfolk (a block away from Folsom and 11th near the endangered DNA lounge) was actually built in 1995 as an affordable option in a neighborhood that, back in the ’90s, wasn’t in as much demand.

Last time we visited a unit in this building was over three years ago, in a loft that included a quarter of a Winnebago in the living room. That ground-floor space eventually sold for $40,000 under asking.

This SoMa home features concrete floors, stainless steel kitchen backsplash, and a sunken bedroom, tucked into a roughly 880-square-foot space.

This one has sold only twice before, last time in 2000 for less than half of what it’s going for now—$328,000. And back when it was brand new, the original sale ran only $159,000, the equivalent of $251,000 today.

Of course, even today there are only two comparatively affordable options listed in the neighborhood, one of which is a half-million-dollar micro-unit.

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