Soren | Bay Area Appraiser

Hi - I'm Soren a commercial appraiser in the San Francisco Bay Area. Three years into my journey as an appraiser. Previously tech/media (Ex Apple, Economist). Sharing my journey and all things commercial real estate. Live in East Bay, Ca with a wife and two kids under five.

@SacAppraiser Definitely! I worry about "psychosis" being actually "uncritical" and it really meaning we need to be more thoughtful of what is in front of us and where it comes from (sources, etc.). So easy to manipulate images and words these days!

@thebayappraiser Some people are giving AI way too much power. As if it cannot be wrong.

Is AI psychosis gonna be the new thing? Soon it will be impossible to tell real vs fake. I can imagine quite a few folks defaulting to AI tools without critically thinking. We're in for interesting times.

Great post. Why would a 2-unit be more desireable than a 3-unit building in San Francisco? A few reasons: 1) Much easier for owner move-in and/or condo conversion 2) There's an argument for higher demand e.g. more buyers for a potential unit with another unit that could be converted or used for an inlaw vs a 3-unit enters into "landlord" psychology status 3) Apartments are traded on a cap or a multiple of revenue buoyed (or sunk) by interest rates/financing for investors. Typically duplexes or single family homes have a larger pool of potential owners and can be more prone to "emotional" demand. 4) Less inspections and city headaches with a 2-unit Am i missing anything?

Probably my best career advice is to ask yourself this question: Am I on the revenue or cost generation side? In economic downturns, it’s the cost generation that will always get cut first. If you’re on the side of making money for the business, you are the engine that grows and is critical. Almost all businesses are valued as the expectation of future cash flows. If you understand where cash is going and how it’s generated in your company, you will be extremely valuable.

@ThinkAppraiser “check out my third legal bedroom!”

@thebayappraiser Still a little tight

The San Francisco penthouse only $5k/month.

Happy Fathers Day!

People are like “AI can do anything” and then share a map of sf like this. Try and find the two (!) Golden Gate Bridge’s.

I don’t usually work the buy side on other agents listings but a friend wanted to write an offer on a duplex in San Francisco 20% over ask so I figured why not. He came in second to last place out of 11 offers.

A 9,500 SF Pac Heights Queen Anne Victorian hit the market in San Francisco last month. It sold last week for $25 million or $2631/SF🤯 Buyer paid the broker commission and real estate transfer tax. Importantly: It was part of the 2026 San Francisco Decorator Showcase where interior decorators stage rooms in a house. Gorgeous!

Taste is a moat.

@credealjunkie Super super common. Usually a patriarch who handled all of the investments and the spouse/kids never set foot in the properties.

Heard a story that’s more common than anyone can imagine in SF multifamily: Family accumulates a portfolio of apartment buildings over 50 years. Handed down to adult children to manage. They can’t handle it, total disaster. Half the units left vacant. Portfolio liquidated.

@ChrandLord @ThinkAppraiser

@thebayappraiser @ThinkAppraiser I’ll post about it sometime. They shortchanged me by $700 a month NOI. I argued it and they adjusted it.

Am I reading this correctly? Did he pay three grand for the appraisal?

@ChrandLord @ThinkAppraiser Curious how was their NOI math bad?

@ThinkAppraiser commercial appraisal, they hosed me. I had them readjust the appraisal because their NOI math was bad. They charged me extra for it.

I just explained to my wife with the space X IPO is not a good buy….. Her eyes glazed over before they rolled into the back of her head

@ThinkAppraiser Can vary but quality/condition of parked vehicles is an indicator.

What are some telltale signs that you’ve entered a not so nice part of the city?

@KenjiCapital Although sad to lose some parking for giants games! It's owned by The Port, right?

One of the most valuable uses of Bay Area land: Turning parking lots into housing. An application was just filed for the redevelopment of a waterfront surface parking lot into: • Hundreds of new homes • Ground-floor retail • Public open space • A major new addition to the Embarcadero skyline This is a prime location...and housing on the waterfront is a much better use than storing cars. 📍San Francisco

San Francisco recorded its strongest YoY gain in office visits in May 2026 according to data from @Placer_ai A mixture of companies mandating return to office and AI companies snagging up space in the city. Will be interesting to see long term. Cushman puts the office vacancy at 31.6% for Q1 2026 but trending downward from 34.3% in 2025.

@BayAreaREMatt The best!

@thebayappraiser Slept the entire time!

Flight with the infant across the country this AM. Wish me luck 😳