San Fran, Huh? Is my market trend correct.

[Tom D]

SAN FRANCISCO—At a Pacific Heights open house in January, a line of people made their way up the steps of a two-bedroom, one-bath cooperative. There were 85 of them—steps, not people. Eight flights, no elevator.

The property received 14 offers and sold for over $1.62 million, more than $400,000 over the asking price.

The AI boom, a new mayor and other changes in municipal leadership have helped to bring the city back, reversing a years long slump that was compounded by the ripple effects of the pandemic, crime and persistent struggles with homelessness.

Rents citywide were up 14% year over year in February, the fastest growth in the country, according to Apartment List. Mansions have been getting snapped up. An uptick in demand coupled with the city’s notorious lack of housing supply means that fierce bidding wars are breaking out again for single-family homes and condominiums in desirable neighborhoods.

Condo prices, which had been sluggish for years, grew 12% year over year as of February, ahead of the spring peak, according to the real-estate brokerage Compass. The median sale price was $1.23 million. Single-family home prices are up 23% with the median price at $1.96 million. By comparison, the year-over-year median increase for existing-home sales nationwide is just 0.3%, according to the National Association of Realtors.

 

[J Grant]

Cities can go through different cycles of decline and rise.

 

[Terrel L. Shields]

sold for over $1.62 million, more than $400,000 over the asking price.

They deserve what they are getting. Enjoy and hope you never need knee surgery.

 

[George Hatch]

SF is a terminal destination town for retiring liberals.

 

[John Hassler]

Like I’ve said here many times before, people from around the world come to the Bay Area with buckets of money. (I’ve been saying that for 40 years.)

New addition to the above based on data by a poster on AF: “And the ones who leave, leave by U-Haul.”

Tenminutes north of SF, I just looked at a property on a street so steep it was concrete and etched with lines for water runoff. It was also twisty. So twisty my inside tire spun going up this street in the dry. No off street parking and a three point turn at the dead end to go back down the hill. I can only imagine the fist shaking that goes on between neighbors when one’s driving up and the other down. The 1960s Q3/C3 home was 2,300sf (really 1,700sf with a finished sub area) with a double carport on a steep (obviously) 10,000sf upslope lot. Great mountain view. Listed for $2.4m and pending within a week. Closed at $2.5m just last week.

I would take my chances walking up and down 85 stair steps in SF over driving up and down a wicked steep twisty street in inclement weather.

 

[Charles West]

Why would an oldster want to deal with topography like that? There is a place at the end of my street built on the side of the levee where to get into the living area you have to walk up a spiral staircase. Screw that.