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April 30th, 2018

April 30 2018
April 30 2018

San Francisco Real Estate - Tales From the Trenches



Our Pacific Union Office has weekly sales meetings which frequently evolve into open ended discussions about the ‘State of the Market‘,  deals won, deals lost and ‘I can't believe it sold for that price’.This week’s meeting was highlighted by these notable comments or real life transactional scenarios:

     

     

  1. Entry level real estate is still hot, hot, hot -  single family homes throughout San Francisco priced at or under $2.5 M, or have a relative average value to the neighboring homes; Condominiums that are in the sweet spot of their respective markets (Pacific Heights 3 BR Condos @ $2.5 Million).
  2. There has been some considerable leveling // softening in the annual appreciation of the following product classes – residential apartment buildings as market rents have softened. Single family homes // condos lacking a key amenity or feature like parking garage, rear yard, location on a busy street.
  3. San Francisco is Truly a Tale of Two Markets :
  • Market A - Tight Inventory, Relative Low Interest Rates, Housing Importance as part of Wealth Portfolio, Local IPO’s.
  • Market B - The end of the 6 year Up Cycle, Flattening Prices.

 

FOR GREATER DETAIL ON TALES FROM THE TRENCHES, PLEASE EMAIL JDiDomenico@pacunion.com

 

The research firm CoreLogic reported last week that the median price of Bay Area homes has reached an all time high.

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San Francisco's housing market got off to a strong start in the Q1 of 2018, with the largest increase in home sales activity among Bay Area regions. Sales were particularly solid for properties priced between $2 million and $3 million, both for single-family homes and condominiums. Sales of condominiums exceeded last year’s first quarter across all price ranges.