OCTOBER MARKET RECAP:
It’s official: the San Francisco real estate market is in cool-down mode after a wild 2021 and 2020. We at Salma & Company are seeing healthier trend lines overall, as the market moves toward a more equal footing for buyers and sellers. Interest rates have increased, and consumer confidence is wavering across the board as the stock market fluctuates; the generally uncertain economic outlook means that buyers by and large come to the market with less urgency, and we see properties listed for longer periods of time (and sellers remaining open to price negotiation as demand softens). In the City, we’ve seen a 10 to 15 percent value correction since the spring, but in certain parts of the market there has been a steady stream of highly valued properties selling at premium price points. There remains an opportunity for buyers who may have been on the fence to now enter a market with lower prices and less competition. We’re continuing to help our clients in meeting their goals, whether sellers seeking to trade up or down in their new home search, or buyers looking in a new neighborhood or new town that they had not previously considered exploring. Put Salma & Company to work for you today!
NEWS YOU CAN USE:
Sign of the times: San Francisco has now dropped to third-most expensive rental market for one bedroom apartments, behind Boston and New York, and rent prices are falling nationwide, according to the report from Zumper … The Pier 70 development project is gaining steam again as the development company and the Port of San Francisco look at “potential modifications” to the original plan … Whether best described as “dramatic” or as a natural course correction, the bottom line is the same: San Francisco’s median housing sales price took a nearly 20 percent tumble during the third quarter …. The conversation around converting empty Financial District office space to residential properties continues, with state and local officials examining the approach in Calgary as a guide to what might be possible in San Francisco.
WHAT YOU NEED TO KNOW NOW:
Salma & Company is here to help you sharpen your San Francisco real estate know-how! As we mentioned, San Francisco’s rental market now stands behind New York and Boston as the most expensive in the U.S. During the pandemic, the City was knocked out of its spot as the most expensive rental market in the nation. And speaking of October surprises, last month the number of vacant residential units topped 61,000 — an increase from 20,000 units at the previous count! This comes as we consider Proposition M on our November 8 ballot, which would generate revenue for city services by way of a vacancy tax. Click below to get all the San Francisco housing news you’ll need this month from Salma & Company!
TRANSACTION CORNER:
We had the pleasure of representing the buyers of 64 Agua Way in an off-market transaction this week. This beautiful and serene 4 bedroom / 3 bath single family home in Miraloma Park just underwent a complete transformation with a down to the studs renovation. Deck off the main level living space, primary bedroom suite, large and flat backyard + 1 car, garage parking. SOLD FOR $2.3MM. Earlier this month, we listed 2 amazing properties. The first, 535 Pennsylvania Avenue, a gorgeous 4 bedroom / 3 bath, dual level, view condo in Potrero Hill that has been completely renovated, features hardwood floors and is beaming with natural sunlight. The floorplan is fantastic and features an open floor plan living space complete with water views. Rounding out this offering is an exclusive use, landscaped backyard and 1 car garage parking with storage. Open this weekend, Sunday, November 6th, 2-4 pm. List Price: $2,095,000. The 2nd property we listed is 1020 Alabama, a beautiful and light filled, 2 bedroom / 1 bath TIC in the heart of the Inner Mission. Bursting with period details, tons of natural sunlight and having both exclusive & shared outdoor space + rotational parking. Open this weekend, Sunday, November 6th, 2-4 pm. List Price: $849,000.