In the words of then Coldwell Banker President and COO Avram Goldman in mid-2006:
The media still continues to hammer the housing market—trying to look for every negative shred of evidence that the housing market has tanked. In spite of their efforts—many smart buyers know this is an excellent time to buy—more choice, a break in interest rates as they continue to come done and a environment conducive to negotiations.
[T]he SF/Bay Area is a highly attractive place to live and certain areas, no matter what is happening in the general market, their desirability increases value of properties in spite of the transitional market.
As I have reported previously, many homes in the over million price range require more air to be let out of their prices. The upper end is not immune to price declines, it has just been slower in coming.
One wonders how those upper end sellers’ expectations in the highly attractive SF/Bay Area could have possibly become so misaligned.
∙ San Francisco Real Estate Market Update: September 4 -10, 2006 [sfresidence.com]
∙ The Goldman Report for August 3, 2009 [sfresidence.com]
∙ Pacific Union Sold To Morgan Lane Marin Principals [SocketSite]