Driven by a slowdown in the pace of sales, despite misreports to the contrary, the net number of single-family homes and condos on the market across San Francisco ticked up another 3 percent over the past week and is 3 percent higher, year-over-year.
As such, listed inventory levels in San Francisco are over 60 percent higher than prior to the pandemic and 40 percent higher, not lower, than average for this time of the year. And yes, despite misreports of a “surging market,” price reductions are on the rise as well.
In other news, avison young report forecasts SF office market facing lost decade or more. Don’t hold your breath waiting for a rising tide to lift all boats.
And in other, other news, from real estate-friendly SF Gate: “FBI raids landlord tied to rent price fixing scandal in 10 states, including Calif.”
With this nugget from the suit: “since approximately 2016, this cartel has substantially increased rents (over and beyond what the fair market would support) and inflated profits for the apartment owners while positioning RealPage as the hub of the apartment leasing industry, an indispensable and necessary player in one of the largest industries in the country.”
US real estate is a racket, a swindle, a scam, an enormous historic crime scene.
From your keyboard to the minds of the surplus real estate agents, two bit podernizing landlords, AirBnB “superhosts” and all of the rest of the other hangers-on in the S.F. real estate “game” who are attempting to get rich by exploiting the (quietly shrinking) pool of relatively highly-compensated workers at tech firms who were willing to overpay for housing in S.F. and running up the price of shelter for everyone else.
Hopefully, a lot of those types will take your advice, exhale slowly and mindfully, clear out with their “winnings” and head for their desired destinations in Texas or Florida sooner rather than later. But I won’t hold your breath waiting for it to happen.
Wow. Who could have possibly seen that coming (over a year ago)…
Well, “Fact”, I don’t know if avison young has updated that forecast in light of the forthcoming interest rate reductions, but ICYMI, you’ll be pleased to know that according to Kevin V. Nguyen at The San Francisco Standard in his story datelined Aug. 26, 2024, San Francisco office building prices have bottomed. Scroll down in the article headlined How low can they go? Here’s who’s buying San Francisco buildings at fire-sale prices to the chart following the fourth graph where it reads: I am not posting this to say that I agree with this assessment, but I want to be able to refer back to it if further price declines in open plan office CRE happen meaningfully after the September 17-18th FOMC meeting.