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Office Vacancy Rate in San Francisco Hits an Even Higher High

Office Vacancy Rate in San Francisco Hits an Even Higher High

Having hit a pandemic-era high of 23 percent in the third quarter of last year, the effective office vacancy rate in San Francisco has since ticked up another 110 basis points to just over 24 percent, representing nearly 21 million square feet of vacant office space in buildings spread... Read More »

Inventory Up, Home Sales and Prices Down in San Francisco

The net number of condos and single-family homes listed for sale in San Francisco ticked up 10 percent over the past week and is currently running 20 percent higher than at the same time last year and 60 percent higher than average over the past decade. At the same... Read More »

Price for Mission District Infill Site Drops

Price for Mission District Infill Site Drops

As we outlined back in the fourth quarter of 2021: Having been in and out of contract a handful of times over the past couple of years, a sale of the former used car lot turned Firepie site on the northeast corner of Valencia and Cesar Chavez, which is... Read More »

Purchase Mortgage Activity Drops to a 9-Year Low

The seasonally adjusted volume of applications to secure a purchase mortgage loan for a home in the U.S. ticked down another (1) percent over the past week. As such, purchase mortgage activity was 44 percent lower than at the same time last year and at a 9-year low, according... Read More »

Plans for Another Big Polk Gulch Infill Project on the Boards

Plans for Another Big Polk Gulch Infill Project on the Boards

Plans to raze the two-story, 15,000-square-foot office building at 1460-1462 Pine Street are in the works. And as proposed, a 9-story building designed by RG-Architecture would rise up to 85 feet in height on the Polk Gulch site. As proposed, the 1462 Pine Street project would yield 104 residential... Read More »

Pace of Home Sales in San Francisco Continues to Drop

Despite the fact that inventory levels are significantly higher and asking prices have dropped, the number of homes in contract to be sold across San Francisco is down over 30 percent on a year-over-year basis. And in fact, pending sales in San Francisco are poised to drop to their... Read More »

Stickiness of Home Prices in San Francisco Is Slipping

Having dropped to its lowest level in five years last week, the average price per square foot of the homes which are in contract in San Francisco, which is a leading indicator, has since ticked down another two (2) percent to under $840 per square foot, which is 17... Read More »

Mortgage Rates Inch Up, Odds of More Rate Hikes As Well

Mortgage Rates Inch Up, Odds of More Rate Hikes As Well

While mortgage application volume dropped to a quarter century low at the end of 2022, despite a pullback in mortgage rates in the fourth quarter of last year, the average rate for a benchmark 30-year mortgage has since inched up another 6 basis points (0.06 percentage points) to 6.48... Read More »

Re-Revised Plans for Building Up on Geary Closer to Reality

Re-Revised Plans for Building Up on Geary Closer to Reality

As we outlined a few years ago, there was a fundamental problem with the proposed plans for a bonus-sized, 9-story development of “group housing” units to rise up to 89 feet in height upon the Grand Hot Pot Lounge building’s parcel at 3565 Geary Boulevard. And in fact, said... Read More »

Mortgage Application Volume Ended 2022 Near a 30-Year Low

With the seasonally adjusted volume of applications for purchase mortgage loans across the U.S. having dropped 12 percent over the last two weeks of last year, purchase mortgage application volume was 42 percent lower at the end of 2022 than at the end of 2021. And with applications to... Read More »