Posted on 12/15/2022 2:54:18 PM PST by Oldeconomybuyer
Luxury condo prices in San Francisco are nosediving amid the continued rampant drug use and crime issues in the city, which is compounded by people continuing to work remotely.
"I knew that market segment had weakened, but I didn’t realize the degree to which things had changed," Patrick Carlisle, the chief market analyst for Compass, which conducted the study, said according to the New York Post. "It was a bit shocking."
The Compass report found that the median sales price of a two-bedroom condo in the downtown area has fallen by 16.5% since 2021, the New York Post reported. There has been a 7% drop in similar dwellings in areas outside the downtown neighborhoods.
The number of condos available downtown is also twice as high as in the rest of the city, SFGate reported this week.
The condo median sales price dropped from $1.47 million last December to $1.23 million now in the greater downtown and South of Market district, according to the New York Post.
Compass’ report cites "a triple whammy of economic, demographic and quality-of-life issues" as the issues.
"San Francisco went from probably being the hottest office market in the country to being about the weakest," Carlisle told SF Gate. "High-tech workers were the ones who were most likely to say, ‘Well, I can work from any place. I’ll move someplace where housing costs 90% less.’"
He added that homelessness and crime in the downtown areas have affected "quality-of-life ambiance."
Rampant drug use in the city’s Tenderloin district, located in the downtown area, pushed Mayor London Breed to declare a state of emergency last year, for example.
(Excerpt) Read more at foxbusiness.com ...
Let it rot!
Sheesh, 7 years ago, I visited San Fran and said what a sh!thole.
Its got a LONG way to fall. Prices are ridiculous and that city is a chit hole. Literally.
I think its White Nationalism and a lack of drag shows for the schools.
SF home prices are crashing along with much of California.
Who knew piles of feces, hypodermic needles, and wall to wall homeless wouldn’t be a big draw.
“The condo median sales price dropped from $1.47 million last December to $1.23 million now in the greater downtown and South of Market district, according to the New York Post.”
I’m not impressed. Wake me up when they sell for $147,000.
Sheesh, 7 years ago, I visited San Fran and said what a sh!thole.
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Sad thing is my family visited it in the late 60’s, and it was beautiful then. Streets were clean. Flowers were planted everywhere. people were friendly. Half a century later and it is way on the downslope.
How about New York City. Who would want to live in a so called luxury condo there? Prices must be down there too. Our big cities are getting like Calcutta and Bombay. Where the wealthy have to side step the beggars and the street-shitters
Just think what northern California COULD have been, had the communists been turned back years ago. Just think what America could have been.
Didn't San Fran have a Republican mayor in the early 60's?
After the rise of Haight-Ashbury, it went straight downhill.
I heard about weirdos running around with hammers
You have plenty of room DR. ZHIVAGO!
And I’m sure the HOA fees are above $1000 per month. Even if you paid me to live there, I’d pass.
Indeed. $1.2 million is still a hell of a lot for a 1000 sq. ft condo.
San Fagcisco is going to Hell, both figuratively and literally.
In summer of 2021, son bought a 4th floor condo on Marco Island for $625,000. Yes it’s still there.
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