With such a high rate of return, why wouldn’t they treat these places as assets and not homes? And why shouldn’t you and I grab our pitchforks and make them all PAY for their hideous greed?Īh, I guess that makes sense. The Bay Area market is heavily afflicted by the investor mindset, with corporations and other nonfamilies gobbling up properties they have no intention of living in. Over the past 30 years, home prices in this country have vastly outpaced inflation and continue to do so even now. It doesn’t help that sellers have investments to protect. SFGATE columnist Drew Magary admires the views of downtown San Francisco while touring a condominium available for sale on King Street in San Francisco’s SoMa on May 14. Supply, annoyingly, is not meeting demand. Over in the East Bay, active listings are nearly half the number they were just last fall. Available single-family homes remain all but a rumor. Roughly two-thirds of all properties are rental properties, much higher than the average city’s rental rates. Not only is all of this inventory hideously expensive, but it’s also scant. All of which screams buyer’s market, does it not? HOMES HERE SHOULD COST $5, DAMMIT. And finally, the Warriors got their s-t ruined by the Lakers. Meta laid off 21,000 people in the past year. This has all transpired despite San Francisco alone having lost more than 6% of its population since the pandemic hit and the population of California decreasing by roughly 500,000 people since 2020. According to data compiled by the California Association of Realtors, the median home price in every part of the Bay Area is down compared to last year but still clocks in at well over a million dollars in most counties, which is double the entire country’s median home price. On a macro level, the Bay Area market remains bulletproof to driving forces both within and without. In the process, I got an idea of what’s attainable for homebuyers in the Bay Area, whether they live here already or own a tour company in Boston (like one buyer I met). And I gawked at a LOT of spiral staircases. ![]() I walked the streets of downtown San Francisco ALONE, without a security detail flanking me. This time around, I zeroed in on a couple of areas: the dreaded downtown San Francisco, which is not a competitive market for reasons you’ve perhaps read about, and the nearby suburbs, which have the opposite problem. ![]() Chang’s ghost kitchen until you smell the lettuce wrap fumes wafting through your bedroom window at midnight. It’s expensive, and you won’t know if you just bought a house next to a P.F. Between you and me, it’s a very scary market. My name is Drew and, just like last year, I’ll be your tour guide to the Bay Area real estate market. Oh my goodness, welcome to our cozy little hater’s guide! Please excuse the lack of complimentary bottled water and Pirate’s Booty out on the kitchen island.
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