There were 2,370 homes listed for sale in San Francisco in the week ended September 27, up 73% from the same week a year ago, according to data from Redfin. About two-thirds of them were condos.
Wolfstreet notes:
This inventory “shortage” turned into a glut when condo owners who don’t live in these units – a lot of condos are investment properties – decided they need to sell because the Airbnb business has swooned, or because rents in San Francisco are in a historic free fall amid surging vacancy rates as younger recent arrivals and some other folks are leaving the city, and the rent that a condo owner could get from the now vacant unit wouldn’t be nearly enough to pay for the mortgage, homeowner association fees, property taxes, and insurance. And now condo prices are falling, and owners are trying to unload their units while they still can.
At the same time, renters who are staying in the greater San Francisco area are having a field day.
A friend who was paying $2,600 for a one-bedroom in a prime section of Oakland just gave his notice. He is moving into a spectacular one-bedroom loft with a den in a building with all the amenities you could imagine, plus he will have a view of the bay.
Whatsmore, as he upgrades his residence, he will be paying less rent, only $2,100 and there will be no rent due for November and December.
-RW
When do you think I'll able to get that SF vacation spot I've been angling for for 20 years?
ReplyDeleteLook at California's equity measurements for reopening. It's never going to happen.
ReplyDelete