Long term ramifications on Bay Area Real Estate and Economy (San Francisco: condos, houses)

[mstnghu2]

Originally Posted by CorporateCowboy

Protests have been mostly peaceful in SF; but as in many cities right now, there is a lot of uncertainty and unrest. There is absolutely no reason to speculate protesters here (including the small percentage who are looting) will cause people to exit more quickly than anywhere else it's happening - Minneapolis, Philadelphia, Chicago, Dallas, Los Angeles, NYC, and Madison, WI (where some of the riots have been the most violent) - and so on.

I'm one of those people who's now wanting to get out of my neighborhood much sooner than later. A lot of quality of life issues have already been getting to me lately, but now that the rioters/looters are near my neighborhood, I'm really over it.

Sunday night, I went to bed to the sound of numerous police sirens right near where I live and it went on for a long time. Looters hit a some places that are within a couple miles from my house. Last night I walked my dog around the neighborhood and once again could hear lots of sirens not too far from my house. I also work at a business that is worried about possibly getting hit tonight. There are rumors that people will specifically be coming to the area around where I work. A lot of us are worried about what we may come to work tomorrow to find.

So yes, some of us are seriously looking at our options and are trying to figure out our Bay Area exit strategy in the near future.

[CorporateCowboy]

Originally Posted by mstnghu2

I'm one of those people who's now wanting to get out of my neighborhood much sooner than later. A lot of quality of life issues have already been getting to me lately, but now that the rioters/looters are near my neighborhood, I'm really over it.

Sunday night, I went to bed to the sound of numerous police sirens right near where I live and it went on for a long time. Looters hit a some places that are within a couple miles from my house. Last night I walked my dog around the neighborhood and once again could hear lots of sirens not too far from my house. I also work at a business that is worried about possibly getting hit tonight. There are rumors that people will specifically be coming to the area around where I work. A lot of us are worried about what we may come to work tomorrow to find.

So yes, some of us are seriously looking at our options and are trying to figure out our Bay Area exit strategy in the near future.

I'm not denying that there are some people who want to leave the Bay Area, obviously - especially relative to new work-from-home scenarios, high COL and so on. My point is, it's ridiculous to speculate it's a result of (mostly peaceful) protesting and random looting (which is occuring nation-wide). Essentially, there's no large metro area which is guarantee-free of protesting or looting, so it's ridiculously short-sighted to move on account of it (or rumors, lol).

That said, I agree it's an unsettled time to be living in the midst of any large city.

[ssmaster]

Everyone has there opinion. Here’s mine San Francisco is like Paris and London ,
A Place where very wealthy people like to live and the prices reflect that even during the 2008 recession.prices may drop In London Paris and San Francisco but not as much as some people hope

[CorporateCowboy]

Originally Posted by ssmaster

Everyone has there opinion. Here’s mine San Francisco is like Paris and London ,
A Place where very wealthy people like to live and the prices reflect that even during the 2008 recession.prices may drop In London Paris and San Francisco but not as much as some people hope

It's beyond 'opinion'; the fact is SF/the Bay Area ranks 19th in the world in terms of economic activity.

[Dave Coe]

Bay Area will be nation’s coolest housing market in 2020, survey says


https://www.sfchronicle.com/business...edium=referral

[Dave Coe]

Originally Posted by ssmaster

Everyone has there opinion. Here’s mine San Francisco is like Paris and London ,
A Place where very wealthy people like to live and the prices reflect that even during the 2008 recession.prices may drop In London Paris and San Francisco but not as much as some people hope

Yes, SF will more likely remain viable because of it's cultural and aesthetic significance unless crime really gets out of hand.

I do see Oakland and San Jose experiencing major declines. With Oakland because of crime and San Jose because of Tela-commuting.


Crime will be a huge issue depending on how law enforcement responds.


Wealthier suburbs will remain desirable but will depend more upon private security with an increase in gated communities.

[ssmaster]

Originally Posted by Dave Coe

Bay Area will be nation’s coolest housing market in 2020, survey says


https://www.sfchronicle.com/business...edium=referral

1)The article is from 01/02/2020.Don’t believe it’s relevant as it was before a pandemic,economic crisis and civil unrest
2) one of the experts interviewed believed “Overall, he expects the median Bay Area home price will be flat to up or down 2%.”
I don’t see that change helping people who were shut out of the market.

[jade408]

I have started to see people with Tahoe homes seriously plan to move their instead. Wouldn’t be surprised to seem more of that. Especially if they don’t have a primary home and the vacation home is bigger then they primary rental home. I think Sacramento will see a boost - cheap enough enough and close enough. Especially if being remote and you have a family.

[Synchromesh]

Actually the best part to come out of this is all the non-techies who are whining and bitching about the techies will finally see what happens when all the tech employees start leaving and stop paying into the local economy along with their employers. The city was very much helped by these giants and if most people become remote the stream will start drying up. Which means the prices for real estate and rent may come down a little (already happening slowly) but that won't help the city. I can't wait.

[sav858]

Originally Posted by Synchromesh

Actually the best part to come out of this is all the non-techies who are whining and bitching about the techies will finally see what happens when all the tech employees start leaving and stop paying into the local economy along with their employers. The city was very much helped by these giants and if most people become remote the stream will start drying up. Which means the prices for real estate and rent may come down a little (already happening slowly) but that won't help the city. I can't wait.

A lot of people can still remember the city before tech took over. Yeah it was grungier but still wasn't that bad, preferable in a lot of ways to now.