Are housing prices going to drop in SF or is SF shielded? (San Diego: sales, real estate)

[EllenOlenska]

In other parts of CA right now, housing prices have been dropping like crazy. What about SF? Is it shielded by investors holding onto the real estate and renting it out, or is SF also seeing the crunch?

[sonarrat]

The less desirable parts are dropping as fast as anywhere in the Bay Area. I've seen three-bedroom condos in Hunter's Point for $200K.

[EllenOlenska]

Oh, good. Maybe it'll spread to the more desirable parts as well. I know in San Diego, a LOT of higher end homes are going on the market.

[sonarrat]

I don't know if the higher end will crash as hard as the lower end. For one thing, the people in the market for more expensive houses are likely to be better educated and have better reserves anyway, so the default rates while not exactly small will not be huge either. For another thing, I'm still seeing steady sales. The Mercury News website tracks home sales on a weekly basis all the way up and down the peninsula so it's a good gauge.

[RandalR]

Nob Hill, Russian Hill, and the new high-rises near downtown should hold up fairly well - a lot of Asian money is taking advantage of favorable exchange rates to buy US real estate in desirable areas.

Those new home developments way out in in Manteca aren't going to benefit, though.

[7035683216]

The lovely people with accents touring SF are deciding to buy condos and homes for their "holiday" so the prices of homes in the really great areas won't go down anytime soon.

This is occurring in New York City too. I didn't think it would last over a year in NYC and it has, so who knows when the end will approach.

See for yourself:


Foreigners get a piece of the real estate pie


…and Here they Come: Foreigners Buying San Francisco Real Estate is Next « theFrontSteps…step inside San Francisco real estate

GOOD BUY, NEW YORK: FOREIGNERS - New York Post

[EllenOlenska]

I read here that even real estate in NYC is coming down now, so it won't be long. The prestigious areas will not fall that hard, but the ones that aren't ultra desirable but still nice will still be coming down. There aren't enough foreigners interested to support this kind of decline (my opinion and also wish ).

Yesssss! Down, baby, down!

[galtjohn]

According to the Case-Shiller index (which tracks prices in major metro areas nationwide) prices in SF have been down 20% year-over-year for the last couple of months.

here is the link to all the historical data if anyone is interested. this is through the end of april, so it isn't completely up-to-date and i'd expect continued declines in the upcoming reports. prices in SF are still 65% higher than in january of 2000:

http://www2.standardandpoors.com/spf...ory_062418.xls

as you can see SF & NYC have been the slowest to decline but with all the mortgage garbage since last summer even the so-called 'immune' areas have been impacted pretty significantly. x-axis is # of months since january 1987:

http://img377.imageshack.us/img377/64/housingdi2.png

[KenFromCal]

galtjohn john galt

any relationship to ayn Rand's book Atlas shrugged?

Originally Posted by galtjohn

According to the Case-Shiller index (which tracks prices in major metro areas nationwide) prices in SF have been down 20% year-over-year for the last couple of months. x-axis is # of months since january 2000

here is the link to all the historical data if anyone is interested. this is through the end of april, so it isn't complete up-to-date and i'd expect continued declines in the upcoming reports. prices in SF are still 65% higher than in january of 2000:

http://www2.standardandpoors.com/spf...ory_062418.xls

as you can see SF & NYC have been the slowest to decline but since the mortgage meltdown of last summer even the so-called 'immune' areas have been impacted pretty significantly.

http://img377.imageshack.us/img377/64/housingdi2.png

[galtjohn]

Originally Posted by KenFromCal

galtjohn john galt

any relationship to ayn Rand's book Atlas shrugged?

let's try and be objective.