After two years of reporting on the collapse in San Francisco’s commercial real estate market, it looks like the contagion might finally have spread to the residential market, too.
According to a report in today’s Daily Mail, “nearly one in five homes sold in San Francisco have sold at a loss in recent months.”
It is happening around Vancouver too. This guy follows the sales closely.
https://twitter.com/johnny_33
Some panic selling no doubt due to mortgage renewals.
Not surprising when PG&E will cost you $1,000.00/mo. Water $500.00/mo. Sewer $250.00/mo. Trash $150/mo. Property taxes $2,000.00/mo. Insurance $250.00/mo. And your 7.5% mortgage in the range of $7,500.00/mo.
Your cute little 3bed./2ba home will cost you well over $10,000.00/mo. And my boy Trump took away the gargantuan property tax write offs of the coastal elites. You need at least a $250,000.00/year income to live in a home in most of the Bay Area.
And that shiny new $20.00/hr. minimum wage? That won’t get you a soggy cardboard box under the freeway overpass.
The minimum is always the bottom.
meh.
lm told theres a shortage in my price range
lm keeping on top of the final round of improvements prepping for listing earliest beginning autumn.
the best market for me right now, selling and not buying. tq TURDeau.
That happens when a bubble pops…
Condo developments in Toronto are having the same problem, and “free assignment” isn’t helping when you can’t get anyone to take it over.
Why would anyone not a queer or a pedophile want to live in San Francisco?