#2,249 - San Fran Condo sells for about half of its price in 2019 reflecting a tanking market

News For Reasonable People

English - April 21, 2024 10:00 - 27 minutes - 25.2 MB - ★★★★★ - 7 ratings
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Amid declining real estate values, a condo in San Francisco’s troubled Tenderloin district recently sold for half its 2019 purchase price. This stark drop, from $1.25 million to just $675,000, highlights deeper issues within specific micro-markets of the city, known for their challenges including high homeless rates and drug problems. Despite low interest rates during the pandemic boosting nationwide property values, San Francisco's real estate has not recovered, influenced by high commercial vacancies and a significant percentage of properties selling at a loss. This localized slump in the Tenderloin contrasts with national trends where limited supply maintains home values.