San francisco ca real estate
With over 750,000 residents San Francisco is the fourth largest in California. The density of population is very high. The Spanish arrived here in 1776 and established a fort and a mission (named after Francis of Assisi) at the tip of the peninsula. The California gold rush of 1848 brought quick prosperity and rapid expansion.
The stout hearted residents overcame the disastrous earthquake and fire of 1906 and had the city up and running in quick time. Even though nearly 75% of the city was reduced to ruins, it was back in perfect condition by 1915.
San Francisco withstood the catastrophic stock market crash of 1929, and none of the local banks folded under the financial crunch. The economic health of the city was impressively displayed when it successfully undertook construction of the Golden Gate Bridge and the San Francisco-Oakland Bay Bridge at the height of the Great Depression.
The rise and fall of the information technology companies from 1990 to 2000 had its effect on San Francisco, but the city still has several high technology industries.
San Francisco Real Estate Trends
Present real estate trends in San Francisco follow national trends. Approximate figures are 1,800 units listed at an average of $750,000 registering an increase of 0.1%. There were about 1,157 real estate advertisements at an average of over $910,000. The number of foreclosures stood over 500 at an average rate of about $400,000.
Current San Francisco mortgage rates are as follows: 1) 5.862% for 15 year fixed category, up 0.189% 2) 6.199% for 30 year fixed category, up 0.108% 3) 5.388% for 1 year adjustable rate mortgage, up 0.448% 4) 5.217% for 3/1 year adjustable rate mortgage, up 0.290% and 5) 5.359% for 5/1 year adjustable rate mortgage, up 0.251%.
Listing prices for homes in San Francisco are marginally lower, except for 4 bed units which are down. The average rate is about $645,000 to $1,700,000. Average rates and weekly variations for different units are approximately $647,000 for one bedroom down 0.6 %, $860,000 for two bedrooms down 0.8%, $1,160,000 for three bedrooms down 0.3%, and $1,730,000 for four bedrooms down over 4%. The average for all types is $1,220,000.
The number of units sold has dropped from about 1,545 this time last year and now stands at about 1,050. Average sales prices and change over the year were approximately $660,000 for 1 bed, down 1.3%, $740,000 for 2 bed down over 8%, $1,013,000 for 3 beds up 0.2%, $1,220,000 for 4 bed up nearly 19 %. The average for all units in San Francisco was about $945,000 down nearly 4%.
Average rate per square foot and weekly variations are $770 for 1 bed up 0.5%, $660 for 2 bed down 1.2%, $570 for 3 bed down 4%, and $540 for 4 bed up 15%. Average square foot rate for all types is $630 up 3%.
Conclusion
Real estate trends in San Francisco do not appear too inviting for investors just now.Other Articles
