SAN FRANCISCO (CBS SF) – Here’s something you haven’t heard about San Francisco real estate in almost 5 years.
“It is certainly a buyer’s opportunity at this point,” said Gael Bruno of Sotheby’s Real Estate.
Since the start of the recovery of the Great Recession in about 2010, San Francisco has been the hottest real estate market in the country with crazy prices. The median price of a home, at $1.2 million, has doubled in just three years.
“It’s been a little slower now. I feel like there’s been some kind of shift,” said Lisa Miller of Sotheby’s.
Miller and other real estate agents don’t have numbers yet but are seeing subtle changes.
“We’re kind of adjusting and it might be balancing out and I think that’s kind of necessary for San Francisco,” Miller said.
Consultant Carole Rondoni said about the market in San Francisco, “We’re already beginning to see prices stay on the market longer, and we’re beginning to see price reduction.”
Rondoni is talking about the high end, more than $3 million, but that could have a ripple effect. Or not.
This is a crazy market and stock losses along with international uncertainty, especially in China, make it even crazier.
“Three days from now, depending on what happens in this economy, things could be different,” Rondoni said.
Which is why Cheyanne Richards hopes to sell her South of Market work live 800 square foot space soon. “It didn’t do in 10 days, but we have every hope that it will shortly thereafter,” Richards said.
Because nothing is predictable in the San Francisco real estate market.