Paragon’s latest report, “Market Shifts in the San Francisco Homes Market”, is now out and being quoted by the media at large. Not only did the San Francisco Chronicle pick it up, but CurbedSF as well.
So what did we find? Well, if you’ve got less than a million dollars burning a hole in your pocket, you may hae a tough time finding a home in the city, especially with the approximately 50 percent appreciation over the past two and a half years. Formerly relatively-affordable neighborhoods such as Bernal Heights, Miraloma Park and the Richmond District are rapidly becoming more expensive. The graphic that accompanies this article depicts the list of most affordable homes in the city, typically along its western and southern borders.
In addition, sales of $2 million-plus homes have made a shift from the city’s northern neighborhoods such as the Marina, Pacific Heights and Telegraph Hill to more southerly quarters such as Noe and Eureka Valleys. We found that in 2007, 62 percent of these homes sold in what we dubbed Prestige North: the band of old-prestige neighborhoods that run from Sea Cliff/Lake Street/Jordan Park through the Pacific Heights/Marina district over to Russian, Nob and Telegraph Hills. This year? It’s down to 37 percent.
As the report notes: “The general Noe, Eureka and Cole Valleys district (much of which was originally blue-collar neighborhoods) is now one of the most sought after areas of the city, and its prices have blown through the roof – more houses over $2 million now sell here than in all the prestige northern neighborhoods combined. In the South Beach, Yerba Buena and Mission Bay area, some of the most expensive condo buildings in the country have risen from formerly B-class commercial-industrial wastelands. And most recently, new $1000+ per square foot condo buildings are beginning to pop up in places like the Mission, Hayes Valley and the Market Street corridor, catering to new, young, high-tech buyers.”
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