Paragon has just issued its New Condo Construction report, which investigates the changing landscape of San Francisco. At this point, condos are now outselling houses in the city, and the South Beach-Yerba Buena zip code – previously a commercial area marked by parking lots – now has the city’s highest median income.
The 2008 market crash put an end to the last construction boom. But with factors such as economy, employment, population and home prices all hitting new heights, that boom is back.
Does that mean the new projects in the pipeline will cool the overheated market? Perhaps eventually – but these projects take years, which gives other factors time to catch up. One thing Paragon can confidently predict: San Francisco will continue to change in unexpected ways and it will remain an extraordinary place to call home.
Stay tuned tomorrow for more on this subject.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or email firstname.lastname@example.org. www.ceceblase.com