The Insanity that is San Francisco Real Estate: Median home price is 34% higher than previous peak bubble price and stands at $1,360,000.
BySan Francisco real estate is operating in a bubble only understood by venture capitalist running start-ups with no net operating income yet generating millions in funding phases. Sell the sizzle and not the steak. The gold tech rush is in full swing. San Francisco real estate makes Southern California housing look like a timid and shy teenager in comparison. San Francisco County has about 850,000 residents (compared to Los Angeles and our 10,000,000 residents spread out across a massive amount of land). We do share one thing in common and that is both counties are heavily dominated by renting households. But in San Francisco renting is by far and away the most common form of living (63% of households rent). One thing that is standing out is how out of control real estate prices are in San Francisco. The latest report shows that the median home price is now selling for more than 34% from the previous bubble peak! You have to see the actual nominal numbers to see what is unfolding…
