California
California condo prices slashed as homes sell for half their original value
San Francisco’s housing market is still suffering, with condos in the Californian city being sold for as little as half their original value.
The city—a magnet for the thriving tech sector—expected a rise in housing demand after rapid developments in the artificial intelligence (AI) industry. However, sales on condos, particularly in the downtown area are still making losses, to the point where San Francisco is the only major city in the U.S. in which it is cheaper to live now than it was five years ago.
Public listings for condos in San Francisco show heavy reductions in price, with one unit, previously sold for $1.2 million in 2019, settling at $825,000. That’s a decrease of more than 30 percent.
In one particularly bad example, a condo on Mission Street in the heart of the city was sold for $775,000. In 2015, the same unit was worth $1.4 million, meaning it had lost almost 50 percent of its value in a decade.
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Realtor expert Rohin Dhar described the sales as “brutal.” According to his research, San Francisco is the only major urban area where housing costs have gone down. It is 1 percent cheaper to live there now than it was in 2019, while the average American city dweller, it’s 48 percent more expensive.
The decline in condo prices in San Francisco started during the pandemic, as working-from-home initiatives and office closures led to a decline in workers needing to live in the city.
Between 2020 and the start of 2024, the average value of a condo in San Francisco dropped by 12.8 percent, from $1.14 million to just $997,000, according to Zillow, a real-estate marketplace tracker.
Recent developments in the AI industry led many to believe that interest in San Francisco property could recover, as the city remains a vital part of the U.S. tech sector and is a global hub for AI advancements. OpenAI, the producer of the widely-used chatbot ChatGPT, is based there, along with a thriving start-up industry.
Any benefits from this boost are yet to be seen, with condo prices still not recovering to pre-pandemic value. However, changing attitudes to in-person working could help restore the market.
Over two-thirds of professional U.S. companies said that their new job ads will no longer have the option of fully remote work this year, indicating a return to the office in 2025 that could herald the same demand for San Francisco housing that raised values so much in the first place.
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California
California Highway Patrol work to keep drivers safe during holiday weekend enforcement
BAKERSFIELD, Calif. (KBAK/KBFX) — The California Highway Patrol is urging drivers to stay focused on the road as they head out for Fourth of July celebrations.
The holiday weekend can be a dangerous time on our roads as millions of drivers are expected to travel.
CHP Officer Jorge Toro joined Eyewitness News Mornings to share how drivers can stay safe behind the wheel.
Officer Toro also highlighted the importance of sober driving over the holiday.
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He says anyone hosting a party should make sure all of their guests get home safely, ensuring anyone who may be impaired doesn’t drive.
California
California returns stretch of coast to Indigenous tribes. ‘This is beyond huge’
California is returning a stretch of rugged Mendocino County coast to the Indigenous nations whose ancestors once stewarded its shores.
State transportation officials recently approved the transfer of Blues Beach and the surrounding bluffs to Kai Poma, a nonprofit founded by representatives of the Sherwood Valley Band of Pomo Indians, Round Valley Indian Tribes and Coyote Valley Band of Pomo Indians.
The transfer of 136 acres just south of the community of Westport will mark the first time land managed by the California Department of Transportation has been returned to Indigenous tribes.
“This is beyond huge,” said J. Carlos Rivera, tribal chairman of the Sherwood Valley Band of Pomo Indians. “It’s enormous from our tribal perspective that we are basically obtaining the land that our people once lived on before colonization.”
California purchased the swath of rocky cliffs and windswept shoreline in the 1960s to expand the construction of Highway 1 and create a scenic viewpoint for highway travelers, according to a California Coastal Commission report.
More recently, public access has been largely unregulated, and summer weekends and holidays have drawn large groups who camp and party on the beach, at times driving through sensitive areas, damaging cultural sites and leaving behind trash, the report states.
Kai Poma plans to conduct cultural and archaeological resource studies and environmental surveys and then prepare a resource management plan for the property, according to planning documents. The nonprofit and the Coastal Commission have drafted a public access management plan that states the land will be open from sunrise to sunset.
Rivera described the entire property as a sacred site. The coastal waters are used by tribal people for seaweed and abalone gathering, and the shores host youth cultural camps, he said. “Protecting the land, it has a deeper meaning for us because we’re connected to the land,” he said.
The effort to acquire the land took years — and required a change in state law. Caltrans lacked the ability to transfer land to tribal governments until 2021, when Gov. Gavin Newsom signed a bill sponsored by state Sen. Mike McGuire (D-Healdsburg) that enabled the transfer, according to a news release issued at the time. The law also bars commercial activity on the property and requires public access be maintained.
“With 136 acres now officially transferred into tribal stewardship, one of the most spectacular stretches of the Mendocino Coast will be forever protected,” McGuire said in a statement.
“This agreement, the first of its kind in California, gives these three dynamic Native American tribes the rightful opportunity to reclaim sacred lands and cultural traditions on this special piece of earth. And it’s about damn time.”
The land transfer cleared its last regulatory hurdle June 26 with the approval by the California Transportation Commission, said Neil Thapar, an attorney who works as an advisor and legal consultant to Kai Poma. Caltrans staff will next record the deed transferring the title from the state of California to Kai Poma, which is expected to happen any day, he said.
California
What’s open, closed for Independence Day weekend in California?
Fireworks Safety Guide
Essential safety tips for buying, handling, and watching fireworks to ensure a safe celebration.
With July 4 falling on a Saturday this year, many businesses and organizations are taking the day off Friday, July 3, to mark America’s 250th birthday. From banking to mail service, here’s what’s open and closed for the holiday weekend.
Most federal offices closed, mail service to continue
Non-essential federal offices will be closed on July 3. However, mail service will continue as normal, and post offices are scheduled to remain open.
Most California government offices to remain open
Most California government offices will be open on July 3, with some exceptions.
DMV offices throughout the state will be open. However, the Employment Development Department will be closed.
DMV offices that offer Saturday hours will be closed on July 4.
Private parcel services to remain open
UPS and FedEx are both scheduled to operate normally on July 3, but will suspend service on July 4.
Stock markets closed
Both the New York Stock Exchange and Nasdaq will be closed on July 3.
Most banks to stay open
While most banks were expected to operate normally on July 3, some may operate under modified holiday hours. All banks will be closed on July 4.
Online banking services should remain operational.
Grocery stores
Most major grocery chains will be open on both July 3 and July 4. Trader Joe’s locations will be open for regular business on July 3 but will close early at 5 p.m. on the Fourth of July.
Retailers
Many major retail stores, such as Walmart and Target, plan to operate under normal business hours on both July 3 and 4. All Costco warehouse stores operate under normal business hours on July 3, but will close on July 4.
Restaurants
Most major restaurant chains remain open on July 4, but some will have limited hours. All Raising Cane’s locations will close on July 4.
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