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
Mother, daughter found ‘alive and well’ after going missing on Southern California hiking trail
A mother and daughter who went missing after going for a hike on a difficult trail in San Bernardino County’s San Gorgonio Wilderness have been found “alive and well,” the sheriff’s department announced Friday.
The San Bernardino County Sheriff’s Department told KTLA they were uninjured and “walked out on their own.”
Krystal Meyers, 41, and her daughter Alexis Meyers Martinez, 21, were hiking on the Vivian Creek Trail Thursday but didn’t return, according to the San Bernardino County Sheriff’s Department.
They were last known to be at the 10,300-foot elevation mark above the High Creek switchbacks at 11 a.m., according to the San Gorgonio Search and Rescue team.
The Vivian Creek Trail is widely considered one of the more strenuous and hazardous routes in the San Gorgonio Wilderness.
The U.S. Forest Service says it’s the shortest and steepest route to the summit of Mount San Gorgonio and requires experienced mountaineering skills.
Officials did not provide any further details about the circumstances surrounding their disappearance.
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.
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