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California condo prices plunge in San Francisco, worth less than decade ago

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California condo prices plunge in San Francisco, worth less than decade ago


Despite recent signs that San Francisco is on a path to economic recovery, condos in the city are yet to make a comeback, as several sellers are still slashing their asking prices to try to attract reluctant buyers.

As of Tuesday morning, there were a total of 687 condos listed for sale on real estate marketplace Zillow in San Francisco. Of these, 87 had price reduction—over 12 percent of all listings. Vacation rental investor Rohin Dhar, who often shares Zillow listings with dramatic price cuts on social media, wrote on X, formerly Twitter, about a one-bedroom condo unit in downtown San Francisco; it was recently sold for $680,000, down from the sum of $825,000 it fetched when it was purchased in 2015.

“As condo prices have declined in downtown San Francisco, one bedroom condos have been hit particularly hard,” Dhar wrote on the social-media platform. “Are you generally just better off renting than buying a one bedroom apartment?”

More From Newsweek Vault: Should I Buy a House Now or Wait? How to Determine the Right Time to Get a Mortgage

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The Zillow listing shows that the asking price for the property, which was sold on August 7, was reduced four times by the seller since the property was put up for sale in May this year for an initial asking price of $750,000—already much less than its 2015 price. The condo was built in 2009, and homeowner association (HOA) fees are $707 per month.

Dhar shared the listing for another one-bedroom condo unit in downtown San Francisco, which is now being sold for less than it fetched in 2005—about two decades ago. The 618 square feet condo at 260 King Street was sold for $505,000 in November 2005; 10 years later, in June 2015, it was sold again for a higher sum, $615,000; and in 2018, it was purchased for an even higher $670,000.

Now the condo’s seller is trying to get significantly less for the unit. The condo was listed in February for $579,000, and since then, has seen three different price cuts. On August 1, the asking price was lowered to $498,000, but the unit remains unsold. The condo was built in 2004—which means it is 20 years old—and HOA fees are $980 per month.

More From Newsweek Vault: How Much Is My House Worth? How to Determine Your Home’s Value

A view of homes and apartments on June 13, 2018 in San Francisco, California. Condos in the downtown are still seeing drastic price reductions by sellers, despite hopes that the city’s real estate market might…


Justin Sullivan/Getty Images

Condo prices in San Francisco have seen significant drops since the pandemic, as the city faced a mass exodus of workers, especially in downtown, as well as office and retailers’ closures. Between February 2020 and February 2024, San Francisco’s condo values plunged by 12.8 percent, according to Zillow data, from $1.14 million to $997,000.

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While some condo owners are still slashing listed prices and office buildings remain vacant, there have been reports that the situation is starting to change in San Francisco.

More From Newsweek Vault: The Hidden Costs of Homeownership

Patrick Carlisle, chief market analyst at Compass, recently told the San Francisco Chronicle that the city’s condo market will face a significant rebound this year, pointing at his company’s data showing that the median price of a condo rose by 5.6 percent between December 2023 and February 2024 compared to the same stretch of time in 2022-23.





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San Francisco, CA

People We Meet: Ranjit Brar’s ‘horrible’ road led him back to San Francisco

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People We Meet: Ranjit Brar’s ‘horrible’ road led him back to San Francisco


“Imagine this, right? There’s a fork in the road where down one road is like — how would I explain this,” Ranjit Brar muses for a moment. “Dead trees. You see rocks, or a road that’s potholes. It’s just horrible.” 

The other road in the scenario looks beautiful, Brar says, but seemed “so far-fetched” that for years, he didn’t choose it. 

Instead, he found himself selling drugs, stealing cars, committing identity theft, anything — just to buy more heroin or pay for a place to sleep at night. He’d catch charges, post bail, skip town to the next county. 

“It’s easier to stay in something that feels more secure, even though it’s a miserable life,” Brar says. Today, he sits at a conference table, with his work ID and key fob hanging off a lanyard around his neck, his goatee neatly trimmed. A tattoo on his throat peeps over the top of his T-shirt.

One fork in the road came 12 years ago, when Brar found himself 32 years old and addicted to painkillers after a shooting at his home in Florida left him severely injured. He told a Daytona Beach news outlet in an interview at the time about his pain and the various medications he was taking to ease it. 

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Eventually, his doctors cut him off the pills, and he found his way to heroin. Before he knew it, his family was in shambles. 

Feeling “empty inside,” Brar left behind his children and relationship and hit the road back to the Bay Area. “San Francisco, it’s the best place if you want to change your life around,” Brar says. “And it’s the worst place if you want to destroy your life.” 

Brar had spent his early years here, and his adoptive father still lived in the area. 

“I came back to California … to reconcile [with] my father, try to see if I could salvage the relationship,” Brar says. “Any connection to family at this point, that’s what I wanted.” 

When that family connection fell through, Brar continued to find comfort in drugs. As he bounced around the Bay Area, committing petty crime, all roads seemed to lead back to San Francisco, his home base and the city where he was born. 

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“I’d come here, Tenderloins. I knew how to survive in the streets, how to sell drugs, the homies are here,” Brar says. “For about ten years, I struggled with trying to get clean. And I couldn’t do it on myself.” 

Brar’s “rock-bottom,” he says, was the day he was arrested and realized he had no one to reach out to. 

The loneliness was jarring. It reminded him of trying to connect with his father, or being shipped off to boarding school in India as a child — an experience he has now learned to see differently. 

“Even though it was a lonely time in my life, everything is something to learn from,” he says. He learned Hindi and Punjabi, and got to travel and see the Himalayas with his grandmother. 

In a similar way, Brar today finds a different kind of solace in the Tenderloin. 

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He attended rehab in custody and after he was released, and began volunteering with St. Anthony’s. Brar now works there as a full time volunteer coordinator. He has an apartment nearby and another he shares with his girlfriend. 

As we walk out the door, we run into one of his best friends, with whom he does everything from attending Narcotics Anonymous meetings to going on vacation together. He clarifies that this person is “not a homie, a friend.” 

Brar connects with other people in the throes of addiction and lets them call him if they need support. 

And beyond the neighborhood, his children are grown up and successful, one surfing in Australia, another working as an electrician in Florida, and a third attending college in New York. 

Brar, though, still finds his comfort in San Francisco. Reflecting, he says that rehabilitating in the same place where he used drugs has only made his recovery stronger. “It keeps me grounded.”

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Fielder may resign from Board of Supervisors, possibly over illegal leak

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Fielder may resign from Board of Supervisors, possibly over illegal leak


The San Francisco Standard reported on Friday evening that Sup. Jackie Fielder checked herself into the hospital following what it called “major turmoil in her office“ and a city attorney investigation into “a reported leak.” The VOSF reported on the leak and suspicion about Fielder yesterday in its Thursday newsletter. The leak was a confidential […]



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Trump floats sending federal agents to San Francisco to tackle crime

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Trump floats sending federal agents to San Francisco to tackle crime


President Donald Trump was once again floating the idea of sending federal agents to San Francisco to tackle crime.

It happened during a cabinet meeting on Thursday. The president praised Mayor Daniel Lurie’s efforts to lower crime but said he can do it more effectively.

“San Francisco, I know, they have a mayor who’s trying very hard. He’s a Democrat, but he’s trying very hard, but we can do it much more effectively, because he can’t do what we do. He can’t take people out from the city and bring them to back to the country, from where they came, where they were in prisons,” Trump said.

“He’s trying. He’s doing okay, but we could do much better. We could make it a lot safer than it is. San Francisco, a great city, was a great city, could quickly become a great city again. But, you know, they’re going very slowly,” he continued.

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The president implied that the mayor needs federal help to battle crime, saying immigrants are responsible for the lawlessness. However, according to a 2025 study by researches at UCLA and Northwestern, arresting and deporting undocumented immigrants was not associated with reduced crime rates.

Gabriel Medina, executive director of La Raza Community Resource Center In San Francisco agrees.

“I think we need to make sure that our city does not also try to play this game of making up ideas about always associating crime with immigrants, when immigrants commit less crime, so that’s really bad,” Medina said.

In response to the president comments, the mayor released a statement that reads: “In San Francisco, crime is down 30%, encampments are at record lows, and our city is on the rise. Public safety is my number one priority, and we are going to stay laser focused on keeping our streets safe and clean.”

This isn’t the first time President Trump has mused with the idea of sending federal agents to the Bay Area; last October, agents were staged at a military base in Alameda, but Trump called off the plan after talking with Lurie and Bay Area tech leaders.

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“We cannot normalize what this president is saying from San Francisco, that crime is associated with immigration. We need to stop conflating that,” Medina said.



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