San Francisco, CA
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?”
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As condo prices have declined in downtown San Francisco
One bedroom condos have been hit particularly hard
Here we have one purchased in 2015 for $825k
That just sold in 2024 for $680k
Are you generally just better off renting than buying a one bedroom apartment? https://t.co/sbzDZjyalu pic.twitter.com/UvQWYiazeu
— Rohin Dhar (@rohindhar) August 9, 2024
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.
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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.
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.
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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.
A California sea lion pup found last week on a San Francisco street corner is malnourished but “active and quite feisty,” The Marine Mammal Center said Monday.
The sea lion, believed to be about 10 months old, had apparently wandered into city’s Outer Sunset neighborhood and was discovered early Thursday morning, authorities said.
The pup was spotted near 48th and Irving Streets, one block from Ocean Beach and Sunset Dunes park. A trained responder from the Marine Mammal Center was joined by San Francisco park rangers and police officers to safely corral the pup, now named ‘Irving’, into a carrier crate.
Dubbed ‘Irving’ by his rescuers, Irving weighed in at 40 pounds and is considered malnourished, the Marine Mammal Center said.
“The sea lion is active and quite feisty which is a positive initial sign in terms of general behavior,” the center said in a news release on Monday.
During an exam by veterinarians, a series of blood samples were also taken to determine whether there’s any underlying ailment.
Irving is being tube fed a fish smoothie blend two times per day to boost hydration and weight; offers of whole herring will also begin shortly.
The quick actions by police, recreation and parks staff and Ocean Avenue Animal Hospital gave the young sea lion a second chance at life, said Lauren Campbell, animal husbandry manager at The Marine Mammal Center.
“As a roughly 10-month-old pup in his first year of learning how to forage on his own, this animal has a long road to recovery due to his severe malnutrition,” Campbell said. “We are hopeful that in the coming weeks with continued specialized care that this pup starts to make positive strides toward recovery and release.”
Irving will be held in the Center’s Intensive Quarantine Unit until clearing medical protocols, before likely being transferred this week to a traditional rehabilitation pool pen. A long-term prognosis and potential release timeline are not currently known.
After Sunday’s 3-0 loss to the Washington Nationals, the San Francisco Giants headed back to the West Coast. They’re going back to the Bay Area, too.
The Giants have a date with the Los Angeles Dodgers for a three-game series at Oracle Park starting Tuesday night.
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So, San Francisco probably wanted to get out of Washington, D.C., with a win. That didn’t happen at Nationals Park on Sunday afternoon.
Nationals reliever Andrew Alvarez, the third pitcher used by the team on Sunday, picked up the victory with 4 1/3 innings of work. Giants starter Robbie Ray absorbed the loss, falling to 2-3 this season.
Ray worked six innings, giving up seven hits, three runs (all earned), walking one, and striking out seven Nationals. If the Giants’ offense had found a way to tack on some runs, then Ray’s outing wouldn’t have looked so bad.
The Giants’ bats, though, had eight hits. The big number for Giants manager Tony Vitello to look at in the box score after this one was, well, pretty big. San Francisco left 10 runners on base on Sunday, going 0-for-11 with runners in scoring position. This indicates that San Francisco had plenty of opportunities to score some runs.
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They just didn’t get the job done.
Let’s go to the bottom of the fifth with the Giants and Nationals in a scoreless tie. With nobody out, the Nationals’ Keibert Ruiz connected for his third double this season. Nasim Nuñez scored to put Washington up 1-0.
With one out, Curtis Mead sent a Ray pitch over the left-field wall, a two-run blast that gave the Nationals a 3-0 lead.
San Francisco had a scoring threat in the top of the eighth inning. With runners at first and second base and nobody out, Casey Schmitt grounded into a double play. Matt Chapman, who was on second base, went to third. But the Giants were unable to bring him home.
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Rafael Devers and Drew Gilbert went 2-for-4 at the plate for the Giants, producing half of the Giants’ hits.
The Giants fall to 9-13 this season, sitting in fourth place in the National League West Division. The Nationals’ record goes to 10-12, good enough for third place in the National League East Division.
All eyes now turn toward Oracle on Tuesday night. It’ll be a chance for two longtime rivals to renew their rivalry.
Baseball fans know that the Giants-Dodgers matchups usually are must-see TV.
That’s probably going to be the case once again as Giants fans watch their team battle the Dodgers. Those lucky to have tickets to the three-game series at Oracle Park will show up in Giants colors, hoping to see Los Angeles head back to Southern California with either a series loss or a Giants’ sweep.
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Buckle up, Giants fans. It’s about to get rowdy at Oracle Park.
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