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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?”

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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

6/28 Gamethread: Giants vs. Braves

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6/28 Gamethread: Giants vs. Braves


It’s series finale time, and it’s rubber match time, as the San Francisco Giants host the Atlanta Braves.

It’s a battle of Cy Young southpaws. For the Giants, it’s Robbie Ray, who won the award in 2021 in the American League. Ray, a 34-year old two-time All-Star, is making his 17th appearance of the year, and is 6-6 with a 3.70 ERA, a 4.80 FIP, and 80 strikeouts to 42 walks in 87.2 innings. After a rough patch, he’s been exceptional in his last two games, including allowing just an unearned run in eight innings against the Athletics his last time out.

For the Braves, it’s Chris Sale, who won the prestigious pitching award in 2024. Sale, a 37-year old nine-time All-Star, has made 14 starts, and is 8-5 with a 2.14 ERA, a 2.71 FIP, and 99 strikeouts to 21 walks in 84 innings. He allowed two unearned runs in 5.2 innings against the Milwaukee Brewers in his last start.

Enjoy the game, everyone.

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Who: San Francisco Giants (34-48) vs. Atlanta Braves (49-32)

Where: Oracle Park, San Francisco, California

Regional broadcast: NBC Sports Bay Area

Radio: KNBR 680 AM/104.5 FM, KSFN 1510 AM



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People’s Budget Coalition Claims Victory After San Francisco Budget Restores Most Proposed Service Cuts – Davis Vanguard

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People’s Budget Coalition Claims Victory After San Francisco Budget Restores Most Proposed Service Cuts – Davis Vanguard


By Vanguard Staff

SAN FRANCISCO — The San Francisco People’s Budget Coalition declared a major victory this week after the San Francisco Board of Supervisors’ Budget and Appropriations Committee advanced a budget proposal restoring nearly all of Mayor Daniel Lurie’s proposed cuts to community organizations and workers providing essential services throughout the city.

The coalition credited months of organizing by labor unions, community organizations, residents and advocates for reversing many of the reductions initially proposed in the mayor’s budget. The committee-approved budget now moves to the full Board of Supervisors and then to Mayor Lurie for final approval. According to the coalition, few, if any, additional changes are expected during that process.

The coalition said thousands of San Francisco workers, residents and community members participated in neighborhood town halls, marches, rallies, phone banks, letter-writing campaigns and demonstrations to pressure city leaders to restore funding for programs serving vulnerable populations.

“This budget represents a remarkable victory for every single San Francisco resident,” said Anya Worley-Ziegman, coalition coordinator for the San Francisco People’s Budget Coalition.

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“And it shows that public pressure works. Showing up works. Organizing, going out into communities where people will see their lives impacted by cuts, where people feel like their government and their representatives aren’t listening to them, and giving people an outlet to make their voices heard can make real change.”

Worley-Ziegman credited “the thousands of people, workers, unions, community and advocacy organizations, as well as the leadership of Budget Chair Connie Chan and Supervisors who fought for their districts’ priorities” with helping restore “tens of millions of dollars for essential programs serving our city’s most vulnerable populations.”

“Dr. Martin Luther King Jr. reminds us that budgets are moral documents, and today, City Hall seems to agree,” Worley-Ziegman added.

According to the coalition, many of the mayor’s proposed reductions affecting LGBTQ+, immigrant, student and homeless services were restored through the city’s annual budget “add-back” process during the Budget and Appropriations Committee’s final meeting, chaired by Supervisor Connie Chan.

The coalition said restorations include tens of millions of dollars for senior services, housing and rent assistance, Free City College, HIV services, immigrant services and other community programs.

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The organization argued that many of the programs initially targeted for reductions serve communities that are already facing challenges resulting from actions by the federal government. The coalition said restoring those programs demonstrates continued city support for immigrants, LGBTQ+ residents, Black, Indigenous and other communities of color, as well as individuals struggling with mental health, substance use disorders or homelessness.

The coalition said investments in those communities strengthen the city and help maintain San Francisco’s reputation as a welcoming and inclusive city.

Despite celebrating the committee’s actions, the coalition said significant fiscal challenges remain. It noted that not all proposed reductions were fully restored and that city officials project next year’s budget deficit to exceed this year’s.

The coalition argued that San Francisco possesses substantial wealth, particularly amid the city’s growing artificial intelligence industry, and said city leaders should pursue additional revenue sources to sustain public services rather than relying on service reductions.

“San Francisco is one of the wealthiest cities in the wealthiest country in the world, and with the AI boom, it’s only getting richer,” Worley-Ziegman said.

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“The fact that we need to exert this much time and energy fighting for such a small slice of the pie is, frankly, as ridiculous as it is shameful.”

“We should be laser focused on expanding the pie. We need to be talking about IPO taxes, wealth taxes, mansion taxes, and every policy tool available to close future deficits,” Worley-Ziegman continued.

“It feels like every year our leaders tell the most vulnerable communities to eat cuts and make ‘hard choices,’ while simultaneously opposing comically small taxes on the city’s wealthiest and well connected residents.”

“It should not be this hard to get an immigrant mother on the cusp of eviction $50 to make rent, or a senior living with HIV on our streets counseling or a hot meal.”

Worley-Ziegman concluded by urging advocates to continue organizing beyond this year’s budget process.

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“Yes, let’s celebrate this win, but don’t forget that there’s so much more work to do if we want to move San Francisco forward without leaving its most vulnerable residents behind.”

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Breaking News San Francisco

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budget advocacy community services Connie Chan Daniel Lurie People’s Budget Coalition San Francisco budget





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Suspect arrested after shooting near San Francisco Pride events, police say

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Suspect arrested after shooting near San Francisco Pride events, police say


A suspect was arrested Saturday after a shooting near San Francisco’s Pride celebrations left one person wounded and an officer hurt during a foot chase, police said.

The San Francisco Police Department said officers were monitoring Pride events near United Nations Plaza around 3:32 p.m. when the shooting occurred.

Officers found a victim suffering from a gunshot wound and immediately began rendering aid. The victim was taken to an area hospital with injuries that were not life-threatening.

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Police said officers in the area quickly located a person matching the suspect’s description, prompting a foot pursuit. During the chase, one officer suffered minor injuries.

The suspect was eventually taken into custody, and the person’s name has not been released.

Police said the investigation remains active despite the arrest.



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