San Francisco, CA
Nearly One in Give San Francisco Homes Sells at a Loss
Nearly one in five homeowners in San Francisco are selling their homes for a loss.
Some 17.8 percent of homes sold in the city during the three months ending Feb. 29 traded at a loss, Newsweek reported, citing figures from Redfin.
In the three months ending Jan. 31, the share of homeowner losses was 17.9 percent — the city’s highest level in 11 years and a higher share than any other major U.S. city.
The typical homeowners sold their home for $155,500 less than they bought it for, mainly because prices have swung back to normal after the pandemic boom years, Redfin writes.
Some home values have dropped further.
An unidentified homeowner sold a two-bedroom, two-bathroom condominium last week at 1075 Market Street for $675,000 — nearly half of what it last traded for in 2019, at $1.25 million. The condo is a five-minute drive to Union Square, and three minutes to the Tenderloin.
Home prices in San Francisco, among the most overvalued cities in the country, have plunged during a correction of the market starting in late summer 2022 and last spring.
Downtown San Francisco has been hit hard by a shift to remote work led by tech firms, which resulted in a 36.6 percent office vacancy.
A rise in retail theft led to Nordstrom, Whole Foods and other firms shutting down stores.
All this has led to properties peeling off value.
While prices modestly bounced back in the City by the Bay between summer and fall last year, they started dropping again in October, according to Newsweek.
As of March 31, the average San Francisco home was worth $1.29 million, or 7.5 percent less than a year ago, according to Zillow,
In California, home prices have also fallen since last year. The average home value in the Golden State was $783,666, down 44.5 percent compared to a year before.
Across the nation, typical home prices were also down by 44.4 percent year over year to $354,179.
Despite the drop in prices, the cost of buying a home in California remains high because of a chronic lack of inventory, which has buttressed prices. San Francisco is still the most expensive market in the nation, according to Newsweek.
At the same time, interest has ticked up in the San Francisco condo market, especially outside of the downtown core, according to The Real Deal.
The upswing in demand started late last year as interest rates came down, agents and developers say, and has continued this spring as tech buyers returning to the office are making deals with sellers who have come to terms with the drop in price required to close deals in the current market.
— Dana Bartholomew
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San Francisco, CA
Missing teen child of tech executives found safe in San Francisco, suspect in custody
A teenage child of two tech executives who was reported missing last Monday was found safe in San Francisco Saturday, authorities said.
Mint Butterfield, the 16-year-old child of Slack co-founder Stewart Butterfield and Flickr founder Caterina Fake, was found safe around 11:30 p.m. local time on Saturday, the Marin County Sheriff’s Office said in a news release Sunday. Mint’s pronouns are they/them.
The sheriff’s office said Mint have been associated with an “adult friend,” identified as 26-year-old Christopher “Kio” Dizefalo of San Francisco. Police said a white van associated with Dizefalo was located in San Francisco, and he and Mint were found inside.
Mint was uninjured and, according to the news release, police confirmed she had run away from home voluntarily.
“After being interviewed by MCSO detectives, Dizefalo was arrested for multiple criminal violations and was booked in the Marin County Jail, where his bail was set at $50,000,” police said in the news release. Mint was returned to the custody of their family.
Child found safe: Ex-officer wanted for 2 murders found dead in standoff, child found safe after Amber Alert
Mint was reported missing last week
The Marin County Sheriff’s Office said in a news release last Thursday that Mint was reported missing by Fake on Monday.
Fake told police she last saw Mint around 10 p.m. Monday at their home in Bolinas, a coastal city roughly 30 miles from San Francisco. According to police, Fake realized the next morning that Mint was not at home, and discovered a note indicating Mint had left with a suitcase at some point late in the night or early in the morning.
The sheriff’s office said it was unclear how Mint left the area, as they did not have access to a vehicle or phone. Police said Fake and Mint also share a home in San Francisco, and Fake indicated that Mint may have left for the Tenderloin District of San Francisco.
Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at Gdhauari@gannett.com.
SAN FRANCISCO, CA — First responders assisted a windsurfer in distress underneath the Golden Gate Bridge on Sunday afternoon, the San Francisco Fire Department said.
Fire and rescue got the call around 4:20 p.m. about a windsurfer who was being blown out from the Bay. Rescue crews, with the help of the U.S. Coast Guard, headed out to the person, but by the time they got there, the person was OK, according to San Francisco Fire.
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SAN FRANCISCO (KGO) — UCSF Health formally broke ground on what it calls the hospital of the future.
On Saturday, hospital officials celebrated the start of a massive rebuild of the Parnassus Heights campus.
The plan involves building a new 15-story hospital and research center at the current site, which has been operating since the early 1900s.
The expected cost more than $4 billion.
“We’re gonna add almost 200 beds of capacity and double the size of the emergency room. This is really about serving the city of San Francisco and the region with more capacity,” said Suresh Gunasekaran, UCSF Health President and CEO.
The new hospital is scheduled to open in 2030.
If you’re on the ABC7 News app, click here to watch live
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