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
15 injured after San Francisco cable car comes to screeching halt
More than a dozen people were injured when a cable car in San Francisco came to a screeching halt on Monday afternoon, rattling passengers inside, according to authorities.
A total of 15 people suffered minor to moderate injuries after the cable car abruptly stopped without warning and tossed around those onboard, the San Francisco Fire Department said on social media.
Two people were taken to the hospital with moderate injuries, 11 others were hospitalized with “minor aches and pains,” and two people refused assistance at the scene, authorities said.
Fire officials told ABC7 that an object might have been thrown at the cable car, causing the abrupt stop. Authorities have not officially released information on what led up to the incident.
Some of the cable car’s windows were completely shattered, according to photos of the aftermath. Video posted by fire officials also captured several ambulances crowded around the stopped cable car.
“Safety for our passengers on all Muni vehicles continues to be our top priority. We’ll be conducting a full review of incident details to ensure continued safety on the cable cars,” SFMTA said in a statement.
Cable cars first began running in San Francisco in the 1870s, and became designated as a National Historic Landmark in the 1960s.
Passengers on the famed tourist attractions do not wear seat belts and often hang off the cars, which are partially open-air.
The SFFD and the SFMTA will investigate the incident.
With Post wires
San Francisco, CA
This Week: E-Bikes, Happy Hour, Holiday Lights – Streetsblog San Francisco
Here is a list of events this week.
- Monday/tonight! Introduction to E-Bikes. This is a San Francisco Bicycle Coalition, SFMTA/SFCTA-sponsored virtual class. Monday/tonight, December 15, 6-7 p.m. Register for Zoom link.
- Tuesday Bike It Forward Community Repair Night. Join the San Francisco Bicycle Coalition as they rehabilitate donated and abandoned bicycles and get them to folks who need them. Tuesday, December 16, 5-7 p.m. San Francisco Bicycle Coalition, 1720 Market Street, S.F.
- Wednesday Car-Free Happy Hour. This event is open to everyone, whether they’re car free, car light, car-free curious, or they just want to hang out with fellow urbanists. Wednesday, December 17, 5:30-7 p.m. Cornerstone Berkeley, 2367 Shattuck Avenue, Berkeley.
- Thursday Vision Zero Committee Meeting. This committee supports the work of improving street safety in San Francisco. Thursday, December 18, 1 p.m. Union Square Conference Room, Floor 7, SFMTA Headquarters, 1 South Van Ness Avenue, S.F.
- Thursday Transform Happy Hour with the New Executive Director. Come meet Transform’s new leadership, mingle with like-minded folks, and give your input for Transform’s next chapter. Thursday, December 18, 5:30-8 p.m. Line 51 Brewing Company, 303 Castro Street, Oakland.
- Friday Alameda Holiday Lights Ride and Christmas Caroling. Ride to see the holiday lights in Alameda. Friday, December 19, 6:30 p.m. meet, 7 p.m. roll out. Finishes at 10 p.m. MacArthur BART, 555 40th Street, Oakland.
Got an event we should know about? Drop us a line.
San Francisco, CA
San Francisco honors legendary photographer Jim Marshall with street named in his memory
This week, San Francisco is set to honor a legendary photographer, the late Jim Marshall, by officially commemorating a street in his honor.
On Friday, officials, including San Francisco Supervisor Rafael Mandelman, will be on hand to reveal a new street sign for the 3600 block of 16th Avenue.
The tiny stretch becomes a big landmark for music lovers, historians, and photography buffs. This stretch of 16th will also be known as Jim Marshall Way.
“Finally, Jim Marshall gets his name in San Francisco history, ” proclaimed photographer Amelia Davis.
For years, Davis was the assistant and editor for Marshall.
Marshall documented and photographed San Francisco history – the music scene, social unrest and protests
Included in his portfolio is a rare photograph of Janis Joplin on top of her psychedelic Porsche, a famous portrait of John Coltrane, discussing an imminent change in his music, at the Berkeley home of jazz critic Ralph Gleason; a very intimate photo of Johnny Cash and June Carter, at their home in Tennessee; Miles Davis in the boxing ring; Bob Dylan kicking a tire down a New York City street; and the final public concert played by the Beatles at Candlestick Park.
Fifteen years ago, when he died, the San Franciscan left his entire portfolio to Davis. She explained how Marshall, who was childless, called his photographs his children.
“That’s what he loved and protected his whole life,” noted Davis.
Marshall was on hand to capture the Grateful Dead’s last free show on a flatbed truck in the Haight.
He was also on hand in Times Square in Manhattan to capture the grief following the assassination of President John F. Kennedy.
His photographs of poverty in Appalachia are part of the permanent collection at the Smithsonian.
“Jim Marshall always called himself a reporter with a camera and Jim’s work did document pieces of history, whether it was music, civil rights, or protests,” said Davis.
Marshal had a tumultuous personality and struggled with addiction.
After his death, he was the subject of an award-winning documentary called “Show Me The Picture.”
He was the first photographer to receive a Grammy.
Now, a street where the photographer lived for 28 years will be named in honor
“Little did they know you have this legend living right in the middle of the street here,” exclaimed Justin Fichelson.
Fichelson grew up a few doors away from the photographer, where his parents still live.
He says the honor of renaming the street is a reminder that the city was iconoclastic way before tech and the AI flood.
“The idea of San Francisco, which is a crazy place where people come from all over the world to reinvent themselves, Jim really captured that in an incredible way,” noted Fichelson.
Marshall grew up in the Western Addition, went to Lowell High School, raced fast cars and loved the city. Now, the city is loving him back.
The ceremony to honor Marshall is on Friday, Dec. 19, at 10 a.m. at the corners of Noe, Market, and 16th. A commemorative sign will be placed beneath the 16th Street sign. Those who wish to attend are asked to bring any old Leica cameras to honor the late photographer.
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