According to today’s article in SFGate regarding San Francisco Real Estate, things ain’t that bad and actually might be getting a bit silly. It all kind of makes sense, seeming how three of the most popular tech companies in the world right now (Apple, Twitter, and Facebook) are within our greater metropolitan area:
Sales of houses and condominiums in San Francisco jumped 50 percent in the first quarter from a year earlier and the median price rose 5.4 percent to $685,000, according to a multiple listings analysis by Terradatum Inc. House values will gain 7 percent this year, the biggest annual increase since a 9 percent advance in 2005, Rosen Consulting Group forecast last month.
“San Francisco has conditions of very restricted supply and lots of things that can push demand: an attractive climate, innovative economy and high quality of life [Haven’t we been saying this for years!?],” said Harvard University economist Edward Glaeser, who has studied U.S. housing bubbles.
Could this mean the return of the Maximum Overbid we coined on sfnewsletter? Time will tell, but if you’re on that fence thinking of buying, you might want to get in the game.
–Tech Lifts San Francisco Home Prices as Ocean View Gets 26 Bids [SF Gate]