San Francisco apartment market remains strong
Despite the decline, the San Francisco apartment market remains strong. New developments throughout the city continue to increase.
The San Francisco real estate market experienced an astonishing decline in the fourth quarter of last year. The city performed poorly due to the financial crisis and forest fires in the north of the country. Despite this, condominium values remained strong throughout the year. According to a report by Compass Real Estate, sales volumes rose 6.5 percent in 2018 to $ 2,850, and in 2017, the average per square meter was $ 1,252.
Selma Hepp, chief economist at Compass, said the market is backing down at a moderate pace.
“We are seeing a pickup in prices for new construction, which has a lot to do with higher-end sales in some of the buildings,” she said. “I think construction will pick up again—there are a significant number of projects in the pipeline, but I think they will be coming on at a very slow pace. 2020 and 2021 may have more projects coming online than in 2019.”
The most important cultural and financial center in the San Francisco Bay Area, north of the California state of the United States. The city is located north of the San Francisco Peninsula. To the west of the city lies the Great Ocean, north and east, San Francisco Bay. Today, San Francisco is an international center of finance, transportation and culture. The city is also a popular tourist destination with summer fogs, steep rocks, interesting tram system, Chinese neighborhoods and the modern and Victorian architecture, which also includes the Golden Gate Bridge.
Source: mansionglobal.com, wikipedia
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