Here’s a $2.8 Million 4 bedroom, 4.5 bath view home coming soon.
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Posted by max
on August 31, 2008
Castro/Upper Market, Houses for Sale, Houses with View, SF Luxury Houses, SF Real Estate News / No Comments
Castro/Upper Market, Houses for Sale, Houses with View, SF Luxury Houses, SF Real Estate News / No Comments
Well, it looks like there’s more and more foreclosures popping up in San Francisco. It might be a good idea to wait until all the foreclosures settle down a bit.
Since Real Estate in San Francisco have dropped 20% since last year, we though it couldn’t get any worse.
But the truth is, SF real estate market is really crashing. It might be the worst of its kind since the Depression.
Why?
With the oil prices up at $4.50, it’s affecting every part of our daily life including your groceries and any products you buy.
Having to pay a little more for your SUV isn’t the problem, the problem lays in the fact that most goods in the U.S. are shipped via a big boat from China. With the oil price hike, companies are starting to raise prices of their products and food.
Now, with everything costing more to live in San Francisco, people are not making more money either.
The only thing to go down is in real estate. It can’t possibly go up because there’s less buyers and less demand since people spend more money on other living necessities.
Heck, we have even seen a whopping 15 units available at Rincon Hills.
The worst part is that we don’t even know if we hit bottom yet. It seems like if the gas prices continue to hike, we will see a massive increase in unemployeement and living costs over the next 2-3 years.
It’s not a great time to buy nor great time to sell.
Heck, we might even have to plan moving overseas to China or something.
Here’s some good news for people who are thinking about buying real estate in San Francisco. Home prices are down by 20% from last year in SF.
Home prices in 20 U.S. metropolitan areas fell in March by the most in at least seven years, pointing to weakness in the housing market that will constrain economic growth.
