Most of the country is having quite a lot of trouble, but San Francisco has held up. We have a strong diversified work environment and we balanced the budget. All of these things and a good strong tech industry has helped keep us above the fray. One good indicator of home prices is the County Assessors office.
The Assessor Recorder is the department that determines the property tax base. Phil Tang's office has received 1673 requests for lower property taxes based on reduced property values. 810 of those requests did get a lower appraisal by about $137,000. Thats an 11.5% drop in the value of those homes.
Most of the reductions came in the newer developments in SOMA, Potrero, parts of the Mission and Mission Bay. The Schiller index gives us an 12% drop in home prices for San Francisco, corroborating the city Assessor Recorders numbers.
In this environment I have to say that an 11-12% drop in values is somewhat of a relief. Lets hope that San Francisco can keep those losses to low and recoverable numbers.
Thanks for Reading
Howard Bell
A web site of over 450 articles related to real estate focused primarily on property management.
http://yourpropertypath.blogspot.com/
Trade talk for the San Francisco real estate industry. Your source for property management tips, policies and market trends.
Your Property Path Amazon Store
http://astore.amazon.com/yourpropertypath20-20
super deals on agent home remodel tools
We hand picked Amazon for the tools you need
Howard is a property manager and leasing agent in San Francisco. If you are considering leasing or management services in San Francisco you can reach him at foundhoward@gmail.com
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
Post a comment
Temporarily disabled — coming soon!