Downtown San Francisco’s condo market is in shambles, with units being sold at bargain prices
According to a new report from real estate brokerage Compass, San Francisco’s precarious post-COVID recovery is hurting the downtown apartment market, as owners are increasingly willing to sell at a discount amid ongoing layoffs and office closures.
Median condo sales prices in the greater downtown and South Market area — which includes Civic Center, SoMa, Mission Bay, Yerba Buena and South Beach — fell 16.5% from a year ago, according to the report. Since December of last year, the median condo sale price has dropped from $1.475 million to $1.23 million in those neighborhoods.
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