San Francisco Assessor-Recorder Phil Ting announced on Thursday that our city has the strongest real estate market in the state, with a growth of nearly $2 billion in the past year.
“We’re very, very fortunate in San Francisco,” Ting told SFAppeal. He also predicted that the growth will only continue here in SF in the coming years.
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This may be news for Bay Area buyers and sellers, but real estate agents aren’t surprised.
“This city is a gold mine for real estate,” Rick Teed, cofounder of real estate and development company Teed Haze, told HuffPost. “If you have a house with no view, but it’s redone and in a neighborhood like Pacific Heights, it’s going to be north of $1000-per-square foot for starters.”
Teed agrees with Ting’s prediction that the market will only continue to grow. “We are a seven-by-seven-square-mile city,” said Teed. “There is no new land.”
Daniel Cressman, executive vice president of the commercial real estate company Grubb & El, also commented on our city’s limited space. He told NBC Bay Area that San Francisco is “one of the very few markets in the entire country where investment demand for commercial office space is far outstripping the available supply that’s for sale.”
To celebrate this news, we contacted Sotheby’s International Realty and got some pictures of a home they are especially excited about. Check out this unreal Gold Coast-style 1927 home designed by Willis Polk & Co. in Pacific Heights. We would move in tomorrow if it weren’t for that $25 million price tag.
Take a look at images of this amazing home below: