Ana Dierkhising and Val Steele quoted in Sound Off
January 12, 2018
Sound Off: What are your Bay Area real estate predictions for 2018?
A: 2018 should be another robust year in the Bay Area for real estate. San Francisco will continue to experience a strong demand for single-family homes, especially on the north side of town where there is an extreme lack of inventory. State-of-the-art homes will continue to command top dollar and prices per square foot due to the cost of construction skyrocketing and the process for permitting moving at a sloth-like pace, especially if you are going outside the envelope (original footprint) of the home. We do not expect the new tax laws to affect activity or values of Bay Area real estate. If Interest rates take a big-leap, it could affect the entry level buyer.
New pockets of neighborhoods are developing all over the city and the Bay Area as prices continue to climb. Walkability and transportation are key factors adding to value. Both condominiums and single-family homes with great walk scores, close to coffee, restaurants, shopping, schools and transportation will see the strongest demand. San Francisco condominium buyers will have a wider range to select from due to many of the new condominium projects coming to market as reflected by the strong interest in Dog Patch as it becomes a destination neighborhood.
The Van Ness corridor is starting to develop micro-neighborhoods with new condominium projects being developed around the new CPMC complex and the Civic Center, these properties allow easy access to Polk, Union, and Chestnut streets as well as Hayes Valley. Sutro Heights and the Outer Sunset are drawing firsttime buyers who want a single-family home with a beach town feel and easy access to commercial areas.
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Categorized in: San Francisco