The Country’s Best Kept Real Estate Secret?
The San Francisco Condo Market
If you had to guess which city has the most undervalued real estate market in the country, would San Francisco be at the top of your list? Probably not. But according to Robert Reffkin, CEO of Compass, that’s exactly where savvy buyers should be looking. When asked on CNBC’s Squawk Box late last month where the best real estate deal in the U.S. is right now, he could have named any city, but he chose San Francisco’s condo market. And honestly? I think he’s onto something.
For years, San Francisco has been known for sky-high property values, fueled by limited inventory, world-class culture, and the ever-booming tech industry. But the last few years have shaken things up. With shifting work-from-home trends, tech layoffs, and a post-pandemic reevaluation of city living, condo prices have softened - creating a rare opportunity for buyers to jump into a historically high-priced market at a discount.
I’m taking Reffkin’s opinion one step further. The neighborhoods to watch? SoMa, the Financial District, Nob Hill, and Downtown. These areas took some of the hardest hits during COVID, but they now hold the greatest potential for major value gains as San Francisco’s condo market rebounds.
Even more promising? The city’s new mayor is making good on his promise to clean up the streets, and SoMa is looking more sparkling clean than I’ve ever seen it.
Of course, real estate markets are cyclical, and San Francisco has a long history of bouncing back. As someone who works in this market every day, I see the momentum shifting. The city’s appeal hasn’t faded, it’s just waiting for its next wave of buyers to take notice.
So, what do you think? Will San Francisco’s condo market make a big comeback? Drop me a line!
