Clients, friends, and colleagues:
From a national and global perspective, 2025 has brought a lot of uncertainty and volatility. Political and economic shifts seem to be happening overnight, and it is tough to predict how things will play out in the short or long term. While uncertainty usually puts a damper on demand, we are seeing it affect different sectors in different ways.
Locally, there is a lot to feel good about in San Francisco.
• Blackstone just purchased 199 Howard Street for $111 million, marking the city’s first nine-figure deal since the pandemic.
• JPMorgan Chase is expanding its presence at 560 Mission Street, which will now serve as the bank’s Bay Area headquarters.
• Office leasing hit a post-pandemic high in April, with tech companies making up 60 percent of the top 25 deals this quarter.
• Single-family homes remain extremely competitive in San Francisco’s top-tier zip codes, fueled by tight inventory and cash-rich buyers. Meanwhile, multi-family properties and condos/TICs are still in a buyer’s market. There are some incredible opportunities downtown right now if you are looking.
• The median price for single-family homes rose about 7 percent over the past month to $1.62M.*
• The median price for condos climbed about 3 percent to $1.045M. Condo prices are still well below pre-pandemic highs of around $1.3M and are down nearly 10 percent year over year.*
*Important note: These statistics largely predate the most recent and dramatic financial market developments.
Interest rates have been bouncing between the low and high 6 percent range.
If you have any questions about the market or want to chat about a specific property or neighborhood, feel free to reach out. I am always happy to catch up and share what I am seeing out there.
Cheers,
Faye