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San Francisco, California

For 2018, the  city of San Francisco, CA has $1,366,000 as its house worth median. The value of homes has increased in the last year by 9.2 percent. It has been predicted that in the following year, home values will increase by 7.5 percent.

In San Francisco the per square foot list cost median is $1,066. The Metro Area of San Francisco-Oakland-Hayward has a much lower per square foot list cost median which is $488.

$1,249,995 is the presently listed cost median of homes in San Francisco. $1,328,500 is the cost median of houses that have been sold.

$4,500 is the rent cost median in San Francisco, CA. The Metro Area of San Francisco-Oakland-Hayward has a lower rent cost median which is $3,400.

The rate of foreclosures is an important factor when it comes to the realty economy. The lower the foreclosure rate for an area, the higher the value of real estate of that area.

For each 10,000 houses in San Francisco, 0.2 houses go through foreclosure. The Metro Area of San Francisco-Oakland-Hayward has a higher foreclosure rate of 0.5. The United States foreclosure rate is much higher. It’s 1.6.

Regarding the process of foreclosure, there is a first step called mortgage delinquency. Mortgage delinquency is the condition of a homeowner failing to make good on one or more payments on their mortgage.

In San Francisco, CA 0.3 percent of homeowners have delinquent mortgages. The United States has quite a higher mortgage delinquency rate of 1.6 percent.

The recession of the year 2008 had dire consequences for the real estate economy and the economy as a whole in the United States. One dire effect was that the value of homes dropped a greater amount than 20% in our nation.

This recession caused quite a few homeowners to presently be underwater regarding their mortgages. Being underwater on a mortgage means that the homeowner owes a greater amount of money on their mortgage than the value of their home.

3.4 percent of homeowners in San Francisco are currently experiencing being underwater regarding their mortgages. The Metro Area of San Francisco-Oakland-Hayward has a higher percentage of owners of homes being underwater on their mortgages. It’s 3.6 percent.

The median annual household income in the city of San Francisco is $77,734.

Let’s move on to commercial real estate in San Francisco. We are going to share with you something novel and interesting having to do with the hotel industry.

The Bay Area is having its first modular hotel being built. It’s location is 550 Gateway Blvd, in South San Francisco. It will be a 144 room Home2 Suites by Hilton. Southern Hospitality Services is developing the hotel, and Akshar Development is building it. There is the expectation that the hotel will be completed by Spring of 2019.

This hotel is going to be a test case in how hotels can be built quicker. Also, building modular hotels in North American is Marriott International.

Some benefits of modular hotel construction:
1. The construction is of high quality.
2. It can cut the time of construction in as little as a half compared to a traditional build.
3. The return on investment for owners is quicker.

The modular units are being built in Boise, Idaho and being transported to the Home2 Suites by Hilton at the San Francisco Airport North.

There are separate sleeping and living areas, as well as in-room kitchens.

The hospitality industry of the Bay Area is behind in fulfilling the need for hotels, and using modular construction is a more expedient way to catch up.

Can you imagine that crews have the expectation put on them to be able to have 8 to 10 units installed each day? And crews are to complete common spaces, corridors, and exteriors after the crane install process is done.

Apartment Loan Store is proud to serve the entire Greater San Francisco area:

  • Oakland
  • Fremont
  • Santa Rosa
  • Fairfield
  • Hayward
  • Sunnyvale
  • Concord
  • Vallejo
  • Berkeley
  • Alameda

 

 

 

 

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