In a nutshell, prices are rebounding slightly from a previous drop. This is in direct conflict with what the newspapers are telling you. But, then they are trying to sell papers J. Here are the median price comparisons for all residential property in SOMA and South Beach, according to the San Francisco Multiple Listing Service…
- December 2004: $710,000
- December 2005: $655,000 (down 7.75%)
- December 2006: $675,000 (up 3.05%)
From what I see, the big hit was seen when the news outlets were complaining that prices where irrationally escalating and becoming more and more unaffordable. Now that the sky is *officially* falling, prices are actually up 3.05%. Huh??
Moral of the story is to always get the real information and make your own conclusions. The market is complex, and even with all the additional new inventory competition in this area, there are opportunities.
Comments