Looks like a lot of San Franciscans have been heeding Gandalf the Grey’s urgent admonition to the other Nine Walkers from the Bridge of Khazad-dum, right before he smote the Balrog and descended into the deepest pits of Moria along with his foe.
Underneath the headline is a photo taken from one of those luxury high-rise apartments, overlooking what was once one of the most physically-glorious cities in all the world, now tragically reduced to a shit-encrusted, unlivable pit of despair, blight, and iniquity by decades of ultra-liberal misrule.
These days, a luxury high-rise in downtown San Francisco with units that appear to be mostly empty isn’t an uncommon sight. As a cooling real estate market continues to impact the city, downtown condos might be some of the hardest-hit properties around.
Patrick Carlisle, Compass’ chief market analyst, said that while economic headwinds are affecting real estate markets everywhere, downtown San Francisco’s condo market has been hit especially hard.
“That market has been hit hardest in the city,” Carlisle told SFGATE. This is due to a few different factors, he said, one being the mass abandonment of downtown office spaces since the start of the pandemic.
IE: all part of The Plan, then.
Speaking of tech workers, Carlisle said the uncertainty brought on by mass tech layoffs has also affected property sales downtown. He added that an increase in homelessness and crime in downtown areas has affected the “quality-of-life ambiance” for people in those areas, presumably buyers who are reluctant to live among the city’s unhoused populations.
This condo market, Carlisle said, is separate from the luxury condos located in areas like Russian Hill, Nob Hill, Pacific Heights and the Marina District. Condos in these areas tend to be built in older, smaller buildings located in less urban neighborhoods and have taken much less of a hit than their glossier counterparts downtown.
“The downtown market has been hit much, much harder than the luxury condo market in these older neighborhoods,” Carlisle said. “I’m not saying there haven’t been effects in places like Russian Hill and Nob Hill and Pacific Heights because there have been. The market has softened there also, quite significantly, but not to the degree that the downtown market has.”
According to a recent report from Compass, the median sales price of a two-bedroom condo in downtown areas has dropped by 16% since 2021, compared to a 7% drop in the price of two-bedroom condos outside of that area. The report also states that condo inventory in this area is more than twice as high as the rest of the city — which explains the seemingly empty high-rises looming everywhere downtown.
In October, one 45-story luxury high-rise made news after it was revealed that only 13 of its 146 units had been purchased in the two years they’d been up for sale. Rumors that Steph and Ayesha Curry had purchased a unit at the property, named the Four Seasons Private Residences, turned out to be false. The development features units that range from studios to $49 million two-story penthouses.
Ah well, “what goes up must come down” still applies, I guess.
Despite these trends, Carlisle said that for some, this downturn may act as a chance to purchase a condo at a lower price.
“Of course, there are people who see this as an opportunity to get a good deal,” Carlisle said. “There are condos selling in the newer luxury developments in the South Beach and Yerba Buena areas at large discounts from what people paid for them three, four years back. You know, we’re talking gorgeous units with spectacular views in ultra-luxury buildings.”
Views that also feature feces-strewn, used-needle-clogged streets and sidewalks; reeking stewbums, junkies, thieves, and miscellaneous thugs; and the ever-dwindling handful of affluent, smarmy shitlibs stubbornly determined to ride the SF disaster out to the bitter end somehow.
Yeah, thanks but no thanks, bub. Having been to SF many times on tour with the BPs over the years, I loved the place for its beauty and once-myriad charm, but no longer. I wouldn’t go back there now if I was being paid by the hour, and obviously I am by no means alone in that sentiment. It’s truly sad, a latter-day American disgrace, that’s what—a pluperfect example of what inevitably results each and every time shitlibs are allowed to run things.
(Via Stephen)
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Last visited in the ’80s, it was nasty then, and it’s done nothing but descend deeper into an abyss of fœtid cesspit-dom since then, so I’m not missing anything.
This is the revenge of 1960s Haight-Ashbury writ large (hippies always smell, and this is what they lead to), and it couldn’t happen to a more deservingly wretched hive of scum and villainy.
An exact replay of 1906 would be the best thing that happened to that sh*thole city since…1906.
San Fransicko is a case study in how quickly a marxist cabal can destroy a great city.
Detroit is another good example.
And Miami shows what adults in charge can accomplish.