Real Estate Report
“The San Francisco real estate market continues to rapidly accelerate due to the AI startup boom: October's sales hit the highest count since May 2022, while luxury home sales were the best in 4 years. The number of price reductions plummeted 46% on a year-over-year basis, while the pending ratio — a standard measure of market heat — hit its highest monthly reading since the peak of the pandemic boom. 80% of house sales and 44% of condo sales sold for over list price. Virtually all the market indicators point to a dramatic increase in buyer demand competing for a declining number of listings.”
“San Francisco has had its share of tech companies since the dot-com boom, but the money pouring into artificial intelligence has lately supercharged the city’s tech profile…Last year, [SF companies] raised nearly $35 billion [in venture capital funding]…The change is visible. Rents are climbing again. City buses are filling back up. And the face of San Francisco is starting to look younger…The city is the tech industry’s hub for artificial intelligence.”
“What if San Francisco is the new Silicon Valley?” - The New York Times
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