San Francisco: Good Indicators for Home Prices

Most of the country is having quite a lot of trouble, but San Francisco has held up. We have a strong diversified work environment and we balanced the budget. All of these things and a good strong tech industry has helped keep us above the fray.

One good indicator of home prices is the County Assessors office. The Assessor Recorder is the department that determines the property tax base. Phil Tang's office has received 1673 requests for lower property taxes based on reduced property values. 810 of those requests did get a lower appraisal by about $137,000. Thats an 11.5% drop in the value of those homes.

Most of the reductions came in the newer developments in SOMA, Potrero, parts of the Mission and Mission Bay. The Schiller index gives us an 12% drop in home prices for San Francisco, corroborating the city Assessor Recorders numbers.

In this environment I have to say that an 11-12% drop in values is somewhat of a relief. Lets hope that the Federal plan will keep those losses to low and recoverable numbers.

Thanks for Reading

Howard Bell

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