Fall 2021 Real Estate Market Report

Arrian Binnings  |  October 22, 2021

Fall 2021 Real Estate Market Report

Welcome to another edition of the Artemis Real Estate Newsletter. With a little nip in the air, our first big rainstorm, and the leaves starting to show some color, autumn is officially in full swing! Our beloved Giants will have to wait until next season to make another run at a Championship, but on the plus side, the Warriors are off to an exciting 2-0 start.

On the real estate side of things, the markets are still hot.  Not white-hot as earlier in the year, but a cooler and still formidable red-hot. Million-dollar overbids, which we’re sure you’ve read about in the news, are becoming more common. 201 Berkeley Way1248 Stanyan, and 177 Belgrave represent the recent overbid madness. And while we would agree that listing prices don’t mean much, we’ve never seen buyers jump quite this high past listing prices before - a newly emergent trend we’re closely tracking. 

We expect the market to go through its normal holiday quiet period and then 2022 will start off with a bang. Back to white-hot for a few months is expected. People will continue to be in motion, spurred largely by the pandemic, for the foreseeable future.

Monthly Prediction: The Financial District Bounces Back

This is where we'll attempt to make a prediction about the future based on all the inputs we receive each month - whether it be boots-on-the-ground experience, roundtable discussions we're participating in, or the countless articles, podcasts, industry reports, and other media consumed. Read at your own risk! 
 
There is no question that the pandemic has been a huge detriment to our Financial District, just as it has for most around the globe. During the real estate rebound of 2021, we’ve noticed that neighborhoods further from the Financial District have snapped back from the 2020 downturn much quicker than those that are proximate. SOMA, South Beach, North Beach, Telegraph Hill, Nob Hill and parts of Russian Hill have bounced back much more slowly than the Sunset, Richmond, Lake Street, Sea Cliff, and other “further out” neighborhoods. There is a notable inverse correlation between population density and the rate of recovery, working in concentric rings outward from the city’s core.

We predict that, while slow to get back on its feet, the Financial District will begin to awaken from slumber and the surrounding neighborhoods will hugely benefit. As the skyscrapers gradually fill back up and popular lunch spots reopen, a recovery is in store. We’re not sure how long it will take - and we do acknowledge that it will look very different than pre-pandemic - but the future will get better for the most affected areas. To that point, properties that have struggled to sell because of their proximity to the Financial District will begin selling again - as long as they are priced competitively and presented well. In the meantime, a deal here or there may be had.

Click here to read the San Francisco market report.

Click here to read the North Bay market report.

If we can help you or anyone in your network find one of these deals, you know where to find us! Have a most wonderful Halloween, and we’ll catch you next month just in time for Thanksgiving. 

Warm Regards,

Arrian, Payton, Sejal, Jennifer, Lorelei, and Colin

 


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