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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: patron_anejo_por_favor who started this subject8/4/2001 12:32:58 PM
From: portageRead Replies (4) of 306849
 
A little anecdotal evidence from the streets of San Francisco. Was out last night and talked to a mid 20s years old bartender. He rented a one bedroom apt. in SF for $1,900 in January. Said that someone just rented an identical unit above him, with a better view, for $1,400. Also said that several of his friends had moved back east because they couldn't get jobs (were probably laid off dot commer arrivals from the past few years). Another guy I work with lives in SF, said he hasn't seen so many for sale and for rent signs in his neighborhood since he moved there about 5 years ago.

On the other hand, the movie theaters and restaurants were packed, and the MOMA exhibit opening was bursting at the seams with attendees. But there was a recent article that said restaurants are down 5%-20% and have been reducing prices, especially in areas where they used to have the dot com lunch crowd. I've been watching the open house listings - many prices aren't moving much yet. Some in the $600,000 plus range are getting reduced, my guess is 5-10%. My place lost 10% of its value from the 1992 peak through '95-96 in the last recession, but has gone up about 100% since then. Rentals may drop fast, but the supply/demand imbalance is still pretty strong around here for ownership. We'll see how long it lasts.
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