I used to be a real estate valuation consultant/expert (hence ValuePro) with the dominant portion of my practice on the SF Peninsula. The last cycle I witnessed involved the Tech Wreck. It hurt the upper end of the residential market without effecting other levels. Those prices just kept pushing higher. R&D/Light Industrial suffered too, of course. Otherwise, and through a few of these periods, I noted that Bay Area markets have 10-year cycles, with the better part of any cycle being late in a decade. Research also proves this fact back to WWII. If history repeats, then, you may have a year or so left before the fall, but it's already late in the decade and things may be starting to slow right now. Also, the health of the stock market has a lot to do with it too, especially the high end of the residential market. Commercial markets, more inclusive of the R&D/Light Industrial stuff, are kind'a related to what goes on in the high end residential market, so watch that too.
Anyway, if Wall Street stumbles, so will Bay Area real estate (so much of it is tied into stock options, dividends, IPOs and restricted stock coming free).
VP (ValuePro) in AZ
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