Condo prices in San Francisco's greater downtown area aren't exactly the hot ticket right now.
The downtown condo market has seen larger price reductions than any other market segment in the Bay Area with a year-over-year decline of 16% in median sales price, which is double the figure for other parts of the city, where the median price of condos dropped 7% in the last year. He also noted that foreign buyers who used to play a significant role in snapping up units in new-condo projects have dwindled over recent years due to anti-immigration laws and the pandemic.
"When a growing number of sellers compete for limited supply of buyers, the main option on the table is to reduce prices," Carlisle said. "Buyers may well be able to get the best prices in the last five-plus years, and that's not a small incentive to consider."
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