High-dollar real estate sales in San Francisco fall over coronavirus, Proposition I concerns

The number of high-value real estate transactions in San Francisco has dropped sharply since the coronavirus cast a pall over the economy and the future of office work, according to new data released Monday by Carmen Chu, the city’s assessor-recorder.

Some large property holders may have postponed sales pending the outcome of Proposition I, a measure on the November ballot that doubled transfer taxes on transactions in San Francisco valued at $10 million and up, Chu said. The passage of Prop. I could spur some large property owners to sell before it takes effect Jan. 1, she added.

Transfer taxes are a one-time tax levied when properties change hands. Although residential (including multifamily) properties accounted for about 81% of transactions in fiscal 2019-20, commercial property transactions accounted for 55% of transfer tax revenues.

Before the pandemic, from July 2019 through March 2020, residential and commercial real estate transactions were averaging

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Tech icon criticizes San Francisco, announces move to Florida: ‘Impossible to stay here’

Bay Area tech icon Keith Rabois announced he’s leaving San Francisco permanently — and he is criticizing the city on his way out.

Rabois, an early executive at PayPal, Square, LinkedIn and more, told Fortune he is “moving imminently” because he’s finding it “impossible to stay” in San Francisco. After living in the Bay Area for 20 years, he said he plans on moving to Florida.

“I think San Francisco is just so massively improperly run and managed that it’s impossible to stay here,” Rabois told Fortune. He told the publication other friends in his peer group have done the same, and a look at his Twitter account shows multiple tweets about the so-called San Francisco exodus.

Rabois is a legend in Silicon Valley as an investor and a tech exec. He rose to prominence as part of the PayPal Mafia,

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Tech titan flees San Francisco for Florida, says city is poorly managed

Tech titan Keith Rabois announced this week that he is leaving California’s Silicon Valley and moving to the Floridian metropolis of Miami.

Rabois, formerly an executive at companies like Square and PayPal, announced the decision during Tuesday’s financial Meridian conference.


“I think San Francisco is just so massively improperly run and managed that it’s impossible to stay here,” he told Fortune’s Robert Hackett.

A recent report from real estate firm FCP and analytics group Orbital Insight said South Florida is one of the top destinations for Americans moving during the COVID-19 pandemic.

Rampant homelessness and relentless wildfires have colored the last few years for longtime Bay Area residents. The strain

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Best Nursing Homes In San Francisco: U.S. News 2020 List

SAN FRANCISCO, CA — As health care facilities continue to face an ongoing battle against the coronavirus, several nursing homes in San Francisco were recognized recently for providing outstanding care in the months leading up to the pandemic, according to a new ranking by U.S. News & World Report.

The 2020-21 Best Nursing Homes list rates more than 15,000 nursing facilities providing care to 1.3 million people in the United States.

The purpose of the annual Best Nursing Homes list, according to U.S. News, is to help Americans better understand their options when choosing a nursing facility for themselves or a family member.

This year’s list rated 13 facilities in San Francisco and 1193 total in California.

To compile rankings, U.S. News analyzed public data available through the Centers for Medicare & Medicaid Services. Researchers looked at statistics on care, health inspections and staffing amid COVID-19 outbreaks, flu and pneumonia

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San Francisco Voters Approve Higher Taxes for Big Businesses

Key Takeaways

  • San Francisco voters approved a CEO tax, business tax overhaul, and real estate transfer tax
  • The measures attempt to address economic disparity in the city

San Francisco voters approved several tax measures targeting big businesses and property owners in an effort to address economic disparity exacerbated by the coronavirus pandemic.

More than 65% of voters approved placing a new additional tax on San Francisco businesses that report CEO compensation that is more than 100 times the median compensation paid to employees. Gap, for example, is headquartered in San Francisco and pays its CEO more than 1,000 times the median employee salary. Other companies headquartered in San Francisco include Square, Twitter, and Levi Strauss & Co.

The tax rate will be between 0.1% and 0.6% of gross receipts or between 0.4% and 2.4% of payroll expense for those businesses, giving the city an estimated $60

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San Francisco Realtors Are Offering Huge Incentives to Sell Condos. What Does This Mean for Investors?

Read the news on real estate, and you’ll keep hearing that it’s a seller’s market across the country. Low inventory has sparked a huge uptick in buyer demand, giving sellers the upper hand to command high asking prices for their homes. The fact that mortgage rates have reached historic lows is also fueling buyers’ interest, which, again, is working to sellers’ advantage.

But while the U.S. housing market as a whole may be hot, there’s an exception to that rule: San Francisco. Real estate agents in San Francisco are struggling to move condos off the market as inventory is up and buyers don’t seem to be biting. They’re getting so desperate, in fact, that they’re starting to offer huge incentives to entice buyers to make offers. But should investment property owners in San Francisco be worried?

A near-term but troubling trend

Active listings for San Francisco condos are up 114%

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San Francisco condos are the Bay Area’s weakest real estate market. So why aren’t home prices dropping more?

San Francisco is the softest spot in the Bay Area’s mostly booming real estate market, and its condo segment is weakest of all.

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San Francisco condos are the Bay Area’s weakest market. So why aren’t prices dropping more?

San Francisco is the softest spot in the Bay Area’s mostly booming real estate market, and its condo segment is weakest of all.

Inventory has been growing faster than sales, and price reductions — mostly in the condo segment — “have hit very high numbers,” said Patrick Carlisle, chief market analyst for the Compass real estate brokerage firm. So why hasn’t the median price for a San Francisco condo shown a bigger drop?

The median price paid for a San Francisco condo fell to $1.25 million in the third quarter, down just 2% from the third quarter of 2019, according to Carlisle. The median price for a single-family home rose 5.2% to $1.66 million.

The big reason condos didn’t drop more: Sales of two-bedroom units went up considerably — to 330 from 230 — year over year, while the number of one-bedroom condo sales dropped slightly, to 186 from 183.

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Tech keeps Silicon Valley office market resilient, San Francisco is struggling

SAN JOSE — Big tech companies have buoyed Silicon Valley’s prospects and the region’s office market is deemed to be the nation’s most resilient and best-poised for growth despite coronavirus-linked uncertainties, according to a report CBRE released Monday.

a close up of food: Google canopy campus planned for a Mountain View site near the search giant's current Googleplex headquarters, concept.

© Provided by Mercury News
Google canopy campus planned for a Mountain View site near the search giant’s current Googleplex headquarters, concept.

In contrast to the optimistic outlook for Silicon Valley’s office sector, the office market in San Francisco, which is dominated by startups and venture-backed new tech companies, faces the “greatest risk” for increases in sublease space due to companies downsizing their office requirements, reported CBRE, a commercial real estate firm.


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CBRE’s Tech 30 study focuses on the office markets in the nation’s 30 largest tech-oriented regions, including Silicon Valley, San Francisco, Los Angeles, San Diego, Seattle, New York City, and Boston.

“The tech industry has played a vital

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San Francisco homes for sale hit a 15-year-high, as deluge of new condos flood the market

San Francisco’s residential real estate market saw brisk activity from July through September with a steep increase in both sales and inventory, as a significant jump in buyers was not enough to keep up with the deluge of new condos and homes flooding the marketplace, according to a new report from the brokerage Compass.

The number of sales rose 30.2% compared to the third quarter last year, climbing from 1,151 to 1,499 transactions. But the number of listings is at a 15-year high, with a 10-month inventory for condos in some neighborhoods. Comparing September to the same month last year, the number of price reductions was up 172% for houses and condos combined. Of the price reductions, 80% were of condos.

“The issue is the inventory is increasing so much faster than the sales rate,” said Patrick Carlisle, chief market analyst for Compass. “Any time you have this relatively huge

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