New developments in San Francisco affecting the market
A reader asks:Do you foresee a change in the market in the next few years with all of the new developments in San Francisco? How do you think it will effect the market?
Our reply:
One thing I have to say first of all is that the market always changes! I do think that there is a pent up demand for property in San Francisco, both for permanent residences and for second and third homes.
I believe many of the new developments, the Infinity, One Rincon, Soma Grand to mention a few, (we have a list of projects in the pipeline on our website) are geared to not only the permanent residence buyer, but also to the second home buyer. There are many clients, that as they age, are wanting a smaller second home so they can now come to SF to enjoy all we have to offer.
Demographic information projects the population growth to be tremendous in the next generation as the baby boomers' children have more children and more people immigrate into the United States. So I feel that these new buildings will provide new housing that San Francisco has needed for many years. I do not think that they will negatively affect the existing housing in a significant way.
There may be temporary "glut" of units in a particular area when several buildings come online but I do think there is a market for these properties.
- Janis Stone
posted by SFResidence.com @ 10:45 AM
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