Eco Design Resources and Real Estate

San Francisco real estate has seen lackluster interest and fluctuating prices for a few years to the erratic economic conditions caused by the global recession affecting real estate markers not only in the United States but around the world. Steven Brown of the San Francisco Business Times wrote on November 11, 2009, that “more than a quarter of homes listed for sale in San Francisco have had their asking prices cut in the last year, with a whopping $66.1 million in total price reductions for the city.”

Additionally, according to Trulia, Inc., a real estate market analysis company, “28 percent of listed homes in San Francisco have had their prices cut in the last year. That puts San Francisco at No. 27 on a list of the top 50 U.S. cities ranked by percentage of homes that have been discounted.” The report also announced that “luxury homes costing $2 million or more have been the hardest hit across the country but are responsible for a quarter of the total of $28.1 billion in home price cuts.” These staggering figures spell financial hardship for many previous owners or mortgage holders who have had difficulty with their properties in one of the most expensive cities to live in.

Owners of San Francisco homes for sale are not happy at all with the latest figures released by realtor associations and RealtyTrac. As reported on November 18, 2009, via Yahoo!’s real estate portal, there were almost 2,000 homes for sale on the market at a median price of $839,000, a decrease in over six percent compared to the previous month. Foreclosed houses didn’t suffer as badly. Based on about 1,700 property foreclosures, there was only a 3.3 percent decrease in price, dropping the median to a tad over $524,000.

There is some relief, though. For buyers interested in real estate in San Francisco and who would like to help rebuild the local real estate market, the Mayor’s Office of Housing has created a down-payment assistance program to help facilitate homeownership for people with low and moderate incomes. The San Francisco Chronicle announced on November 13, 2009, that the program would be expanded to help stimulate sales in the city.