San Francisco’s luxury condos are being purchased by the wealthy who have an unquenchable thirst for high-end real estate, but don’t live in the city, according to an analysis of property records by the news website 48hills. Instead, their city condos are second, or third homes.
48hills reviewed San Francisco’s Assessor’s Officerecords for over 5,200 condos in 23 buildings, most built after the year 2000 and all of them market-rate residences.
The data reveals that absentee owners, or persons having a listed address that is different than the condo residence, control approximately 2,000 of those condos, or about 39 percent of the total. In some buildings, there were more than 60 percent absentee owners.
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