Gay Realty Watch: San Francisco

San Francisco Real EstateOK, here’s our first foray into local real estate markets, beginning with one of the world’s most gay-friendly cities, San Francisco. Here’s a sampling of what’s going on in the San Francisco real estate market at the moment:

Proposition N; Real Estate Transfer Tax Increase: Downtown is out in full-force to defeat Proposition N, which would increase the real estate transfer tax on properties that sell for over $5 million. “No on N” paid ballot arguments come from the Golden Gate Restaurant Association, BOMA, Hotel Council, the Small Business Network (who says it will mean “increased costs for renters, small businesses, commercial leases and other everday San Franciscans”) and the SF Realtors. Elsbernd and Alioto-Pier penned the official argument against it, calling it a “job-killer.” –Beyond Chron

San Francisco Housing Demand Weakens Slightly: Housing demand in the District weakened somewhat from the previous reporting period, while demand for commercial real estate remained largely stable at depressed levels. The pace of home sales continued to be mixed across areas but fell on balance, and contacts noted that the slowdown in home sales has placed renewed downward pressure on new home construction. Despite sluggish sales activity, home prices edged up further in some parts of the District. Demand for commercial real estate remained at very low levels, as reflected in elevated vacancy rates and subdued leasing activity for office and industrial space in many parts of the District. However, one contact reported further increases in the sales prices of selected commercial properties in some areas. –

SF Real Estate Values Grew 4% Last 12 Months: In San Francisco County and Kern County, an oil-producing region in central California, values increased more than 4 percent. San Francisco property values rose 4.3 percent to $158.5 billion, according to state records. –

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