Today was a linen shirt type of day. Hot and dry. There was a slight breeze but it was still too warm and stagnant for comfort. Those in the know headed for cooler climates be they the shade of a tree or an air conditioned hide-away.
You could say that the Downtown real estate market has been like a linen shirt to a lot of buyers the past few months. After being stored in a closet since last September it now looks a lot more appealing and appropriate given current circumstances.
We seem to have entered a phase of moderate stability in the markets (yesterday's Dow notwithstanding). Both resale and new construction sellers have adjusted their prices and expectations while at the same time rates are historically low and lenders have loosened the purse strings. 50 sales at The Infinity since the beginning of 2009 does mean something and it's not due to them having air conditioning (lucky!) although that helps.
Bull market ? Not so much. Bottom of the market ? Consult your crystal ball.
If you are a buyer or seller in San Francisco, one thing to remember about real estate markets is that like politics, they are local. What's happening in Manhattan, Los Angeles and Miami may have some relevance to the national market on a macro-level but a good real estate agent will be able to separate the headlines and cocktail chatter from reality.
Who would be more plugged in to what's happening Downtown than someone that lives and breathes it ? That's me.
I'm always happy to answer your questions and accept your referrals !
Stay cool, my friends.
Monday, April 20, 2009
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