San Francisco's Real Estate Market Softening, But Only For Super Rich
SAN FRANCISCO (KPIX 5) -- There is a faint glimmer of hope that the Bay Area's real estate prices are softening, but only in the high-end of the market.
Stephan Gomez has been selling top San Francisco real estate for more than two decades, and has seen the busts and the booms. He's listing a $22 million home in the city's Pacific Heights neighborhood.
"I think at this price point, it's just finding the one or two people who have a need for it," Gomez said.
Sales of homes over $2 million are slowing. But, at the lower end – now considered anything under $2 million - are still selling for over asking in most cases with multiple offers.
"Tech industry still predicts a lot more people moving into this area. We still have buyers for the properties. We don't have a lot of inventory still, there's a dearth of inventory," said Gael Bruno of Sotheby's Real Estate.
Bruno doesn't think that's going to change any time soon, saying it's still a seller's market.