San Franciscos real estate market is crashing

San Francisco, once the crown jewel of the West Coast, is now teetering on the brink of collapse — and it seems like nobody is sounding the alarm.The city’s housing market, in particular, has been hit hard over the past year, with prices plummeting and homeowners fleeing in droves.JPMorgan Chase CEO Jamie Dimon didn’t mince words when he compared San Francisco’s woes to those of New York City, calling the Bay Area “in far worse shape.” “I think every city, like every country, should be thinking about what makes an attractive city,” Dimon told Maria Bartiromo in an interview on Fox Business.

“It’s parks, it’s art, but it’s definitely safety, it’s jobs and job creation, it’s the ability to have affordable housing.Any city that doesn’t do a good job will lose its population.”San Francisco is failing on all fronts and in turn, its housing market is quietly crashing.

Once-luxurious properties are now listing and selling for massive discounts just to attract buyers.Consider the penthouse at the San Francisco Four Seasons Residential, initially listed in November 2020 for $9.9 million, now begging for buyers at $3.75 million — a jaw-dropping 62% markdown.It remains on the market today.

Homeowners desperate to escape the sinking ship are offloading their properties at losses, with some seeing their investments dwindle by hundreds of thousands of dollars in just months.A five-bedroom home at 478-480 Fourth Ave.sold for $1.1 million earlier this month, after selling less than a year prior for $1.6 million. At 88 King St., a two-bedroom condo overlooking a ball park that sold for $1.12 million more than a decade ago in 2014, recently sold again last month for $1.08 million.

Another two-bedroom condo at 1075 Market St., which sold in 2019 for $1.25 million just traded hands earlier this month for $675,000 — and after a price cut, to boot.The broader trend, according to the latest Redfin analysis, is stark.

Nearly one in five homeowner...