Q2 SIP was a swift kick to SF real estate, but lots of homeowners held on. Now combined w/ years of built-up resentment re: city policies, taxes, etc, the immediate uncertainty around school for 2020-21 will be a huge blow for SF property - will affect all SF home equity values.
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From recent personal experience, “nah.” Listed and sold above asking in ~72 hrs. For every family fleeing the City per usual, there is a condo owner who needs more space. Condos will soften. Highest end will, too. 3/2 SFH 10k sq ft? Still strong.
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