Vivre Real Estate June 24, 2023
As visitors descend for Pride and the streets thump with a new rhythm, we're feeling the vibes in San Francisco!
The first beat: a new $6 million tourism advertising campaign. Facing a budget deficit, one may reasonably ask if the city can afford such flattery. But as Owen Thomas of the SF Examiner argues, “How can it afford not to?”
For perspective, SFTravel forecasts $8.9 billion in tourism spending from 23.9 million visitors this year. Tourists who actually visit San Francisco paint a different picture than the headlines—one of world-class food, culture, history, health and leisure, not to mention local perks from neighborhood farmers’ markets to leading climate policy.
It's trendy to talk of a downward-spiraling "doom loop" in SF, but there is just as much good news that goes unnoticed. To borrow a phrase from the SF Standard, there's a "boom loop" happening in the Bay Area!
Next up: a rally in real estate. Though not quite at its 2022 peak, median home sale price is gradually climbing in SF, having gained over six figures since the start of the year per SFAR data. Growth in demand continues to outpace that of listing supply, but the market is still in a more balanced, steady groove than a couple of years ago.
So, that's our beat: a city rebounding and booming with life, challenging the doom-and-gloom narrative. As always, please do not hesitate to reach out with any real estate questions. Your trust and referrals are the beat to our boom! 🎶
Danielle, Josh, and Katie
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