Home For Sale Listings Soar As Pandemic’s Economic Impact Grips San Francisco

SAN FRANCISCO (CBS SF) — Rents are tumbling and the number of homes listed for sale are soaring — all signs that the COVID 19 exodus from San Francisco was not losing its momentum six months into the pandemic.

With many of the region’s top employers still under work-at-home mandates or having furloughed or reduced staffing, the once red-hot real estate market has gone into a chill.

Apartmentlist.com — the San Francisco-based online listing service — said rents in the city have decreased by 5.2% month-over-month in September and are down by 17.8% since the start of the pandemic in March — the fastest decline among the nation’s 100 largest cities.



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Median two-bedrooms were renting for a cost $2,592 while one-bedrooms were going for $2,240. It was a much different snapshot of the local market at the start of the year before the

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Columbia Property Trust and Allianz Real Estate Expand Joint Venture to Include 221 Main Street in San Francisco

Allianz takes 45% interest in Columbia’s South Financial District tower at $400 million valuation

Brings combined gross asset value of joint ventures between Columbia and Allianz to $2.3 billion

Columbia Property Trust, Inc. (NYSE: CXP) and Allianz Real Estate today announced that they have completed the formation of a joint venture to recapitalize 221 Main Street in San Francisco. Allianz contributed cash of $180 million for a 45% ownership interest in the joint venture, which values 221 Main Street at $400 million. Consistent with most of the other ventures between Columbia and Allianz, Columbia will retain a 55% ownership stake and function as general partner for the venture. Columbia will also continue to oversee the day-to-day operations of the asset.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201008005838/en/

221 Main Street, a fully-leased, 381,000-square-foot office building in San Francisco’s South Financial District, is now part of an

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Is San Francisco real estate losing it?

Don and Laura Zapata grew up in San Francisco, attended public schools, raised their two daughters in the city and, until August 31, lived their entire lives there.

The appeal of being close to their family and jobs waned after years of paying up to $3,000 a month in rent and disappeared with COVID-19. The couple toured houses for months during the pandemic, finally finding a dream home 70 miles away in Tracy.

“It was time to just change our life,” said Laura Zapata, 37, a hair restoration stylist. “It was time to go.”

The Zapatas joined a procession from San Francisco this summer that has sent rents plummeting, home inventory soaring and chilled home and condo prices in what remains the most expensive city in the nation.

Outside of San Francisco, the Bay Area COVID-19 real estate market has been red-hot, with few homes for sale, quick deals, cash

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