Weekend Events and the Weekly Real Estate Update

The largest used book sale on the West Coast continues this Saturday and Sunday at Fort Mason, with books, audio books, CDs, and DVDs all selling for $3 or less at the 53rd Annual Big Book Sale. SF Music Day  takes place on Sunday, with 35 ensembles and 155 musicians performing on four stages between noon and 7:45 PM at the ornate and wonderful San Francisco War Memorial Veterans Building. Admission is free! And finally, the 7th Annual Marina Family Festival also takes place on Sunday, from 11 AM to 6 PM on the Marina Green.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 9/17/17 – 9/23/17

The World’s Most Valuable Asset Class Real Estate

HSBC just released a report, distributed at a recent conference, which looks at real estate worldwide.

Global real estate is a more valuable asset class than all stocks, shares and bonds combined. Residential property had a combined value of $168.5 trillion in 2016, and high quality commercial property had a combined value of $32.3 trillion. The value of all gold ever mined throughout history pales in comparison at only $6.5 trillion.

In advanced economies, real estate is a big part of personal and household wealth. As more people grow wealthier in new and emerging economies across the globe, they seek to buy real estate as an investment.

The report profiles 12 global cities, and here’s what it has to say about San Francisco — largely a familiar story to those of us who live here:

“San Francisco is attracting large numbers of young professionals, tech entrepreneurs and other creative people. It has seen an increasing number of successful people migrating out of Silicon Valley in search of an urban, rather than suburban, lifestyle. People from all over the world choose to make San Francisco their home.”

“A small city, just 46 square miles in size, its compactness and walkability is central to its appeal, but that also means that new housing delivery is restricted by a very limited supply of land. Hayes Valley, the Mission District, Mid-Market and SoMa have seen an influx of tech firms, pushing up commercial rents and in turn demand for residential property.”

“Of all the world-class US cities, San Francisco has experienced the highest growth since 2008.”


Museum of Ice Cream Now Open Through February 2018

With much fanfare, the Museum of Ice Cream opened this past weekend. It’s the hottest ticket in town since Hamilton. Tickets originally sold out within hours, and the pop-up the museum has since extended its stay through February 2018.

Located in the stately 108 year old landmark building at 1 Grant Avenue, this whimsical and Instagram-friendly museum has already received rave reviews. It’s bigger, and completely different than earlier iterations in L.A. and New York.

What’s all the fuss about? Take a look at this KPIX 5 video and you’ll understand.

Free Performances in the SF War Memorial Veterans Building

This Sunday is SF Music Day, and at the ornate and wonderful San Francisco War Memorial Veterans Building you’ll find 35 ensembles and 155 musicians performing on four stages between noon and 7:45 PM. What’s more, it’s all free!

This is one of the Bay Area’s top free music festivals, and it’s now in its 10th year. According to organizers,  SF Music Day celebrates the diverse and dynamic music of our region, from string quartets to jazz combos, traditional chamber groups to new music pioneers, musicians dedicated to exploring the traditional Western canon to those steeped in the sounds of India, Latin America and the Philippines

Fresh young talent shares the stage with seasoned veterans, as SF Music Day presents a kaleidoscopic vision of Bay Area music making. And as if that’s not enough, local food truck vendors will be parked outside the hall all day.

For more information, click here.

Long-Awaited Eight Tables Opens Tonight, Breaking New Ground

As we understand it, Eight Tables opens tonight, following two years of construction and preparation.  The restaurant brings a whole new concept to the City, based on an elite style of dining in China.

This is how Ellen Fort, with sf.eater.com, describes Eight Tables in the context of San Francisco’s current dining scene:

“Years after cementing itself as the birthplace of California cuisine, San Francisco has now become known as the “Land of the Tasting Menu.” The perfect storm of tech affluence, international travelers, and ambitious chefs has resulted in some of the country’s best dining experiences (and most Michelin stars). Now, there’s a new contender in town: Eight Tables by George Chen, the fine-dining apex of Chinese food and retail emporium China Live.”

“The menu is one of the city’s most expensive, clocking in at $225 for food, with an optional $125 wine pairing in tow. It’s also one of the most ambitious of its kind to open in recent memory, based on its construction bill (and lead time of over two years) alone. It’s also singular in its cuisine, which is shifan tsui, or “private chateau cuisine,” an elite style of residential dining in cities of China. There aren’t many Chinese restaurants operating at this level in San Francisco; unlike Mister Jiu’s, the upscale, one Michelin-starred restaurant down the street, it is focused only on serving prix fixe menus to small groups of diners each night, literally offering eight tables of varying size for reservation only.”

To see photos and read the entire review, click here.

Eight Tables  China Live, 644 Broadway, 415.788.8788

San Francisco’s Latest Census Report

Sf.curbed.com just posted a piece that summarizes the results revealed in San Francisco’s latest census. The American Community Survey (ACS) provides an estimate on the latest population, income, and demographic makeup of San Francisco.

Unlike the full census, released only every 10 years, the ACS provides a yearly look at the changing makeup of American cities, although it is generally less precise. Bottom line? In 2016 San Francisco got bigger, richer, younger, and more crowded.

The City’s overall population grew to 870,877. That’s up from the 864,816 estimate the year before. Notably, this 6,000-person bloom is far less than the 11,000-13,000 we’ve seen in recent years.

Median household income is now $103,801/year. Yes, that’s a lot. Last year it was less than $92,100. The number of people living below the poverty line dropped from 12.3 to 10.1 percent.

The City’s median age is 38 years old. That’s down from 38.3 last year and 38.5 at the beginning of the decade. Perhaps surprisingly, the CIA World Factbook estimates that the general U.S. median is almost precisely this same number.

To read the entire sf.curbed.com piece, click here.

Weekend Events and the Weekly Real Estate Update

Comedy Day takes place on Sunday, from 12 to 5PM, at Sharon Meadow in Golden Gate Park. Wait, that location is about to have a name change. According to reports, on Sunday it will officially become Robin Williams Meadow, in honor of the comedian who loved San Francisco’s Comedy Day — always supporting the free event, and often performing in it. Also, this Saturday and Sunday, the San Francisco Shakespeare Festival wraps up its run in the Presidio with two final performances of Hamlet, one on Saturday, and one Sunday. Both begin at 2PM, and as always, the performances are free to attend.  The troop then moves to San Francisco’s McLaren Park for the last performances of the season. For details, click here.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 9/10/17 – 9/16/17

What Was Said at a Recent HSBC Conference

We thought we would share with you some tidbits we picked up at a recent HSBC conference. HSBC is one of the world’s leading multinational banking and financial services companies. It’s a British institution with roots in Hong Kong and, to a lesser extent, Shanghai, stretching all the way back to 1866.

Speakers and panelists tended to think that there will be a nice bump in inventory in San Francisco in the coming weeks. They said the folks who stage homes are booked two months out, and that kind of demand typically means a lot of homes are coming on the market. Panelists also believe buyers will return. One panelist suggested that one of the reasons the market slows during the summer months is because of our summer fog. Buyers don’t believe the views we boast about exist!

There are in fact fewer Chinese buyers in the market these days. Three years ago, you might have seen three or four families from China a week looking at properties. Now you see one family a month. However, that one family is serious about purchasing a home, and has the funds to do so. Many Asians are now buying in Dublin, San Ramon, and in other parts of the East Bay. But in Lafayette, according to one panelist, two out of every ten buyers is Canadian. Go figure!

HSBC Chief Investment Strategist Jose Rasco said, barring any unforeseen circumstances, growth will pick up globally next year, and in the U.S. somewhere between 2.3 and 2.4 percent. September data will be weak because of the recent hurricanes, but the nation’s economy will pick up as cities rebuild.