San Francisco commercial property owners are seeking lower assesment valuations, with the 10 biggest claiming a total drop in value of $1.2 billion, which means Gavin and the Supes potentially losing another $13.2 million in annual dough to play with. The New Jersey based investment group that owns Crocker Galleria downtown say that their marquee retail property alone has lost $242 million in value.
DataQuick has recently reported that …
“In the nine counties of the San Francisco Bay Area, the median home price fell 11.6 percent to $548,000 compared to a year earlier and 17.6 percent from the region’s peak median price of $665,000 last summer…as sales (volume) has dropped 36.7 percent last month from February 2007.”
These figures and stats can be reinforced as I observed that the normally thin classified pages of the suburban Concord Transcript newspaper last Thursday alone contained literally 5 1/2 jam packed pages of tiny typefaced foreclosure trustee sale notices…and even auctions in Gawd Forbid! the newest “shoreline” developments of San Francisco.