[svlug] News you can use: SV Rents down 22%

[Jonathan Cobb]

WOW is this ever true.  I moved to SF near the crest of the dot-com boom 
and got royally screwed.

I'm moving again, and the difference in the housing market is HUGE.

Before: Long lines at open houses, cut-throat atmosphere.
After: Open houses are less common and very sparsely attended; more 
by-appointment arrangements (much nicer one-on-one experience).

Before: Search took me 5 weeks.
After: Search took me 2 days.

Before: Offer landlord additional 2 month's rent in advance to seal the 
deal.
After: Bargain landlord down $100 on the rent.

Before: Paying through the nose for small 1 BR with crappy kitchen 
(shoddy cabinets, old fridge/stove).
After: Paying $300 LESS for MUCH larger 2BR with brand new fridge/stove, 
nice modern countertops and cabinets and.... (drum roll please) a 
dishwasher (my current dishwashers are attached at the wrist).

Just for reference, "Before" means August 2000, "After" means last week.

And the truth of the matter is, I think the market's going to get even 
better - I just needed more space right away.  I think it will bottom 
out sometime between July - September, maybe later depending on the economy.

If anyone out there is feeling squeezed by the rent, now is the time to 
move!  You'll be much happier.

   - jonathan.