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Wild Exuberance Leaks Out of Luxury Condo Market

San Francisco-based Paragon Real Estate issued its latest real estate report that detailed a number of significant changes that are showing up in the Bay Area economy. Those, in turn, are affecting the San Francisco residential market.

There was a plateauing in the buying season of spring 2016, after years of major increases and price appreciation. The combined house-condo median sales price ($1,280,000) was 5% higher year-over-year; however, that is a significant drop-off from the 23% jump experienced in 2015.

For the first five months of 2016, luxury condo sales dropped 25% compared to the same period a year ago. Paragon says it’s likely a result of increased competition from new, big, luxury-condo projects. Also, swelling global economic uncertainty affects the upper market segment more since a significant percentage of high end units are typically second or third homes.

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Inside The Story

Read More at Paragon Real EstateConnect with Paragon’s Patrick Carlisle

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Economy
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