Questions that answer themselves: Why is no one buying SF's downtown luxury condos?

Patrick Carlisle, Compass’ chief market analyst, said that while economic headwinds are affecting real estate markets everywhere, downtown San Francisco’s condo market has been hit especially hard.

“That market has been hit hardest in the city,” Carlisle told SFGATE. This is due to a few different factors, he said, one being the mass abandonment of downtown office spaces since the start of the pandemic.

“San Francisco went from probably being the hottest office market in the country to being about the weakest,” Carlisle said. “High-tech workers were the ones who were most likely to say, ‘Well, I can work from any place. I’ll move someplace where housing costs 90% less.’” …

This condo market, Carlisle said, is separate from the luxury condos located in areas like Russian Hill, Nob Hill, Pacific Heights and the Marina District. Condos in these areas tend to be built in older, smaller buildings located in less urban neighborhoods and have taken much less of a hit than their glossier counterparts downtown.

(via Instapundit’s Stephen Green)

[There’s only one mention of homelessness and crime, but I’ll bet that has a lot more to do with the reluctance to own condos downtown. — Ed]