In the last few months, the city has been buzzing about the upcoming America's Cup, heading to San Francisco for events in 2012 and 2013. Besides being fun, the events are expected to bring over 8,000 jobs to the SF Bay Area and create over $1 billion in revenue. Earlier this year, we had a listing that was visited by two sets of buyers who were relocating to San Francisco to work for the organizations preparing for these races. I've also been asked by a few clients what impact I think the races will have on prices of homes and condos in the city.
Here are my initial thoughts: Job creation by the events will help the overall economy, and I suspect there will be a percentage of these workers who have already or will be buying homes in San Francisco as they plan for and prepare for the events--just like any business that relocates to San Francisco or expands their presence. Some of the spectators of this sport might also be inclined to purchase homes or condos in San Francisco-- there are three events expected to draw many spectators and a condo or a home in a nice location might also be a terrific vacation rental for tourists visiting the city. Will it be enough to influence prices in the city? Perhaps. I suspect the IPOs of many local technology companies may have a bigger impact on sale prices for homes and condos in the city. What is likely: rental prices will continue to rise.