San Francisco skyline at night

San Francisco: luxury home prices soar but still considered a bargain?

San Francisco skyline at nightSan Francisco’s luxury home prices may be soaring, but they are still considered a bargain compared to other global markets. In a new report published in Forbes Magazine listing the world’s most expensive cities, San Francisco ranked 74th on the global list, and third among U.S. cities, after New York and Los Angeles (62nd).However, even with vigorous price and sales volume gains, San Francisco remains a relative bargain when compared with other top international cities. The most expensive city on the planet today is Luanda, Angola (for the second year in a row); coming in second is N’Djamena, Chad, followed by Hong Kong, Singapore, and Zurich. The only U.S. city to make the top-20 list was New York, which ranked 16, after London, Beijing, Seoul, and Copenhagen. Compiled for Forbes annually by employment-consulting firm Mercer, this information is supposed to help multinational companies determine salaries and other monetary compensation allowances for their employees. Mercer compared 211 cities across five continents in the report, comparing the price of more than 200 items in each location; from housing, transportation, food and clothing, to household goods and entertainment. “Rankings in many regions were affected by recent world events, including economic and political upheavals, which resulted in currency fluctuations, cost inflation for goods and services, and volatility in accommodation prices,” said Ed Hannibal, Partner and Global Leader for Mercer’s Mobility practice. “While Luanda and N’Djamena are relatively inexpensive cities, they are quite costly for expatriates since imported goods come at a premium. In addition, finding secure living accommodations that meet the standards of expatriates can be challenging and quite costly as well. This is generally why some African cities rank high in our survey.” Other U.S. cities on the list were White Plains, N.Y. (81); Chicago (85); Washington, D.C. (92); Honolulu (97); Miami (98); Boston (109); Dallas (125); Morristown, N.J. (132); Houston (143); Atlanta (147); Seattle (153); Minneapolis (156); Detroit (160); St. Louis (161); Pittsburgh (162); Portland, Ore. (166); Cleveland (167); and Winston-Salem, N.C. (182). As luxury home prices in San Francisco soar, it is important to remember that these listings are still considered a bargain when compared to other places, Plus, anyone who lives here will tell you the lifestyle is worth every penny. If you are thinking of moving here or contemplating selling your San Francisco home, please feel free to contact me via email at Daniel.DerVartanian@sothebyshomes.com or by direct line at 415.901.1727. In the meantime, be sure to check my website for San Francisco real estate listings.