🏘️ CA Homes Break Record

Today’s newsletter is 468 words - a 2-minute read (4-minute if you take your time…🐌)

Welcome back everyone!

Excited to have you join us: We’re Chris & Nolan (@chrisnolansf), and welcome to SF Whisper - a newsletter covering the most interesting business and local news of San Francisco.

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Anyways. Let’s get started -

$900k! Record Housing Prices in California

New Record High

California's spring homebuying season kicked off with a bang, as the median home price soared to a record-breaking $904,210 in April, marking a 5.8% increase from March and an 11.4% jump from last year.

Sales Surge

The California housing market has seen a boost in sales, even as interest rates hover around 6.99%. Luxury homes are in high demand, with sales of $1 million-plus homes surging nearly 40% year-over-year. In contrast, the under $500,000 segment dipped by 8%. The Central Coast and San Francisco Bay Area led the charge with significant sales increases, while regions like the Far North saw modest growth.

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Welcome to the East Cut!

East Cut's Vibrant Revival

The East Cut, a burgeoning neighborhood in downtown San Francisco, has experienced a transformative month. On May 8, the city announced the arrival of five new "vacant-to-vibrant" pop-ups, including an Italian deli, ice cream parlor, and boba shop. This was followed by former House Speaker Nancy Pelosi's visit on May 20 to celebrate a $3.4 billion federal funding commitment for the downtown rail extension, enhancing connectivity for Caltrain and other transit systems. Capping off the month, Mayor London Breed attended a groundbreaking ceremony for two affordable housing projects, which will provide 355 units on the former Transbay Transit Center site.

Affordable Housing and Community Growth

Despite the pandemic's slowdown, East Cut is bouncing back with the first new buildings breaking ground since COVID-19. These include affordable rental units by Chinatown Community Development Center and Mercy Housing, offering homes for seniors and families with incomes ranging from 15% to 80% of the area median. This development is expected to attract 800 to 900 new residents, fostering a vibrant community atmosphere. Alongside new housing, the neighborhood has seen the opening of 47 businesses since 2022, revitalizing the local economy. Architecturally innovative, these buildings will feature social hubs, child care centers, and communal spaces, reinforcing the neighborhood's strong community bonds and social infrastructure.

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Catch up on the latest:

• Brothers charged with selling fentanyl in SF Tenderloin (Link)

• Skrillex’s surprise rave will bring downtown street closures (Link)

Today’s whisper:

^{Little Original Joe opened yesterday in the Marina. Go try their delicious spicy vodka, cacio e macha pasta, and their pizzas!}