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Journal of Property Tax Assessment & Administration

Abstract

In recent years, there has been the common shared belief that international investors and other buyers of real estate in cash-only transactions have exercised an upward pressure in property prices in the city of San Francisco in California, the consequence being the crowding-out of buyers requiring access to credit. This paper examines real estate prices and cash sales for the period beginning after the last recession to the year 2015, as well as other significant drivers since the year 1998. The results suggest a contradiction to the cash-only claim, at the same time that they reveal a strong relationship between the technology sector and the real estate prices in the city.

First Page

19

Last Page

39

Keywords

Valuation - effects of financing

Notes

This analysis was originally presented as part of the Econometrics Seminar in the doctoral program at the Universidad Nacional de Rosario, Argentina.

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