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San Francisco’s Million Dollar Homes Spur Condo Surge

Jun 26, 2013

Kimberly Boortz began searching for a San Francisco condominium after seeing the heated demand for single-family homes in the city. Potential buyers would “elbow their way around” showings, and only all-cash offers or bids well over the asking price would come out on top, she said. “There is insane competition in every part of this market,” said Boortz, 30, a government-affairs manager at drugmaker Gilead Sciences Inc. who relocated from Washington with her boyfriend with plans to buy a home and move in together. “We had huge sticker shock. Friends warned us, but I thought naively it wouldn’t happen to us.”