Posts Tagged ‘Lower Pacific Heights’

Gold Rush Real Estate: Then & Now

Portsmouth Square, 1851

Portsmouth Square, 1851

 

When writer Bayard Taylor arrived in San Francisco by ship in the summer of 1849 and began chronicling the Gold Rush economy in his dispatches for the New-York Daily Tribune, he feared nobody would believe him. The imbalance of supply and demand for basic essentials — food, tools, clothing, equipment — was riding high, driving prices to astronomical levels–

 

“There were reports of canteens charging a dollar for a slice of bread or two if it was buttered, the equivalent of $56. A dozen eggs might cost you $90 at today’s prices; a pick axe would be the equivalent of $1,500; a pound of coffee $1,200 and a pair of boots as much as $3,000…”Smithsonian

 

In today’s economy — booming not with gold but with technology — even San Francisco locals are in disbelief to learn the premiums being paid for another commodity in short supply: real estate. In sharp contrast with current times, mid-19th century SF was a largely rural setting with abundant raw land awaiting the development of businesses, homes and infrastructure. Now, there’s practically nowhere to build up — and when it comes to homes prices here in one of America’s richest cities, the sky is the limit.

Just for fun, let’s take a look at some Gold Rush era properties that have hit the market in recent years and their inflation adjusted prices. They’ll have you wishing you could travel back in time!

 

1032 Broadway Street, Nob Hill

Year Built: 1853

2015 List Price: $12,000,000

Inflation Adjusted 1853 Price: $434,813.47

1032 broadway

 

 

1948 Sutter Street, Lower Pacific Heights

Year Built: 1858

2006 Sales Price: $2,405,000

Inflation Adjusted 1858 Price: $115,151.52

1948 sutter

 

 

816 Grove Street, Alamo Square

Year Built: 1850

2004 Sales Price: $1,650,000

Inflation Adjusted 1850 Price: $75,370.45

816 grove

 

 

10 Napier Lane, Telegraph Hill

Year Built: 1855

2012 Sales Price: $810,000

Inflation Adjusted 1855 Price: $32,849.01

10 napier

 

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Meredith Martin is a Broker Associate at Paragon Real Estate Group and can be reached at Meredith@OpeningDoors.me

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