reported<\/a>, making $6.6 billion collectively. Some of Mr. McDowell\u2019s clients working in the A.I. industry were, at times, offering millions of dollars over the asking price in all cash, agreeing to quickly close and waiving contingencies, such as the right to inspect the house before buying.<\/p>\n\u201cI wrote multiple offers for all of these clients that were a million dollars over the asking price, and we weren\u2019t even close to being competitive,\u201d he said.<\/p>\n
Alexander Fromm Lurie, executive vice president of City Real Estate in San Francisco \u2014 and the half-brother of Mayor Daniel Lurie \u2014 said most of the buyers he works with on homes listed at $5 million or more have benefited from the A.I. gold rush, either as employees or investors, and are making all-cash offers.<\/p>\n
The competitive housing market goes beyond the A.I. frenzy, he added, noting that return-to-office mandates have also contributed to the booming market.<\/p>\n
\u201cThis has been the most robust market we have ever seen,\u201d said Mr. Fromm Lurie, who has worked in the city\u2019s real estate market for more than 12 years.<\/p>\n
Just a day after Mr. Fromm Lurie and his business partner listed a four-bedroom, five-bathroom house for $3,995,000 in Pacific Heights earlier this month, it received multiple offers and sold for $7 million a week later. The neighborhood is among the most expensive in the country.<\/p>\n
Anthropic and OpenAI, the tech industry\u2019s leading start-ups, are headquartered in San Francisco, where many of their employees work from offices in the city. Many real estate agents said they expect strong housing demand to continue, as OpenAI prepares to file for an initial public offering in the coming weeks, and Anthropic has also taken steps to go public. An I.P.O. boom would likely create a new flood of generational wealth.<\/p>\n
Residential rents in the city have also soared in recent years, driven by the same factors.<\/p>\n
Ms. Belton, 33, and her fianc\u00e9 rented a two-bedroom, two-bathroom apartment in the Marina District for $3,695 in 2020, when the city\u2019s rental prices were low amid the Covid-19 pandemic. This year, rent increased by about 10 percent, to $4,075, making their search to buy feel more urgent.<\/p>\n
The irony is that even though Ms. Belton knows the A.I. boom is making it harder for her to buy, she is still using artificial intelligence to help her buy a home.<\/p>\n
\u201cIt\u2019s funny that A.I. is part of the problem here, but we\u2019ve actually been using Claude,\u201d she said. \u201cWe\u2019ve been using A.I. to crunch our numbers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"When Alex Belton and her fianc\u00e9 started their search for a single-family house in San Francisco last fall,…\n","protected":false},"author":2,"featured_media":337310,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[139191,2080,123391,46923,139190,139189,101,8263,103,102,104,106,105],"class_list":["post-337309","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-francisco","tag-anthropic-ai-llc","tag-artificial-intelligence","tag-openai-labs","tag-real-estate-and-housing-residential","tag-real-estate-brokers","tag-renting-and-leasing-real-estate","tag-san-francisco","tag-san-francisco-calif","tag-san-francisco-headlines","tag-san-francisco-news","tag-sf","tag-sf-headlines","tag-sf-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/337309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=337309"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/337309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/337310"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=337309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=337309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=337309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}