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Peninsula Market Shifts, Rents Rising, and Free Events

Peninsula Market Shifts, Rents Rising, and Free Events

San Mateo inventory is climbing, San Francisco rents are surging, and the Bay Area has a packed lineup of food and festivals this weekend.

Wilson Leung
August 22, 2025

HELLO BAY AREA!

Happy Friday! The market’s moving in interesting ways — from more homes finally hitting the Peninsula market to San Francisco rents climbing back to pre-pandemic highs. And while the numbers tell one story, the Bay’s culture tells another: new restaurants are opening, community festivals are popping up, and even Hello Kitty is making an appearance this weekend.

Let’s get to it.

WEEKLY DIGEST

The auction of the struggling San Francisco Centre mall has been delayed again, prolonging uncertainty over what will become of the massive Market Street property.
A new high rise could reshape SoMa: permits are in for a 698–752 foot tower at 536 Mission Street, with options ranging from 370 apartments to over a million square feet of office space.
Big change for commuters: BART has launched Tap and Ride, letting riders pay fares with contactless credit cards or Apple/Google Pay — no Clipper card needed for full adult fares.
San Bruno just opened Florida Avenue Park, a $2M+ project with a playground, outdoor fitness equipment, and open green space — the city’s first new park in years.
The Bay Area’s indie writing scene takes the stage as Indie Author Fest returns to the Belmont Library on October 18, spotlighting local self-published authors with panels, readings, and a book marketplace.
San Francisco just got its first kolache shop: Kalaches in SoMa. The husband-and-wife team serves up pillowy rolls stuffed with savory fillings like sausage, egg & cheese or bacon jalapeño, plus sweet versions with Nutella or berries.

OWN REAL ESTATE TEAM EVENTS

Space is limited—be sure to RSVP to reserve your ticket. We hope to see you there!

🎟️ RSVP here…

Back to School Picnic

Our annual Back to School Picnic is back! OWN Real Estate is hosting a day of food, fun, and community at Orange Park on August 23 — and you’re invited. Bring your family, friends, and pets to enjoy freshly prepared tacos, ice-cold drinks, balloon art, and raffles with prizes for all ages. It’s our way of saying thank you to the clients and community we’re proud to serve.

Be sure to RSVP and choose a time slot to reserve your backpack. We hope you can be a part of it!

⭐️ RSVP here…

Back to School Backpack Giveaway

OWN Real Estate is excited to host its first ever Backpack Giveaway on August 24 and 25! (9am-5pm) This family-friendly event is part of our ongoing effort to give back to the community by supporting local families and helping students head into the school year feeling confident and prepared. We’ll be giving away backpacks to local students, along with light refreshments, a pop-up photo station, and a pin station where kids can personalize their backpacks.

LOCAL BUSINESS

Downtown Millbrae has a new coffee destination: Milli, a craft café on Broadway in a former jewelry shop. From the team behind Spruce Café in South San Francisco, it blends old-world charm with creative drinks like the “Bumble Bee” (orange juice, caramel espresso, and crema) and the “matchaffogato” (ice cream with a shot of matcha).

San Francisco’s Dogpatch just welcomed Sōhn, a Korean American café-restaurant from chef Deuki Hong. The menu mixes playful comfort food — like mayak rice bowls, popcorn chicken, and a galbi patty melt — with Melona soju cocktails and specialty coffee, making it both a culinary destination and a creative community hub.

Mumu Hot Pot, a Bay Area chain founded in Pleasanton in 2018, has opened its newest spot at San Jose’s Westfield Oakridge. With over 200 seats, the halal-friendly menu spans vegan-friendly broths, seafood, premium cuts, and even Japanese wagyu, bringing its signature communal dining vibe to the South Bay.

The Ferry Building is shifting from market hall to dining hub, and the arrival of Nopa Fish proves it. Helmed by chef Laurence Jossel, the restaurant-fish market hybrid serves smoked trout chowder, Moroccan-spiced fish and chips, and chirashi bowls, helping transform the Embarcadero landmark into a destination for dinners and weekends.

BAY AREA MARKET TRENDS

San Francisco rents are rebounding fast: One-bedroom apartments now average $3,415/month, up 13.3% year-over-year, driven by AI hiring and return-to-office demand.

Investors are betting on SF’s comeback: Multifamily sales hit $363M in Q1 2025, nearly triple the year prior. Properties are selling at 30–50% discounts from their peaks, luring buyers back into the market.

San Mateo County prices are cooling: The median sale price in July 2025 was $1.695M, down about 0.6% year-over-year. Condos and townhomes are seeing the sharpest drops.

Inventory is climbing: Active listings in San Mateo County rose roughly 25% year-over-year, marking the strongest jump since 2022. More supply is slowly giving buyers leverage.

Homelessness shows rare declines: Contra Costa, Sonoma, and Santa Cruz counties all posted 20%+ reductions in their homeless populations from 2024 to 2025, thanks to permanent housing programs and expanded support systems.

The Bay is always changing, and we love keeping tabs on it together. If you know someone who’d enjoy staying plugged in too, they’re always welcome here.

⭐️ Send them this

And if you’re looking to make sense of these numbers and what they mean for the Bay Area housing market, we’re here to help- But first I need to tell you about my current favorite restaurants…

WEEKLY FOOD RECS

Lapisara Eatery (San Francisco) – Thai fusion
Highlights: Tom Yum Burrito, Fried Chicken Benedict, Ube Latte

El Mil Amores (San Francisco) – Mexican
Highlights: Chilaquiles de Mole, CDMX Plate, Tres Leches Pancakes

Hula Hoops (South San Francisco) – Hawaiian fusion
Highlights: Poke Bowl, Spam Musubi, Island Wings

Pogu (Daly City) – Korean
Highlights: Bibimbap, Korean Fried Chicken, Gochujang Bulgogi

OLHSO House (San Mateo) – Korean
Highlights: Wagyu Beef Tartare, Seafood Hot Pot, Grilled Skewers

Noma Sushi (San Mateo) – Japanese
Highlights: Fresh, high-quality sushi rolls, Hamachi Kama, Chicken Karaage

Mazra (Redwood City) – Mediterranean
Highlights: Falafel Mezza Sampler, Fattoush Salad, Whole Cauliflower

Zareen’s (Redwood City) – Pakistani
Highlights: Garlic Naan, Chicken Tikka Masala, Samosas

Palmetto (Mountain View) – Superfood / açaí bowls
Highlights: Customizable açaí bowls

UPCOMING EVENTS

Fern Alley Music Series: Brad Nofal & Friends
📅 Saturday, Aug 23
📍 Fern Alley, San Francisco
An intimate outdoor concert with Brad Nofal and Friends, bringing live community music vibes to the Tenderloin.
learn more…

Hungry Ghost Festival 2025
📅 Saturday, Aug 23 (evening)
📍 Chinatown, San Francisco
A dramatic Ghost King Parade with music, ritual art, and cultural performances honoring this unique tradition.
learn more…

Pier Party at Fisherman’s Wharf
📅 Saturday, Aug 23 (3–7pm)
📍 Fisherman’s Wharf, San Francisco
A free waterfront concert series with local bands, food vendors, and sunset views over the Bay.
learn more…

Hello Kitty Café Truck Pop-Up
📅 Saturday, Aug 23 (10am–7pm)
📍 Hillsdale Shopping Center, San Mateo
The pink Hello Kitty Café Truck is back, serving themed treats and exclusive merch — a must for fans of cute.
learn more…