Tourism is the backbone of San Francisco's economy. It attracts the fourth-highest number of foreign tourists of any city in the United States. More than 16 million visitors came to San Francisco in 2007, injecting nearly $8.2 billion into the local economy, both record-breaking figures for the city. With a large hotel infrastructure and a world-class facility in the Moscone Center, San Francisco is also among the top ten North American destinations for conventions and conferences.

The downtown has seen a renaissance driven by the redevelopment of the Embarcadero waterfront roadway, including the neighborhoods South Beach and Mission Bay. Property values and household income have escalated to among the highest in the nation, allowing the city to support a large restaurant and entertainment infrastructure. Because the cost of living in San Francisco is exceptionally high, many middle class families have decided they can no longer afford to live within the city and have left. The median home price in San Francisco is $840,000.

Homes in the Pacific Heights neighborhood — called 'billionaire row' — offer spectacular views of the San Francisco Bay that stretch from the Golden Gate Bridge past Alcatraz Island, Fisherman's Wharf and around to Treasure Island and the Bay Bridge. The residents have equally spectacular fortunes and include the Peter Haas family, the Getty Mansion and George Lucas. The stunning mansions in this swanky neighborhood can run up to $15,000 million.

The city features a mix of businesses and restaurants catering to the daily needs of the community and drawing in visitors. Some are dotted with boutiques, cafes and nightlife, such as Union Street in Cow Hollow, and 24th Street in Noe Valley. Others are less so, including Irving Street in the Sunset, or Mission Street in the Mission. This approach has influenced the South of Market redevelopment, with businesses and neighborhood services rising alongside high-rise residences.

With 39 percent of its residents born overseas, San Francisco has numerous neighborhoods filled with businesses and civic institutions catering to a diverse community. In particular, the arrival of many ethnic Chinese, which accelerated beginning in the 1970s, complemented the already-established community based in Chinatown and has transformed the annual Chinese New Year Parade into the largest cultural event of its kind.

With beautiful beaches, a bustling nightlife and events year-round, there's always something to do in this endearing Bay Area jewel. So start your San Francisco real estate search today!

Sources and more information:
http://www.onlyinsanfrancisco.com/
http://www.ci.sf.ca.us/
http://en.wikipedia.org/wiki/San_Francisco,_California