HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Places » U.S. » California (Group) » Wealthy buyers reportedly...

Mon Jun 8, 2020, 06:53 PM

Wealthy buyers reportedly in 'mad rush' to leave San Francisco

sfgate.com / June 8, 2020

Amid the depths of a global pandemic and financial downturn, the demand for real estate is unexpectedly rocketing in wealthy regions outside San Francisco, reports Bloomberg. Agents say that demand is soaring in affluent areas around the Bay Area such as Napa, Marin and further afield in Carmel, as people who have the means look to get away from the city. Meanwhile, the market in San Francisco and Alameda County is still well below where it was last year.

SNIP

“I’ve never seen the demand higher for Marin County real estate than when COVID-19 hit,” Sotheby's Josh Burns told Bloomberg this week, as real estate agents see a surprising uptick in wealthy buyers leaving San Francisco.

Agent Katrina Kehl of Compass warned her sellers not to expect much interest in their recent Mill Valley listing, as the country moves through an economic crisis. To their surprise, the couple received 13 bids and the home went over the $1.7 million asking price by "a lot," Kehl told Bloomberg. Sotheby’s agent Ginger Martin added that “there’s a mad rush to get out of the city.”

Meanwhile, the rental market in San Francisco has dropped significantly, with rates for one-bedroom apartments in the city dropping by 9.2% since June 2019, and hitting a three-year low.

MORE: https://www.sfgate.com/living-in-sf/article/Wealthy-buyers-in-mad-rush-to-leave-SF-15324574.php

According to the link, Lake Tahoe has also seen a surge in real estate interest. The prospect of maintaining a career remotely -- even as far as four hours away -- is appealing to a generation of young buyers. Working from home may be the new norm for a long time.

4 replies, 1422 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply Wealthy buyers reportedly in 'mad rush' to leave San Francisco (Original post)
Auggie Jun 8 OP
mahina Jun 8 #1
enid602 Jun 8 #2
msongs Jun 8 #3
Auggie Jun 8 #4

Response to Auggie (Original post)

Mon Jun 8, 2020, 07:11 PM

1. There's a definite upside to that. Rents were astronomical, impossible, with even Google employees

living in what we would consider student housing style situations with overcrowding, and still paying 2-3k/mo.

Downside, our kupuna (seniors) who bought into reverse mortgages where you tap your equity for cash could be hurt, which would suck.

But bubbles do burst.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Auggie (Original post)

Mon Jun 8, 2020, 07:39 PM

2. perspective

Looking at this article, you'd never guess there have only been 43 deaths in SF from Covid to date.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Auggie (Original post)

Mon Jun 8, 2020, 08:35 PM

3. when 1906 part 2 rolls thru I'd rather be in a suburban setting the in SF with all its

unsafe multistory buildings

Reply to this post

Back to top Alert abuse Link here Permalink


Response to msongs (Reply #3)

Mon Jun 8, 2020, 09:08 PM

4. That's what I keep saying ...

people have no idea of the devastation possible in S.F from a major seismic event in the peninsula, Daly City, or just north of The Gate — or the East Bay, for that matter. That’ll be the day, weeks, and months you will regret ever moving to San Francisco. Loma Prieta, in ‘89, was mild compared to what’s coming.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread