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Auggie

(31,067 posts)
Mon Jun 8, 2020, 06:53 PM Jun 2020

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.

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Wealthy buyers reportedly in 'mad rush' to leave San Francisco (Original Post) Auggie Jun 2020 OP
There's a definite upside to that. Rents were astronomical, impossible, with even Google employees mahina Jun 2020 #1
perspective enid602 Jun 2020 #2
when 1906 part 2 rolls thru I'd rather be in a suburban setting the in SF with all its msongs Jun 2020 #3
That's what I keep saying ... Auggie Jun 2020 #4

mahina

(17,506 posts)
1. There's a definite upside to that. Rents were astronomical, impossible, with even Google employees
Mon Jun 8, 2020, 07:11 PM
Jun 2020

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.

enid602

(8,524 posts)
2. perspective
Mon Jun 8, 2020, 07:39 PM
Jun 2020

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

msongs

(67,199 posts)
3. when 1906 part 2 rolls thru I'd rather be in a suburban setting the in SF with all its
Mon Jun 8, 2020, 08:35 PM
Jun 2020

unsafe multistory buildings

Auggie

(31,067 posts)
4. That's what I keep saying ...
Mon Jun 8, 2020, 09:08 PM
Jun 2020

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.

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