When the COVID-19 pandemic caused many people to question their place in big cities, research showed that residents of the expensive San Francisco Bay Area were considering moving elsewhere.
A new Bloomberg report found that they did not get far – wealthy homeowners in the city of golf looking for wealthier suburban bags throughout the region.
And they are not just looking for temporary protection – they are chasing real estate, and some agents say they have never seen such a search or the next bidding war.
As real estate agent Sotheby’s Ginger Martin Bloomberg said: “There is a crazy urge to leave the city. What I really do now is turnkey.”
The wine country, which includes the Sonoma and Napa valleys, is a “lively season” – buyers buy property in Napa for $ 10.85 million just hours after visiting it.
The Marin District in northern San Francisco also shows interest. “I have never seen a higher demand for real estate in Marin County than COVID-19,” Josh Burns, Sotheby’s international agent, told Bloomberg.
San Francisco is known for its expensive housing market – the average housing cost in the city is almost $ 1.5 million, according to Zillow. Prices have risen quickly because people have reached the region in recent years, driving demand for places where supply is low.
If you can afford to buy a home in San Francisco, you will of course not only be able to move to another place, but also immerse yourself in other housing markets.