The exodus of people leaving San Francisco and the Bay Area during the pandemic is well-documented, but more and more data show that people are not fleeing for Austin or Miami, but for areas much closer where the cost of living isn’t so high — like Sacramento.
That raises the question of what the real estate market in Sacramento looks like compared to San Francisco these days, especially on the more affordable end of the market, or what counts for “affordable” these days. What kind of house can you buy for under $1 million in each place?
Turns out, not a lot. As recent Zillow data show, housing prices in both areas are at multi-year highs, and new inventory is low. Realtors in both locations say competition among buyers is fierce, especially for homes under the $1 million mark.
Here are two houses that exemplify that trend, both of which have generated plenty of interest given their price point below $1 million.
1031 Divisadero St. in San Francisco
Courtesy of Bonnie Spindler / Corcoran Global LivingSan Francisco carriage house with a small footprint, but prime location
List price: $799,000; Size: 1,015 square feet (lot size is 6,250 as a whole); Price per square foot: $787; Amenities: Private deck, parking
1031 Divisadero St. in San Francisco
Courtesy of Bonnie Spindler / Corcoran Global LivingOn one of the city’s busiest thoroughfares, this NoPa home is a cozy Victorian carriage house tucked in the back of a double lot, with two bedrooms, two bathrooms, and parking spaces for two cars.
1031 Divisadero St. in San Francisco
Courtesy of Bonnie Spindler / Corcoran Global Living /It was built in 1888 by John White Morshead, an Englishman who came from England to start a livery business in Sacramento, after which he moved to San Francisco. Within 5 years of being in the city, he built an estate on the corner of Divisadero and Turk — complete with a main house (that’s also on the market but selling as a duplex), and this carriage house, which has its own private deck and a washer/dryer. The kitchen and baths have been recently remodeled.
1031 Divisadero St. in San Francisco
Courtesy of Bonnie Spindler / Corcoran Global Living
1031 Divisadero St. in San Francisco
Courtesy of Bonnie Spindler / Corcoran Global LivingCorcoran Global Living real estate agent Bonnie Spindler, who is the listing agent for the entire property, says she’s had up to 25 showings a day since the house was put on the market and has already put out dozens of disclosure packages. “There’s just a lot of competition for that unit,” she said. “There’s just nothing like it.”
1031 Divisadero St. in San Francisco
Courtesy of Bonnie Spindler / Corcoran Global LivingShe says homes like this one are in high demand in San Francisco, but low supply. “In the under a million category, there’s just a load of buyers and not a lot of sellers,” she said.
1031 Divisadero St. in San Francisco
Courtesy of Bonnie Spindler / Corcoran Global LivingWhen people ask her what they can buy in San Francisco for around $800,000, she says there are options — but how many options and in which areas depends on how much space a buyer wants. “For $800,000 you can live in a closet on Nob Hill, or a studio in Pacific Heights, or, you can buy a 2-bedroom carriage house with parking in NoPa,” she said.
Or, you could live in a Tudor in East Sacramento.
501 46th Street in Sacramento
Courtesy of Rich Cazneaux / Coldwell Banker RealtyFour-bedroom fixer upper in a desirable Sacramento neighborhood
List price: $829,950; Size: 2,031 square feet, lot size is 6,250 square feet; Price per square foot: $409; Amenities: Garage parking, front yard, back yard
During the pandemic, one of the top destinations for residents leaving the Bay Area has been the Sacramento area. Zillow data show home prices in the region were up 9% in January from a year ago, and for-sale inventory was down 27%.
Which partially explains why this 1927 single-family home — a four-bedroom, two-bathroom with a spacious yard in the “Fabulous Forties” neighborhood — has seen such outsized interest.
Coldwell Banker real estate agent Rich Cazneaux, who is the listing agent, says the home’s bedroom and bath count is “excellent” for that price point, but the house still needs a lot of work. “Most likely someone’s going to come through and put a good chunk of money in that house,” he said.
501 46th St. in Sacramento
Courtesy of Rich Cazneaux / Coldwell Banker Realty
501 46th St. in Sacramento
Courtesy of Rich Cazneaux / Coldwell Banker RealtyDespite that, he’s already had about 30 showings in the last week. The house will likely shoot up in price even more, he says, which reflects the growing competition for buyers in Sacramento.
“We are significantly low on inventory right now,” he said. “Anything $500 million to $800 million (is) flying off the shelves.”
501 46th St. in Sacramento
Courtesy of Rich Cazneaux / Coldwell Banker Realty /
501 46th St. in Sacramento
Courtesy of Rich Cazneaux / Coldwell Banker Realty"type" - Google News
February 27, 2021 at 07:03PM
https://ift.tt/37RzSBl
S.F. versus Sacramento: What type of home can you buy for under $1 million? - San Francisco Chronicle
"type" - Google News
https://ift.tt/2WhN8Zg
https://ift.tt/2YrjQdq
Bagikan Berita Ini
0 Response to "S.F. versus Sacramento: What type of home can you buy for under $1 million? - San Francisco Chronicle"
Post a Comment