Techies and San Francisco Real Estate

January 13, 2014 Real Estate News No Comments
Techies and San Francisco Real Estate
Real Estate Rising

Real Estate Rising

An interesting article on how tech is changing San Francisco. Tech is also a big reason for buying here along the Peninsula as well. Many of my clients are at the various tech companies such as Apple, Google, Yahoo etc. and I really enjoy their sensibilities when searching for a home with them. Very smart buyers who have a lot of money, but do not want to waste it. Many like privacy as well and are all very enjoyable to work with since I have a background in tech startups as well. Here is how techies are affecting real estate in the city.

Twitter’s headquarters. A high-rise apartment building where visitors sign-in on iPads. A jar of handcrafted applesauce for $14. Skyrocketing real-estate prices.

Nearly five decades after the Summer of Love transformed San Francisco into the epicenter of the hippie movement, a new generation is redefining this city’s culture again. No longer content to live and work in the quiet suburbs of Palo Alto and Menlo Park 30 miles south, thousands of young tech workers are migrating to the city, seeking a more urban, multicultural lifestyle. They are bringing with them a stampede of tech companies and venture capitalists, and inevitably attracting some homegrown resentment for jacking up housing costs and gentrifying once gritty neighborhoods.

Last year, venture capitalist Greg Gretsch, managing director at Sigma West, which has $1.5 billion under management, moved his office from Menlo Park to San Francisco’s Jackson Square neighborhood, a historic part of the city dating back to the 1850s that is now attracting the new digerati. He now walks to work from his Pacific Heights home and walks or bikes to visit startups in the South of Market, or Soma, district.

The cost of living is high among the new tech class. The median sales price for homes in San Francisco jumped 16% in 2013, according to the San Francisco Association of Realtors. “It was a year of shocking prices,” says Annie Williams, a real-estate agent with Hill & Co. in San Francisco. She ticks off the names of southern neighborhoods closest to Silicon Valley, such as the Mission and Noe Valley, that have been most affected by the tech boom. “It was shock after shock started by Zuckerberg.” In 2012, it was widely reported that Facebook founder Mark Zuckerberg paid $9.9 million for a house in the city’s Mission District. A Facebook spokesman declined to comment. Mark also had a lot of news surrounding the purchase of homes around his home in Palo Alto so that developers could not buy one of his neighboring homes and sell it as “live next to Mark Zuckerberg”. Do you blame him?

In 2013, an 11,000-square-foot house in Pacific Heights on San Francisco’s Gold Coast—where neighbors include Apple’s Jonathan Ive and Oracle billionaire Larry Ellison—sold for $35 million. In 2011, the house sold for $29.5 million.

Not everyone likes the changes wrought by the technocrat class. Protesters attempting to highlight the issue of rising rents in the Mission District recently tried to stop the private buses that take tech workers to their jobs at companies including Google, Facebook and Apple. Musician Adam Theis, founder of the long-standing musical collective JazzMafia, hasn’t joined the protests but is among those who have been forced to leave the Mission after his rent for a two-bedroom apartment soared to $3,000 a month from $1,400.

Mr. Theis, 39, had lived in the Mission since 1997. “I was really lucky to have had that house for 15 years; it allowed us to have a place where we could create,” he says, adding that his apartment building was known as a gathering place for artists and musicians. Mr. Theis now lives in Oakland, but still has gigs in the Mission. “It’s not that people are trying to clear-cut or drive people out—there’s a balance missing of cultural consciousness,” he says. This article was written by Sarah Tilton

My Contact Information

Gary Kurtz
BRE# 01710776

Kathy Kurtz
BRE# 01876966

HOM Sotheby's International Realty
1200 Newport Center Drive, # 100
Newport Beach, CA 92660

949.565.5201 (cell)
949.478.7769 (office)
650.796.5507 (Silicon Valley #)

Contact me now with any questions:

Kurtz Real Estate Group

Follow Me On Twitter

Live, up to the minute tweets during broker tour and other live real estate events, plus news and information.

Searching For A Home?

Search All Listings Here

If you are in the market for a home anywhere in Southern or Northern California? Search our MLS Listings to find your dream home.

Then when you are ready to get more information or schedule a tour of your favorite homes, call me and I'll take care of the rest.

Real Estate Insider Video Show

Alain Pinel Realtors Silicon Valley

April 3, 2013

Alain Pinel Realtors Silicon Valley

We at Alain Pinel Realtors have been releasing high quality videos that give buyers a feel for different areas. Today, we released the Silicon Valley video. Take a look. If you are looking for luxury real estate all along the Peninsula and Silicon Valley in areas such as Los Altos, Saratoga, Monte Sereno, Palo Alto, […]

Palo Alto Real Estate Update

February 3, 2012

Palo Alto Real Estate Update

The numbers are strong for real estate in Palo Alto with this month’s sales figures.  Watch the video to see all key sales numbers for the month of January 2012 compared to January 2011.

Menlo Park Monthly Real Estate Sales Figures for October 2011

November 5, 2011

Menlo Park Monthly Real Estate Sales Figures for October 2011

The average sales price of a home in Menlo Park fell 7.8% for the month of October 2011 compared to October 2010.  The total number of sales for both periods were similar, which is good news, but the home prices were a little lower than expected.  The surprise number is that the average price per […]

Timely News

Pools and Waterfalls of the Wealthy

August 6, 2015

Pools and Waterfalls of the Wealthy

We all love to see how the wealthy spend their money.  Jets, fast cars, homes….but how about their pools and waterfalls?  This is even more fun to see as there is a big water shortage here in California, so it’s an even bigger status symbol than before as only the very wealthy can afford the […]

Off Market Listing in Pelican Hill – $12,500, 000

August 1, 2015

Off Market Listing in Pelican Hill – $12,500, 000

There is a new off market listing in Pelican Hill area of Newport Beach that is sure to get your mouth watering.  The home is 9200 square feet on a 22k sf lot with incredible views.  We have more photos and information, but the asking price is $12,500,000.  If you are a buyer and interested […]

Southern California vs Silicon Valley in battle for tech supremacy

July 27, 2015

Southern California vs Silicon Valley in battle for tech supremacy

Having worked in Silcon Valley for years and also being a native Southern Californian has me with my heart in two places.  So, when I see comparisons of SoCal vs Norcal and especially in the tech world, I get excited to see more movement down to Southern California as tech/startup world is very exciting. This […]

Prices Still Rising In Orange County

June 30, 2015

Prices Still Rising In Orange County

Prices continue to show gains for the areas of Newport Beach, Corona Del Mar, Newport Coast and Laguna Beach.  Most areas have surpassed their peak prices that occurred in around 2007.  Will prices continue to rise?  It seems the high end luxury homes have slowed a bit but the inventory still is at low levels. […]

Why So Many Chinese Buyers in Palo Alto and Along the Peninsula?

May 22, 2014

Why So Many Chinese Buyers in Palo Alto and Along the Peninsula?

Everybody reads about the large supply of Chinese buyers who are buying homes here along the Peninsula.  There are many agents, one prominent one who we all know and now has a plane to fly his Chinese buyers around, who target the Chinese buyers very heavily.  Buy, why are there so many Chinese buyers and […]