“There is a mad impulse to get out of the city” said Ginger Martin, a Sotheby’s real estate agent who focuses on luxury real estate in the San Francisco Bay area. “What I am doing well now is all that’s turnkey.”
pandemic virus, the economic crisis and social unrest led to the fact that rich people in the bay area threw the city to the outskirts.
Bloomberg notes that demand for real estate is growing in rural communities in the Bay area, from the Marin County to the wine country of Napa and south to the Carmel Valley in Monterey, brokers report that wealthy people are leaving the city center.
“I’ve never seen demand for real estate in Marin County be higher than for Covid-19,” said Josh Byrne, a real estate agent at Sotheby’s.
Currently, only wealthy people who still have financial mobility to move are engaged in resettlement, since the real economy destroys and paralyzes the bottom 90% of Americans. Even with a good credit rating, lenders do not approve of people, as it was before. Many people have flooded San Francisco for years as the economy developed and technology flourished. Now, in an environment of economic downturn, social unrest and a pandemic, the city is becoming too dangerous to start a family.
“This is an example of how the most affluent, wealthiest people have isolated themselves from this latest crisis,” said Patrick Sharkey, a professor of sociology at Princeton University who focuses on urban inequality. “This is a very small part of the population that has another house that they can go to.”
Sharkey hints that smart money is emerging from the gulf as the social structure in the city center begins to erode.
Wealthy people from San Francisco dump real estate and quickly move to the following places:
For example, Martin said that one wealthy client left the Bay Area and purchased property in Napa for $ 10.85 million with one acre of land located around the winery.
It is unclear whether the outcome of urban life for living in the country is a short-term exit from chaos in San Francisco or is this trend only in the initial stages.
Ed Glezer, a city economist at Harvard University, said recent events taking place in American cities suggest that “a large suburban home will become very attractive compared to urban space.”
The combination of a virus pandemic and social unrest can “delay the recovery of urban attractiveness,” said Denise Kahramaner, founder of Atlasa, a data brokerage firm.
Not so long ago we noted how Demand for rural and rural real estate increased since the start of the pandemic.
Smart money quietly leaves big cities – and by the way, they also leave many other metro areas across the country.