“I heard that many buyers want to get in now before Facebook goes public (and spawns scores of new millionaires), which is pushing demand.” -Bernard Katzmann
Three weeks ago, a client (who works for a big pharmaceutical company in the South Bay & is looking to buy a home in San Francisco) asked me if it was true that social tech was pushing up real estate values in San Francisco and in particular, Noe Valley.
Two weeks ago, I spoke with Carolyn Said about this exact topic as she researched her upcoming article.
“We see a lot of first-time buyers from tech companies who still want to have a city lifestyle; they don’t want to live in the suburbs, but they work down south. What I notice is when people from Google, Apple, Yahoo and Genentech come in for a first meeting, we literally draw a line in the city because of the commute. Noe Valley is at the top of the list, then Bernal, Mission, Dolores, Cole Valley.” – Zephyr Agent Danielle Lazier
Last week, the Noe Valley Voice interviewed me about the role of high-tech workers in the local real estate market. I kid you not.
Want to know what I told that home buyer?
I told him that it did not really matter if it was true. What matters is that everyone is talking about how the Facebook, Zynga, LinkedIn and other IPOs are driving demand in our housing market. The role of perception and social psychology should not be underestimated when it comes to the behavior of the residential real estate market.
Read the San Francisco Chronicle Article
* Read Yes, yes, Noe Valley, say eager S.F. home buyers, all about tech home buyers and noe valley, bernal heights, mission dolores and cole valley real estate in Monday’s Chronicle with Bloomberg article by Carolyn Said.