Rich Havens Lure Homebuyers In a Rush from San Fran

Katrina Kehl warned her clients not to expect many offers on their $1.7 million home in Marin County, just north of San Francisco. They were, after all, in the middle of a pandemic and economic collapse. They ended up with 13 bids. "We took offers at four o'clock and they just started rolling in -- now we're at seven, now we're at eight," said Kehl, a real estate agent with Compass. "At 4:15 I got one, at 4:24 I got another." Across the San Francisco Bay area -- home to some of America's earliest and strictest shelter-in-place rules -- demand for real estate is soaring in outer suburbs and wealthy havens known for their gorgeous landscapes. From affluent Marin County to Napa wine country and south to Monterey's Carmel Valley, brokers say the coronavirus outbreak is leading to a surge of interest from homebuyers looking to spread out. "I've never seen the demand higher for Marin County real estate than when covid-19 hit," said Josh Burns, an agent with Sotheby's International who has been in the business for about 20 years. Like New York, where Manhattanites fleeing the city have fueled newfound interest in tony suburbs, San Francisco is flush with people with the means to upgrade to more spacious areas. The tech companies that drive the region's economy are also signaling a long-term acceptance of remote work, raising the prospect that there's little need to live close to offices. But the rush to move also shows the growing divides in a region where real estate is already out of reach for many residents, with the median house price in the Bay Area approaching $1 million. Relocating isn't an option for lower-income people who have been among the hardest-hit by the coronavirus. In San Francisco, expensive neighborhoods have emptied as residents escape during virus... Read Full Article »