According to a recent report released by Redfin, ultra-luxury home sales (the most expensive 1% of properties) are the fastest-growing residential real estate market in the nation, with 72% more luxury homes sold in San Francisco this year than the same time last year. The numbers are even higher for San Jose and Oakland, at 91.2% and 96.2% respectively. Compare that to the other 99% of homes, whose total sales this year are down 1.9% in San Francisco, 7.3% in San Jose, and 2.2% in Oakland.
The top 1% most expensive homes in San Francisco are those at or above $5.35 million, the highest for any of the areas in Redfin’s study. And 55.7% of those purchases were all-cash! For the rest of buyers, they’d need an income of at least $916,000 a year, and the mortgage payment (with $1 million down) would be in the range of $21,000 a month.
The highest-priced luxury neighborhoods in San Francisco are the usual suspects: Presidio Heights, Pacific Heights, Russian Hill, and the Marina. They all made the top 20 list nationwide, with Presidio Heights at number 6 after five of Los Angeles’s most exclusive neighborhoods (Beverly Glen, Holmby Hills, Malibu Road, Malibu Colony, and Bel Air).
For more information about the San Francisco Bay Area real estate market or if you’re interested in buying or selling a luxury home in the Bay Area, contact Michelle Balog at 415.810.7890 or email@example.com.
Source: SF Curbed
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