And now we present yet another story about people having to move to the East Bay and insisting that it was a great idea.
"Family flight" out of San Francisco is nothing new. But now, real estate prices in the city have risen so steeply – much more so than in the East Bay – that there’s an extra incentive for longtime San Francisco homeowners to cash out their equity and head across the bay seeking more house for less money.
After 20 years in San Francisco, John Perryand Rob Picciotto, along with their children, Ben and Louisa, and three dogs, transplanted themselves to Oakland. "I didn’t think we would ever leave San Francisco, but a convergence of things made us consider moving," said Perry.
In 1998, Perry and Picciotto had stretched to buy their Bernal Heights house and make it work as their family grew. In June it sold for more than triple what they’d paid, a windfall that allowed them to pay cash for a less expensive house in Oakland’s Leona Heights neighborhood in the hills above Mills College.
"We don’t have a mortgage anymore, which is awesome," Perry said. "We doubled our square footage on more than an acre of land, and have phenomenal neighbors. Oakland is so diverse; it’s a whole new world to learn and explore. There’s more space, more mix."
We’ve pointed out many times in the past that the East Bay was not part of the Real Bay Area because it hasn’t benefitted from the same batshit insane price increases found in places West of the Bay. Outmigration serves as a release valve on the price hikes. When SF gets too expensive compared to Oakland or Walnut Creek (two places mentioned as where SF sellers moved to), people will move East because they get more house for the money.
Three things of note from this article:
- Moving from SF to Silicon Valley will NOT gain you a damned thing. The prices have gone up just as much in Googleville. These bargains are only to be found in the Nickle and Dime or Nine and a Quarter area codes.
- The exact same newspaper has a another feature on how the batshit insane SF home prices are leveling off, which isn’t exactly demonstrated by this piece.
- San Francisco has fewer residents under 18, by percentage, than any other major city. This really still remains as a Family Flight From ‘Frisco story. The only difference is more people moving to Montclair instead of Marin.
This is also your Weekend Open Thread. Are you considering moving further afield because trading up where you already live is too expensive?