Luxury homes in the Bay Area
Life in the Bay Area carries with it a certain style, an affluence borne of the accepting and volatile nature of the three cities - San Francisco, San Jose and Oakland - that make up Northern California's popular region. The homes for sale in the Bay Area are often quite luxurious, and many wealthy people are flocking to the area to snatch up quality properties before the end of the year.
The numbers don't lie - interest in luxury homes in the Bay Area is accelerating at an exponential rate.
DailyFinance reported that as of September 30, 2012, luxury home values in the San Francisco Bay Area had increased by 8.1 percent when compared to a year earlier. When compared to the second quarter of 2012, these numbers shot up by 2.4 percent. The average price for a luxury property in San Francisco is now $2.73 million, more than the average in fabled California luxury spots Los Angeles and San Diego.
"Luxury home prices were particularly strong in the San Francisco Bay Area during the third quarter of 2012," said Katherine August-deWilde, President and COO of First Republic Bank, according to the news source. "The Bay Area economy is healthy, inventory is limited, and multiple offers are increasingly the norm. Historic low interest rates have resulted in an elevated level of activity in luxury markets throughout California."
Other real estate experts attributed the increase in values to the strong job economy, competitive salaries and strong market competition. If you are looking for an expensive property in the Bay Area, the time to act is now, before interest causes prices to shoot up any more.
Affordable luxury homes
Obviously, not everyone can afford the $2.73 million price tag that comes with a San Francisco luxury home. However, the San Francisco Chronicle reported on a home that is located at 1711 43rd Avenue in the fantastic Outer Sunset neighborhood. The property is priced at $625,000, which means a typical down payment would run between $62,500 and $125,000, much more affordable for the average homeowner. This home features two bedrooms, a coral-tiled master bathroom, an attached garage, a second-floor balcony, hardwood floors, an arched balcony and many more luxury features - not too shabby for the modest asking price. The house is within a mile of the local elementary school, which makes it a perfect home for a new family.