Originally founded in 1776 by Spanish colonists, San Francisco swelled in 1849 during the Gold Rush Era. Nearly 200 years later, San Francisco is experiencing an eerily familiar, yet vastly different type of boom, where tech entrepreneurs have taken the place of gold miners. The rising cost of real estate seems nothing compared to the potential fortunes to be made by an enterprising few.
While most are familiar with San Francisco's historic architecture, cable cars and the iconic Golden Gate Bridge, these are also a few of the things that make its properties some of the most sought after in the world. With its ever shrinking inventory of available real estate, investors worldwide, particularly from China, are snatching up properties. Every inch of San Francisco is now considered a worthwhile investment for those who can afford it.
Even once thought of seedy neighborhoods are becoming popular for urban renewal projects prompting citywide gentrification. With a finite amount of property available, even lesser known and traditionally industrial areas are being looked at with an investor's eye. With median home prices for single-family homes hovering around the $1 million mark and condominiums not far behind, it would be an understatement to say that real estate in San Francisco is valuable.
For those looking to make San Francisco their home, temperate weather, beautiful homes, an abundance of nature and a diverse mix of cultures are just a few of things newcomers can expect. With endless outdoor activities like hiking, golfing or surfing, as well as a vast array of intellectual pursuits such as world class museums, the ballet, opera and fantastic schools, its no wonder residential properties don't stay on the market long here.
San Francisco's history is peppered with strange and captivating characters and its colorful future will no doubt be filled with innovation and amazing things to come.
© 2017 MLSListings Inc. All rights reserved. Based on information from MLSListings MLS as of August 20th, 2017 at 1:42pm PDT.
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