(Usual trick to get around paywall: google article’s title and click the google result link)
With median home prices in San Francisco hovering near $1 million, developers are looking to the far reaches of the Bay Area and beyond in search of affordable land on which to build.
And buyers are taking the plunge, sometimes in places as distant as Sacramento, more than 80 miles from the city.
Over the past year, the East Bay, which stretches 10 to 60 miles to the east of San Francisco and Silicon Valley, is tied for the fastest growth in new-home developments among major U.S. markets. Sacramento came in at number three, according to figures from John Burns Real Estate Consulting.
By contrast, the number of new residential developments in coastal San Francisco and San Mateo counties fell by 48% over the past year, while San Jose, which includes Silicon Valley, fell by 59%, according to the data.
…
Steve Maloney now commutes to the Bay Area every week from his home east of Sacramento, a nearly 120-mile journey across six counties.
He and his family used to live in Marin County, across the Golden Gate Bridge from San Francisco, but they grew tired of the congestion. Two years ago they moved into a new 4,600-square-foot house on 3 acres for $920,000.
“The house is bigger, the lot is bigger. We have a giant pool surrounded by palm trees,” he said. “We can’t get that kind of environment anywhere close in to the Bay Area. It’s just not available anymore.”
Have any of you been in the SOMA area lately? Particularly at the east end?
The ongoing construction if phenomenal.
My niece just married a crane operator. They live in Sacramento. He’s been commuting to work sites in the City for a couple of years now. He says there are a record number of simultaneously operating self-erecting cranes in SF now.
I took this on Beale, looking north towards Market just yesterday. Most of the buildings you see are new. Some are residential. Some are commercial. It sure likes like he knows what he is talking about.
You see how stocks are going crazy now, all are related to no interest rate hike. Entire world is in issue except USA. Many foreigners, including Chinese, moving money (stocks, real estate etc) to USA for safe heaven.
Stocks keep going, along with temporary UPs and Downs, but not recession.
Manteca is featured heavily in the WSJ article. It’s a thing now.
So in the previous cycle we all made fun of Mountain House. Now the frontier has been pushed all the way to Manteca.
I don’t understand though. It seems to me there is acres and acres of land just off Dublin. Has it been fully built out yet? Not even close. Same can be said of MH and Tracy. But now we are all the way in Manteca…
I hope more companies move to the Tri-Valley area. It will take merely an hour to commute from Manteca.
Restricted from development or zoned for commercial. Government is key.
Manteca has been on the “fringe” for a while. It is within striking distance for more than the Bay Area. This is not new. Everybody thinks they’ve found the “secret” to success in housing/work without realizing that, with millions of us around, nothing we think of is new.
Price per square foot in Dublin or even Livermore is still way higher than it would be in Manteca - but just like you I don’t get it either - because if you compared Tracy/Mountain House $/ft2 with Manteca I can’t imagine it would be THAT big of a difference to warrant an extra hour commute each way…
For example - Tracy for a 3BR 2BA average price per sq foot is $230, Manteca is $200 - how is that worth it???
Based on my three month search for homes, the lowest cost condos/TH/Homes are available either in San Bruno or Redwood City. Daly City just above San Bruno in cost. All other peninsula places are gone up high.
