OAKLAND (CBS SF) – A million dollars doesn’t buy much in the way of luxury anymore if you are home shopping in San Francisco, the South Bay or the Peninsula.
That may explain the recent surge in luxury home sales in Oakland.
According to real estate brokerage Redfin, the number of million-dollar houses sold in the East Bay city surged by almost 68% over the past year. In fact, Oakland beat out San Francisco and the South Bay in the luxury home sales market. Since 2011, million-dollar home sales have quadrupled.
Redfin real estate agent Tom Hendershot works in Oakland and Berkeley. He told the San Francisco Business Times, “The majority of who I’m working with right now are first-time home buyers.” He said most of the million-dollar home sales are concentrated in neighborhoods like Rockridge, Montclair and Piedmont.
Home for home, San Francisco still boasts more million-dollar sales, but an informal survey of buyers will probably find that dollar for dollar, one gets much more ‘house’ across the bay, in Oakland.