VALLEJO (KPIX) — After massive layoffs in the Great Recession and an embarrassing bankruptcy that made headlines around the country, the formerly-beleaguered city of Vallejo is bouncing back and local real estate prices show it.
“If the home is priced right, it’ll get multiple offers — sometimes within the first twenty-four hours,” said Shelley Tappin, president of the Solano Association of Realtors.
Tappin noted one example, a 3,000 square foot home in a good neighborhood with 4 bedrooms, 3 bathrooms and swimming pool. Asking price: $425,000. She said it shows why the website Realtor.com has ranked Vallejo the second-hottest market in the country. Nearby San Francisco retains the number one position but that only helps boost Vallejo’s value to would-be homeowners.
“Some of the people have been priced out of some of the areas over the bridge and in the Bay Area and Vallejo is still close for people who need to commute,” Tappin said.
The city of Vallejo filed for bankruptcy in 2008 and slashed basic city services, laying off almost half of its police force. Today, Vallejo’s fire and police departments are slowly returning to full strength.
“I’m excited about our future,” says Vallejo mayor Osby Davis. “I think we’re moving beyond the bankruptcy stigma.”
Mayor Davis said the resurgence of Vallejo real estate is a big boost for the city.
“I said when we came out of bankruptcy there will come a time when our housing market will go up and people will be wanting to come live in Vallejo and it’s coming true.”