Monday, February 24, 2014

The Cost of Living is High?... So, who cares!

San Francisco is known for a lot of things: the Golden Gate Bridge, the cool summers, the Castro, the tech industry, the foodie culture the cable cars... and the high cost of living.  With property costs in the neighborhood of $1,000+ per square foot, it might seem like living in the city is an unimaginable expense.  But the people who live in SF and love it know they're getting a bargain – because they're not looking at cost, they're looking at value.

San Francisco is a world-class city.  It's a cosmopolitan metropolis with everything from baseball to hackerspaces to wine bars at your fingertips – and in a city that's under 50 square miles and highly walkable, "at your fingertips" is no exaggeration.  Our City by the Bay is a cultural hub and an international destination, as well-renowned as London, Paris, NYC, Tokyo, or Zurich.  And you know what: the cost of living here is cheaper than any of those places.  It may be more costly to live in San Francisco than in many places of the US, but if you compare the costs here to the costs of the other great US cities – New York City, for example – SF still comes out ahead.  So, yes, you can find cheaper real estate in plenty of places, but the price you pay is that you'll forfeit the city experience.

I’d encourage you to keep a high-level perspective when shopping for a home in San Francisco, and keep in mind the broad Buyer pool this market is exposed to (i.e. multinational / international interest).  One of the main reasons our market is so resilient and strong is because of the global visibility and demand we get from foreign players given the ‘affordability’ here compared to their home country (i.e. England, France, Japan).  In the end, if it's the city itself that you love, the price can't compare to the value of living in the heart of it all.