Mapping the shocking spread of S.F.’s million-dollar homes The price spikes are dramatic, and none is more emblematic than formerly sleepy Bernal Heights. Bernal Heights real estate specialist Jennifer Burden says, You really can’t find a house (in Bernal) under $1 million. In all of San Francisco, according to McLaughlin’s study, more than 63 percent of homes (including condos and town houses) are valued at $1 million or more. [...] things aren’t much better at the upper end, where even families making a solid six-figure income are finding that the market is running away from them. Some of the other neighborhoods seeing steep climbs — to the point where virtually every house is a $1 million home — include the Inner Sunset (31 percent to 96 percent) and Central Richmond (45 percent to 96 percent). The homes are certainly nice enough, and McLaughlin says the Sunset and Richmond areas are seen as kid- and family-friendly. [...] when you think about spending seven figures for a new home, you were probably imagining something more than, as Burden says, “two bedrooms and a bath.” You can probably guess what’s driving the market up — tech money — but it’s worthwhile to walk through the progression. [...] Burden says, the market began to push urban professionals out of family-friendly places like nearby Noe Valley, where 95 percent of the homes top the $1 million mark. “A lot of people who used to buy homes in Noe Valley — doctors and lawyers — got priced out of it,” Burden said. Tech types from the likes of Google, Apple and Facebook appreciate the idea of living in the city, but having a straight shot to Silicon Valley on the freeway is a bonus. Or, Castaldini says, they have enough stock options for collateral that allow them to pre-qualify for a loan well above the asking price. No wonder home prices are shooting up. [...] I’m not. People tell her they won’t be able to live in a place as nice as the home where they grew up. “You feel that kind of sadness when you are showing them around,” Burden said. Because you know their quality of life is going to be different than their parents.
