If you think home prices in Greater Boston are bad now, just look at what's happening in San Francisco.
We have a lot in common with that fellow innovation hub, from an economy driven by cutting-edge companies and research to restrictions on new home building that helps keep pushing prices to ever nuttier levels.
Well here's some pretty disturbing news out of our West Coast sister city: The median price of residential properties in San Francisco, both single families and condos, has just hit the $1 million mark, SFGate reports, citing DataQuick numbers.
Tech workers ready to pay in cash and foreign buyers from Asia have helped push SF's median price into seven figures, the news site reports.
Substitute life science for tech and you have a pretty good idea as well of what's driving up Boston area prices, especially in hotspots like Cambridge and Somerville's Davis Square.
And like here, a shortage of inventory - homes for sale - has also pushed prices beyond crazy to full-scale insane out in San Francisco.
Here's from the SFGate piece:
The nosebleed price is a result of limited inventory and an influx of cash buyers willing to pay whatever it takes, says Cece Doricko, a Realtor with TRI Coldwell Banker. Many are tech workers with stock compensation from an initial public offering or takeover. Realtors call them "Google kids," even if they are 40 years old and work in biotech. A secondary group of cash buyers are investors from outside the country, mostly Asia, who see San Francisco as a relative bargain.
Say it can't happen here? Just wait a decade.
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