In a recent article entitled, Where the World’s Brains Are, best-selling author and urban studies expert Richard Florida said part of our formula for success comes from proximity to top-flight research universities (in our case, Stanford and U.C. Berkeley). Florida writes that these universities “increasingly function as a key hub institution of the knowledge economy” for Silicon Valley and the financial and biotech sectors of San Francisco and the East Bay.
All other things equal, Florida writes, “it is both easier for and more likely that leading scientists and researchers will move within these clusters” of local universities and remain in the general area to live and work. “This kind of proximity creates considerable short- and long-run advantages both for the universities and research centers within the cluster” as well as the region itself, he argues. “Established mega-clusters are likely to enjoy significant advantages into the foreseeable future.”
All of this could explain that while the overall Bay Area housing market has been holding steady in most areas, the high-end Previews market has seen strong activity in recent weeks in Silicon Valley, the Peninsula, and San Francisco. Just a few recent examples:
A $17.5 million Atherton home on market for just 30 days sold with two offers;
Another Atherton home listed for $6.9 million, sold for over $7 million, also with two offers;
A $18.9 million Palo Alto property recently sold;
And a $5.9 million Palo Alto home just sold for over $6 million with six offers;
Our Burlingame office is in escrow now with a $16 million Hillsborough sale;
Six San Francisco properties over $5M have closed in MLS since Jan.1, and at least one other off-market.
Eight of the Oakland/Piedmont office’s pending sales are in the upper end of the market.
Information provided by Rick Turley, Coldwell Banker, President Northern California
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