Wednesday, October 8, 2014

California Dreaming on Such a Berkeley Day / Living SF Luxury at Berkeley Affordability

View from
Fifteen years ago, Buyers looking for their Bay Area "dream house" were likely to tout a bay view as a top must-have. In today's market a view is still wonderful, but more and more buyers are willing to sacrifice a front seat at our beautiful sunsets for the more practical ability to walk to a local coffee shop.  At Berkeley Hills Realty we call this the "latte factor."

A noticeable shift took place in 2009 when a study, Walking the Walk, came out with a subtitle; "How Walkability Raises Home Values in U.S. Cities." The research shows that homes in walkable neighborhoods are worth more money in nearly all metropolitan areas. And yes, coffee shops count. The WalkScore algorithm used in the study looks at a multitude of categories; coffee shop, grocery store, movie theater, park, bookstore, drug store, clothing/music store, restaurant, bar, school, library, fitness, and hardware store. The study author, Joe Cortright, states, "An additional one point improvement in average Walk Scores adds between $700 and $3,000 to the value of a typical house, holding all other factors constant." Remind me to tip my barista.

Local amenities not only support the value of our housing stock and add to the joy of our daily lives-- they may just help save the planet. In June of this year, NBC News contributor, Diana Olick reported:
Car shares, bike shares, improved rapid transit and teleworking. All are the product of a new generation that is more environmentally conscious than any before it and more willing to use its own energy to get around town, rather than tapping expensive energy sources. Millennials prefer urban cores, even ones outside of major metropolitan areas, because they want to be able to walk or bike to work and stores.
Living the good life in the Bay that bears the name San Francisco might make you think you need the City to enjoy its creature comforts.  San Francisco's got it, but the price is steep. Instead check out some of our walkable neighborhoods in the East Bay. 934 Arlington Avenue in Berkeley (open Sunday 10/12/2014) offers a great WalkScore and a spectacular view.  With fabulous neighborhood shops, nearby amenities and better affordability, you can live like a San Franciscan while spending like a Berkeleyite.

Grab a great cup of coffee at your favorite local shop and compare to 934 Arlington home values of $408 per square foot to San Francisco housing prices.  Don't dribble your coffee as your jaw drops, we think you will be delighted and amazed.

No comments: