Millionaires moving to Salinas/Monterey County housing market
“They are getting more bang for the buck,” Angela Savage, a broker with Steinbeck Real Estate, says.
Money is pouring in to the Monterey County housing market.
A new report from Smart Asset lists Salinas, and Monterey County, as having the 10th most millionaires buying homes, nationwide. That is ahead of San Jose, Santa Barbara, and parts of South Florida.
“I have clients and friends who drive from Salinas to San Jose,” says Steve Malvini, a broker with Malvini Mortgage and Real Estate Group. “They can’t afford to buy in San Jose or Gilroy.”
Malvini says, especially in Salinas, your dollars go further. He listed a property in the Creekbridge area for just less than $600,000.
“In Gilroy, Monterey, or Santa Cruz, it would definitely be in the high 100-thousands and maybe into the millions.”
Home are being snatched up quickly.
“(There were) 34 new single family homes and 18 sold in the last 3 days,” Savage says.
The Central Coast is a hot spot for current Bay Area residents.
“Commuting back to the Bay Area for work, but living here which is a little more affordable. Then we have folks who may live in the Bay Area and want to retire by the beach”
Data-USA says the market has had its average property value increase by nearly 40-thousand dollars. Savage says some home are beginning to hit new records.
Click for the Smart Asset report
