About 30 years ago some friends of mine who were young professionals, living in New York City, had a baby. Having both grown up in the suburbs of Philadelphia they promptly decided the city was no place to raise a child.
Being early in their careers, they did not have enough money to buy a house in someplace expensive, like Westchester, so they set their sights on Brooklyn. In the mid 1980's Brooklyn was not hip, or trendy, or very pretty. But it was convenient to the city, they could buy a house with a back yard, the house they could afford was enormous and in Park Slope. Yes, they bought a 4 story home in Park Slope 25 years before Sarah Jessica Parker and Mathew Broderick.
At that time real estate in NY was outrageous (as it still is) and they made the decision to travel a little for something affordable and with a little room to breath. Now, we in the Silicon Valley, with 6000 square foot lots think that the postage size back yards in Brooklyn are laughable, but for a New Yorker, it is like living in a park.
Fast forward to 2015 and this home in Park Slope is probably worth over 4 million, and my friends raised their children in what was to become one of the trendiest neighborhoods outside of the Soho.
Why should any young people in the Silicon Valley care about this story?
Well, over my 20 years in real estate I have become pretty good at predicting future real estate trends, and something is catching my eye right now. That something is Felton.
A few months ago one of my very favorite clients asked me to list her deceased uncle's home in Felton. Having lived in Santa Cruz, and the Santa Cruz mountains in my past, and owning property in Santa Cruz, I felt comfortable about taking on the job. The house at 928 Hillcrest Dr in Felton goes on the market this week.
After spending some time in Felton again I have the feeling it is on the cusp of a real estate explosion. There are some new additions to Felton including The New Leaf grocery store, like Whole Foods, but not as expensive. There is also a new restaurant called The Cremer House which I swear could be plopped down in Green Point or Williamsberg in Brooklyn and be totally at home.
San Lorenzo Valley Schools are great, and have API scores comparable to many of the good Silicon Valley school districts.
The commute is not fabulous, but no worse than the commute from the East Bay or South San Jose, and a lot prettier!
The infrastructure for hipsters, young professionals, and young families is there. If you build it.....
Buying a home in the Silicon Valley is often an effort in futility. Multiple offers, no contingencies, 20% over list price is the norm, not the exception.
Felton is just beginning to see multiple offers and slightly over list price offers, with an occasional feeding frenzy. I can feel it happening.
I think in the next few years we will see Felton and it's cool down town and beautiful redwood studded lots will be the home to many young, hip (and not so hip) people looking to find a better life for themselves and their young families.
If you are interested in searching for a home in Felton click here
Marcy Moyer
CAL BRE 01191194
650-619-9285
