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Well, hello there. In case you were wondering, the outside world is starting to take notice of San Francisco’s stratospheric home prices. With the rest of the country lagging when it comes to home sales, our city is seen as the wild outlier. CNN just published a story trumpeting the doom to boom cycles making SF and its surrounds the hottest housing market in the US.
Compass just produced its August report and delivered astonishing numbers. Namely, a $2.05 million median home list price in SF compared to about $440,000 nationally. Plus, a third of home buyers in the city are paying in cash. Who are these people? Well, the AI-economy is producing millionaires at a rapid pace, best personified the recent splashy sale of a Hillsborough estate for $70 million. That buyer has been identified as xAI cofounder Yuhuai Wu. And amid this flurry of transactions, we’re not even talking about publicly traded companies. Yet.
Jenn Gilson, the listing agent for Golden Gate Sotheby’s International Realty who represented the record-breaking Hillsborough property, noted that “AI investment fever” is helping fuel the luxury home market.
I’d like to think SF is building housing as fast as it can to fill out the need, but the gears have been turning ever so slowly. One extreme example is the site of the Toucheless Car Wash on Divisadero. The once-popular site was shut down years ago to make room for hundreds of apartments. But when approval for the complex lagged and costs skyrocketed, the project stalled and the space sat empty without either a car wash or housing.
But, it’s finally back in the works. The Chronicle reports that a developer called Greystar is apparently in contract to take over the former Touchless Car Wash (RIP) and resume the mixed-use project that includes retail and 203 apartments (with some 20 affordable units).
And here’s an out-of-this world property. In Novato, a “spaceship house” has come on the market. The rotating Round House is available for the first time since 1963. As you can see from the video, it still spins. The original owners are selling it, along with a bunch of other structures on 2.25 acres, including the Potato Chip House (so named for its oblong roofline) for $3.3 million. The listing notes that this is a “once-in-a-generation opportunity to acquire an irreplaceable Novato property with existing income, significant land, historic character and compelling long-term upside.”
This week’s letter features a historic home in Santa Clara, Eichlers with resort-like backyards, and a modernist Berkeley home that’s come on the market. Read on.
Down in the South Bay, a remarkable Santa Clara Victorian that offers oodles of history landed on the market earlier this month for $1,826,900. Designated a City of Santa Clara Point of Historical Interest, the circa 1891 abode quickly caught a buyer’s eye and is now in pending sale status. The final price isn’t yet known.
The property last changed hands in 1994 for $275,000.
Offering four beds and two baths across 1,931 square feet, the “fancy wedding cake Victorian,” as the plaque notes, with its decorative carved exterior, looks good enough to eat. It was built by one Zibeon O. Field, a master carpenter from Maine, as his own residence.
Original details include intricate woodwork, ornate trim, a Moorish-style lattice archway, stained glass windows, the original front door, rare redwood floors, pocket doors, and period fireplaces. There are also two hand-pained murals and a fancy French art glass chandelier.
In addition to period details, the home also offers practical features such as a modern kitchen, a large basement, two-car garage with a loft above for an office, gym, or guest space.
Diane Machado-Wyant with Intero Real Estate Services holds the listing.
Eichlers, the modern tract houses built mainly in the 1950s to 1970s across the state by developer Joseph Eichler, are popular for their timeless appeal and iconic mid-century features—slanted rooflines, walls of windows, and open floor plans. And regular readers know that we like Eichlers! And we keep an eye out for ones that come on the market from time to time. This past week, a couple jumped out with great backyards. And it’s summer somewhere after all, so why not feast your eyes on these resort-level backyards. Take a look.
Address: 1279 Lancashire, Concord
Price: $1,549,000
Hello, Palm Springs? Nope, it’s Concord. But could have fooled us with the drought-tolerant landscape, fabulous pool, and swanky entertainment space. I’m coming with my martini shaker! Inside looks just as cool, with four bedrooms, two baths, and the trademark Eichler atrium courtyard.
As for the insane backyard, the listing notes that the quarter-acre lot offers a recently completed pool with a Baja shelf, swim-up benches, and an in-water umbrellas. The outdoor spaces include a pergola, a dog run, and landscaping that includes queen palms, agaves, olive and lemon trees, and bay laurels.
None of this happened overnight and “The sellers put a ton of effort in the backyard and it is truly amazing,” says listing agent Theresa Lee. “From starting with the landscape design, clearing out a ‘forest’ and leveling the lot, putting in a ‘cocktail’ salt water pool, new hardscaping, drainage, in-ground umbrellas, to building a custom Eichler shed, it was definitely a labor of love!”
Designed by architect Claude Oakland in 1964, the “exceptional” Eichler has been updated with half a million dollars in improvements, the listing notes. Plus, with owned solar, electricity costs are almost zero.
The home last sold in 2013 for $467,500.
Address: 40 Powhatan Place, San Mateo
Price: $2,950,000
Over in San Mateo, a new listing comes with the outdoor space of your dreams: step out to a backyard designed for seamless indoor-outdoor living, complete with dining areas, a hot tub, and mature landscaping. Yes, please! This is a slightly older model, dating to 1956, but with plenty of upgrades to the meet the modern era. The all-electric home has owned solar and two EV chargers.
The home itself features four bedrooms and two bathrooms spread across 2,160 square feet. Details include vaulted ceilings, walls of glass framing private garden views, sunroom, a flexible bonus room, and separate laundry room.
“It’s absolutely rare to have one of these Eichlers that is still ‘true’ to the original character and yet updated with modern amenities including solar panels, heat pump, Tesla powerwall, [and] dual-paned windows,” notes Compass listing agent Diane Dwyer, who adds that it sits “on an unusually large lot for the area,” at over 10,800 square feet.
The 1952-era Kip House by Donald Olsen, commissioned by Berkeley physicist Arthur Kip, has come on the market for just the second time in 73 years. Represented by Anna Bellemo, Founder of District Homes, the listing is available for $1,425,000.
“What fascinates me is how contemporary the house still feels after roughly 75 years,” says Bellemo. “Of course there are elements that show their age, but the fundamental way the spaces work together still feels remarkably aligned with how people want to live today.”
The Bauhaus-inspired gem, which sits next door to the Olsen House, built by Olsen for himself, offers innovative design on a hillside site. The 1,904 square feet encompass three bedrooms, two bathrooms, and a study. The kitchen opens to the dining area, which leads out to an English garden, extending the living area outside.
The current owner, Susie Injijian, has lived in the home since 2013. While there she updated both bathrooms and removed asbestos. But much of the home’s original design remains intact.
Listing agent Bellemo added, “It’s easy to focus on the architectural significance, but Susie really wanted people to understand that this was also a home. The architecture matters, but it never prevented the house from functioning as a place for everyday family life.”
Must Like Fog is a San Francisco-based newsletter that’s looking at must-see real estate, cool architecture, fun neighborhoods, and more. Come obsess with me, a long-time real estate reporter who wants to keep the party going with a Bay Area twist. If you’re into real estate, the Bay Area, and want to get the inside track on these topics and more, please subscribe.
Huge thanks to editor extraordinaire Erik Gunther.
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