San Francisco was rated by Trulia, a real estate web site for buyers, seller and renters, to be the city whose real estate market has the best chances of thriving in 2011. Being part of the Bay Area, we here in Pleasanton, Dublin, San Ramon and the rest of the Tri-Valley will claim a piece of that honor, even if it doesn’t directly include us.
Here are the top 10:
1. San Francisco, CA
2. Austin, TX
3. Madison, WI
4. Raleigh-Durham, NC
5. San Antonio, TX
6. Oklahoma City, OK
7. Des Moines, IA
8. Salt Lake City, UT
9. Fort Collins, CO
10. Omaha, NE
What is Trulia’s basis for such a sunny outlook for the City By The Bay? Here are the reasons they provided for rating San Francisco #1:
1. Important note: many articles stating SF is struggling consider Bay Area (SF, San Jose and OAK) together, rather than looking at the city individually
2. 9.7% unemployment, but job growth in the high income/skill sectors required to buy a home there (one of the lowest in Calif., against 12% unemployment rate for CA)
3. Job growth over the decade: # of high-tech computer jobs in SF have doubled from 8,000 to more than 16,000 (SF Center for Economic Development) # of life sciences jobs in SF has grown 5X to 2,750, up from 500 in 2004.
4. Venture capital dollars invested into SF during the recession: over $6.3 B has been invested in software/computer and bio-tech just in 2010
So, if you’re looking for a place to invest in real estate, according to Trulia, there’s no place like home.