Marin County Real Estate Part of a “Superstar” Region?

A long-time client sent us a tip on a terrific new book by Richard Florida, “Who’s Your City?”  For fans of economic theory and real estate (and who isn’t?) it’s an interesting read.

As noted by Carol Lloyd in the San Francisco Chronicle, the book explains in a very rational manner why Bay area home prices are far more stable than the national average. And of course, that has implications for Marin County real estate as well.

Is it the cappuccino? The cabernet? The politics?  None of the above, although they all help. Florida demonstrates that the Bay area is a center of economic innovation – as measured by the number of patents filed, the number of “star scientists” that reside here,  and the concentration of  big universities. Other measures such as health, education, culture, and safety add to the allure.

The result is that Florida believes the Bay Area, like other “superstar regions”, will go up and down in real estate values, but is far more resilient than other areas in the country.

Regarding real estate investment, here’s what he told Lloyd: “If I had to give advice, I would say to buy single-family homes closer to the core, not in the outlying areas where the more affordable housing is. The really knowledge-driven people have to be more effective, so they have to use their time more efficiently, so center locations have become more valuable.”

Hmmm…..sounds an awful lot like Marin County, doesn’t it?

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