California’s wealthiest residents sought to purchase luxury homes in other states during the COVID-19 pandemic, if not leave the state entirely.
A report from realty company Coldwell Banker suggests many of their California-based home sellers saw their wealthy clients selling and heading for more tax friendly climates that may have fewer COVID-19 restrictions.
The annual review, released in late February, examined the buying and migration patterns of the country’s wealthiest people, with homes selling for as much as $75 million.
Real estate agents in California echoed those elsewhere in the U.S. that buyers are looking for more space and amenities such as pools and home offices. The difference, they said, is their clients are buying elsewhere.
“The exodus is unlike anything I’ve seen in my 28 years selling San Francisco real estate, with many younger people leaving for financial reasons, and affluent residents just feeling that it was time for a new life outside of the city,” said Joel Goodrich of Coldwell Banker Realty in San Francisco.
Goodrich said residents who stayed in the state left for Napa, Sacramento and Lake Tahoe. The wealthy that left the state went to Washington, Nevada, Colorado, Florida and Arizona. Read more…