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But the Silicon Valley house remains, after starting on the market at $35 million in May 2020, being removed in November 2020 and relisted at $37.5 million in June 2021. The house quietly went off the market last week, according to Zillow.

The 16,000-square-foot mansion features 6 bedrooms and nine and a half bathrooms, in addition to a ballroom, a grand formal banquet room, a flower-arranging room and a library. Outside, there are sprawling gardens and private hiking trails. There’s also a detached three-car garage, an eight-car carport and motor court parking.

Musk expressed on Twitter that he wanted the home to be sold to a family that would use it — though that may be harder than he anticipated. After listing for $100 million in 2013, the home last sold to Musk in 2017 for $29.85 million.

Musk confirmed via Twitter in June that he had moved to Texas in December 2020 and is reportedly renting a home from SpaceX in Boca Chica, Texas.

Article source: https://www.sfgate.com/realestate/article/Elon-Musk-pulls-Hillsborough-home-off-market-16473452.php

But the Silicon Valley house remains, after starting on the market at $35 million in May 2020, being removed in November 2020 and relisted at $37.5 million in June 2021. The house quietly went off the market last week, according to Zillow.

The 16,000-square-foot mansion features 6 bedrooms and nine and a half bathrooms, in addition to a ballroom, a grand formal banquet room, a flower-arranging room and a library. Outside, there are sprawling gardens and private hiking trails. There’s also a detached three-car garage, an eight-car carport and motor court parking.

Musk expressed on Twitter that he wanted the home to be sold to a family that would use it — though that may be harder than he anticipated. After listing for $100 million in 2013, the home last sold to Musk in 2017 for $29.85 million.

Musk confirmed via Twitter in June that he had moved to Texas in December 2020 and is reportedly renting a home from SpaceX in Boca Chica, Texas.

Article source: https://www.sfgate.com/realestate/article/Elon-Musk-pulls-Hillsborough-home-off-market-16473452.php

The classic California suburb — rows of houses, each with their own yard and fence — is largely a product of something called single-family zoning, a regulation that dictates that there can be only one house per parcel of land. These laws prohibit, say, building a high-rise in a residential cul-de-sac.

S.B. 9 essentially ends single-family zoning, but with a modest shift: Under the bill, property owners can build up to three additional units on their land, allowing single-family homes to be transformed into as many as four units.

A recent analysis by the Terner Center for Housing Innovation at University of California, Berkeley, found that S.B. 9 would most likely lead to 714,000 new homes across the state over the next several years.

What previous housing laws did

Though symbolically significant, S.B. 9 may not actually be as impactful as changes to housing policy that have already been enacted, Conor told me.

State lawmakers have been passing numerous housing reforms over the past four years in an effort to boost housing production. (Gov. Jerry Brown signed 15 housing bills in 2017, and Newsom signed 18 in 2019.)

Perhaps most significantly, California in 2017 relaxed laws to make it easier for homeowners to convert and rent out accessory dwelling units, the technical term for backyard homes — think “granny flats” or “in-law apartments.” Those rules have been further loosened since.

So even before S.B. 9 appeared on the scene, homeowners in California were allowed to have two units on a single-family lot — a main house and a separate guesthouse.

Article source: https://www.nytimes.com/2021/09/20/us/california-housing-laws.html

The analysis looked specifically at two metropolitan areas: the San Francisco area, defined as Alameda, Contra Costa, San Francisco, San Mateo and Marin counties, and the San Jose area, defined as Santa Clara and San Benito counties.

Here’s what the analysis found:

Top 5 hottest ZIP codes in the San Francisco metro area:

• 94708 (Berkeley), $1,826,636 (typical home value)

• 94566 (Pleasanton), $1,609,969 (typical home value)

• 94526 (Danville), $1,691,574 (typical home value)

• 94506 (Danville), $2,596,442 (typical home value)

• 94965 (Sausalito), $1,575,285 (typical home value)

Top 5 hottest ZIP codes in the San Jose metro area:

• 95037 (Morgan Hill), $1,224,371 (typical home value)

• 95148 (San Jose), $1,275,591 (typical home value)

• 95120 (San Jose), $1,918,797 (typical home value)

• 94024 (Los Altos), $3,797,915 (typical home value)

• 95070 (Saratoga), $3,410,058 (typical home value)

Zillow determined the hottest ZIP codes in the two metro areas by taking the median online page views per home listing per day by ZIP code.

The top two ZIP codes in the Bay Area were 94708 in Berkeley, which runs adjacent to Tilden Regional Park and the Tilden Nature Area, and 95037 in Morgan Hill, just south of San Jose, which has plentiful access to amenities such as parks, restaurants and wineries.

Matt Kreamer, spokesperson for Zillow, said amenities can be an influential factor in demand, including access to green space and parks, or being near restaurants and nightlife.

Kreamer said interest in the Bay Area has been trending for several years, but the pandemic caused it to “really take off.”

“For people newly working remotely, that often means more space, room for a home office and outdoor space – attributes you are more likely to find in suburban homes,” he wrote in an email. “Those homes have become even more attractive when the length of a commute isn’t factored in as highly.”

Some of the top ZIP codes are particularly pricey, including 94506 in Danville, where the typical home value is $2.6 million; 94024 in Los Altos, with a $3.8 million typical home value; and 95070 in Saratoga, with a typical home value of $3.4 million.

“While some of these are indeed high-priced areas, it’s certainly relative,” Kreamer said. “And the Bay Area is by far the most expensive housing market in the country.”

Zillow’s August market report showed the number of available homes in the San Francisco metropolitan area rose last month, as did the share of listings with a price cut.

But the report showed home values — which Zillow calculates as an average of the middle third of the market, minus the top and bottom 5% — rose slightly from July, and were up 17.9% over last year. And Kreamer said the Bay Area continues to be an “extremely competitive market.”

“We expect home values to continue rising for the foreseeable future, and mortgage rates are still hovering near historic lows, which can save buyers hundreds of dollars each month,” he said. “The good news is that we are starting to see inventory rise a bit, and a slightly larger share of homes seeing price cuts.”

The analysis looked specifically at two metropolitan areas: the San Francisco area, defined as Alameda, Contra Costa, San Francisco, San Mateo and Marin counties, and the San Jose area, defined as Santa Clara and San Benito counties.

Here’s what the analysis found:

Top 5 hottest ZIP codes in the San Francisco metro area:

• 94708 (Berkeley), $1,826,636 (typical home value)

• 94566 (Pleasanton), $1,609,969 (typical home value)

• 94526 (Danville), $1,691,574 (typical home value)

• 94506 (Danville), $2,596,442 (typical home value)

• 94965 (Sausalito), $1,575,285 (typical home value)

Top 5 hottest ZIP codes in the San Jose metro area:

• 95037 (Morgan Hill), $1,224,371 (typical home value)

• 95148 (San Jose), $1,275,591 (typical home value)

• 95120 (San Jose), $1,918,797 (typical home value)

• 94024 (Los Altos), $3,797,915 (typical home value)

• 95070 (Saratoga), $3,410,058 (typical home value)

Zillow determined the hottest ZIP codes in the two metro areas by taking the median online page views per home listing per day by ZIP code.

The top two ZIP codes in the Bay Area were 94708 in Berkeley, which runs adjacent to Tilden Regional Park and the Tilden Nature Area, and 95037 in Morgan Hill, just south of San Jose, which has plentiful access to amenities such as parks, restaurants and wineries.

Matt Kreamer, spokesperson for Zillow, said amenities can be an influential factor in demand, including access to green space and parks, or being near restaurants and nightlife.

Kreamer said interest in the Bay Area has been trending for several years, but the pandemic caused it to “really take off.”

“For people newly working remotely, that often means more space, room for a home office and outdoor space – attributes you are more likely to find in suburban homes,” he wrote in an email. “Those homes have become even more attractive when the length of a commute isn’t factored in as highly.”

Some of the top ZIP codes are particularly pricey, including 94506 in Danville, where the typical home value is $2.6 million; 94024 in Los Altos, with a $3.8 million typical home value; and 95070 in Saratoga, with a typical home value of $3.4 million.

“While some of these are indeed high-priced areas, it’s certainly relative,” Kreamer said. “And the Bay Area is by far the most expensive housing market in the country.”

Zillow’s August market report showed the number of available homes in the San Francisco metropolitan area rose last month, as did the share of listings with a price cut.

But the report showed home values — which Zillow calculates as an average of the middle third of the market, minus the top and bottom 5% — rose slightly from July, and were up 17.9% over last year. And Kreamer said the Bay Area continues to be an “extremely competitive market.”

“We expect home values to continue rising for the foreseeable future, and mortgage rates are still hovering near historic lows, which can save buyers hundreds of dollars each month,” he said. “The good news is that we are starting to see inventory rise a bit, and a slightly larger share of homes seeing price cuts.”