Where the Old Money ACTUALLY Lives in San Francisco Real Estate

The San Francisco Bay Area has the highest concentration of billionaires in the entire country, even more than New York City. Just in the past year, there's been a 20% increase in the number of billionaires in the area, primarily due to a growing tech presence, growth in AI, and a huge influx of VC investment into companies in the area. That influx of money is creating new millionaires and billionaires left and right who are snatching up real estate in the area. 120 homes in the past year have sold for over $5 million, a 50% increase in the number of such homes from just 2 years ago.— But San Francisco is not all new tech money. In fact, the backbone of San Francisco is built on railroad barons, mining tycoons, clothing magnates, and other titans of tech and industry with generational wealth. The wealth comes from long before Silicon Valley ever existed, back to the birth of San Francisco as we know it in the 1800s. This is Austin Klar, your lawyer turned real estate agent in San Francisco, and in this video I'm breaking down the parts of the city where that old money lives. From the most exclusive enclaves in San Francisco with stunning architecture, developed over a century ago with incredible privacy commanding 8-figure price points, to the Billionaires' Row of San Francisco with the most opulent homes in existence in the entire city, to the original destination for titans of tech and industry before the 1906 earthquake and fires destroyed San Francisco. I'm going to give you an overview of what life is like in each of them, what the homes are like there, and why so many old money millionaires and billionaires flock to these areas. So let's get right to it and start with the only private gated community in San Francisco, Presidio Terrace. Presidio Terrace is one of 8 master-planned communities in San Francisco known as residence parks. These residence parks were specifically designed over a century ago to provide a suburban park-like environment to residents in an otherwise very urban space. And Presidio Terrace is the first one of them to be constructed, and it is the crown jewel of them all with just 36 lots of fully detached houses behind a gated entry. It's just a single street named Presidio Terrace in an ovular shape with the homes arranged surrounding and on the interior of the street. The neighborhood sits immediately west of Presidio Heights east of Lake Street and south of the Presidio. So it's surrounded by some of the most serene, peaceful environments you can find in the city with amenities galore within walking distance. You've got the shopping center at Laurel Village. You have the incredible food scene on Clement Street. You have Mountain Lake Park and the Presidio basically in your backyard. You have the Michelin-level food and interior design and home goods stores on Sacramento Street and Presidio Heights. You're a really close drive to— To the— Fillmore Street in Pacific Heights, Union Street in Cow Hollow, Chestnut Street in the Marina. There are so many amenities surrounding Presidio Terrace. And what I find most interesting about Presidio Terrace is the range of architectural styles of those 36 homes. You've got Beaux-Arts mansions, Tudor-style homes, Mediterranean-style homes, Italian Renaissance-style homes, craftsmen's. It's wide-ranging. Every house is truly unique. You don't really see that mix in such a small concentration in San Francisco. Each of these homes are on their own, very imposing and commanding, perched on one of the most quiet, peaceful, and safe streets in the entire city. They're all set behind a private gated entry, the only one in San Francisco, and there's actually a guard there who guards the entry at nighttime. The lots themselves offer a ton of privacy too, which is perfect for those old money types. Each of the houses on the lots are fully detached, and the lots themselves are on average over 8,000 square feet, which is almost triple the average size lot in San Francisco. So they offer a ton of privacy from their neighbors, and that's very fitting for the pedigree of residents who have called Presidio Terrace home over the years. For example, the former mayor of San Francisco, Joseph Alioto, lived there. Congresswoman Nancy Pelosi, the late Senator Dianne Feinstein. It's been home to novelists, financiers, ambassadors, and other more established, long-tenured San Francisco families for over a century since its inception. And because of these unique characteristics and because there are so few of them, homes in Presidio Terrace are among the most desirable in the entire city. And for that reason, they command absolutely insane prices. Over the past 2 years, homes in Presidio Terrace have sold on average for nearly $11 million. And what's even crazier is how quickly those homes sell. On average, in less than 2 weeks on the market, which is insane for any level of house, let alone for a house at this price point. Many of these homes have been owned for decades, passed through generations, and it's really easy to see why. Once people set down roots here, they find it very difficult to leave. By the way, if you wanna learn more about different San Francisco neighborhoods, what the lifestyle is like in them, current events, new developments, or all things San Francisco real estate, make sure to subscribe to my channel because I make videos about that stuff every single week. And if you're thinking about buying a place in San Francisco and are having trouble figuring out the exact right neighborhood for you, or want to learn more about what's going on in the local real estate market because of all the changes we've been experiencing in the city, reach out to me. I was a lawyer at one of the biggest law firms in the world before getting into real estate. I've helped numerous people relocate here from all over the country. I'd be happy to be a resource for you. I'll put my contact info in the description below. Reach out anytime. Now back to where San Francisco's old money lives. And the next one on my list is the OG destination for old money in San Francisco? Nob Hill. Before Billionaires Row in Pacific Heights, which I'm going to talk about later in this video, Nob Hill was the original destination for the true wealthy, the tycoons of business in San Francisco in the 1800s. Nob Hill is located on the north side of San Francisco, bordered by Russian Hill to the north, Chinatown to the east, Pac Heights and Lower Pac Heights to the west, and Lower Nob Hill and Tenderloin areas to the south. And if you couldn't guess by the name, the neighborhood is one gigantic hill. Historically, the area was home to the mansions of the Big Four Central Pacific Railroad barons and was an icon of wealth in San Francisco. The area was actually originally called California Hill, named after California Street, which runs through the neighborhood, but it was changed after the railroad barons built their mansions in the area. Those Big Four railroad barons were known as knobs colloquially, so it eventually became known as Nob Hill. As SF's population grew rapidly during the Gold Rush era, this particular enclave in Nob Hill became very popular because of the views that it offered. The rich and famous of San Francisco wanted to build big mansions with big views of the city and the water. Unfortunately, the neighborhood was largely destroyed during the 1906 earthquake and fire, like many of the other neighborhoods in San Francisco. And these giant extravagant mansions that were built there were largely reduced to rubble and ash, except for one that still survives there today, the Flood Mansion. While single-family homes weren't really rebuilt there, a number of exclusive condo and co-op buildings were built after the earthquake and offer incredible views of the city. And the wealthy still flock to those buildings because those buildings offer things that single-family homes can't, like security for, you know, attended lobbies, somebody to take in your packages. They also offer some unmatched views really high up above the city, in some cases 360-degree views. The area itself isn't the most walkable because it is so hilly, but it's really close to downtown and the incredible food and shopping scenes in the areas surrounding downtown. Jackson Square, Russian Hill, North Beach, Union Square, some of the most beautiful hotels in the city like the Fairmont, the Mark Hopkins, the Ritz, those are all nearby. It's easily accessible via cable car, really convenient place to live with A+ views. At the very high end, condos and co-ops commanding those big views can go for incredibly extreme price points, in some cases north of $2,000 a square foot. But on average, the area actually has some relatively affordable options as well, only slightly higher than the city average, with the average unit selling for about $1.6 million in the past year. So a lot of younger people actually move to Nob Hill because it is so close to so many great things. It's close to a lot of people's jobs. Their offices, but it's also home to a lot of old money in those very exclusive high-end high-rise co-op and condo buildings. Now the next neighborhood on my list is where the wealthy of Nob Hill who lost their homes in the 1906 earthquake and fire built their new mansions, Pacific Heights. I've lived in Pacific Heights for over 5 years. I've got a ton of videos about Pacific Heights on my channel. You can go watch them and learn all you could possibly want to know about Pacific Heights from comparisons of different enclaves of Pac Heights to pros and cons videos to walking tours. I'll link them in the description. description below. You can go check them out. For this video, I want to talk specifically about a small sub-area within Pacific Heights known as Billionaires Row, or the Gold Coast of San Francisco, where those Nob Hill elite rebuilt their mansions after the earthquake. They wanted the absolute best views money could buy in the city, and with most of SF real estate now completely up for grabs, the oil and railroad titans set up their new homes in what is now the single most expensive stretch of homes in the city. The area comprises a 3-block stretch of Broadway between Divisadero on the east side to Lyon on the west side, and I think it contains the single most opulent stretch of real estate in San Francisco. There is a fair bit of new tech money here. Larry Ellison, David Sachs, Mark Pincus, Johnny Ives, Laurene Powell Jobs, Jensen Huang, each of them have or have had places here, but it's also been home to heirs to the Levi Strauss fortune. It's been home to the Getty family, and prominent statesmen have set down roots here. The 3-block stretch is pretty walkable, relatively flat, and mild weather by San Francisco standards, and homes there have coveted unobstructed north-facing views of the bay, Alcatraz, such as the Golden Gate Bridge. They have views out west to the Presidio and views out east, and in some cases to the south of the broader city of San Francisco. It's walking distance to a ton of incredible amenities like the Presidio, like Alta Plaza Park, like the food and shops on Sacramento Street, like the food and shops on Fillmore Street. And it's a very short drive down to Union Street in Cow Hollow and Chestnut Street in the Marina. This stretch of homes is where record-breaking prices are set in the city. The current record is held by the house that Laurene Powell Jobs bought in 2024 at $70 million. $71 million, and that broke the prior record that was set by another home on Billionaires Row a few doors down that sold for $43.5 million a few years before. The homes are often 10,000+ square feet. Many of them sit on a third or more of an acre, which is unheard of in San Francisco. You're lucky to get one-tenth of that in San Francisco. A third is very rarefied air in SF. It's easily one of my favorite stretches of homes architecturally. You can actually do walking tours of Billionaires Row, learn all about its history, learn all about the architecture, architecture and who's lived there over the years. It's really fun if you haven't done it, definitely worth checking out. And Billionaires Row is definitely not the only part of Pacific Heights where old money lives. There are a number of pre-war condo and co-op buildings spread across Broadway and Vallejo in other parts of Pacific Heights further east. They are absolutely stunning buildings with equally impressive views. A lot of old money in these places. And homes there do not come on the market all that often. Fixer properties on Billionaires Row can sometimes go for close to $2,000 a foot and completely turnkey properties can sell for north of $3,000, or in Laureen Powell Jobs' case, north of $4,000 per square foot. So it is super expensive, super desirable, and it's where a lot of old money park their wealth. Next on my list is the neighborhood in San Francisco containing the other Billionaires' Row, and that's Russian Hill. The neighborhood got its name when Gold Rush era settlers discovered a Russian cemetery at the top of the neighborhood. The cemetery was removed to make way for some of the earliest homes to be built in SF, and over time it's been home to prominent lawyers, authors, philanthropists, architects, politicians, it's definitely been a go-to destination and remains a go-to destination for old money in the city. And unlike the areas I've talked about so far, there are actually all property types available in Russian Hill. You have condos, co-ops, single-family homes, TICs, whereas in some of these other neighborhoods, you only have single-family homes or you only have condos and co-ops. And despite being built on a gigantic hill, it's actually relatively walkable because you have a ton of amenities really close by no matter where you live in Russian Hill. You're immediately abutting North Beach neighborhood to the east, Pac Heights neighborhood to the west, so you have really easy access to the incredible food in both of those areas. You've got a great stretch of bars and restaurants along both Polk and Hyde Streets in Russian Hill, so you don't even have to leave your neighborhood if you want a night out. You've got great parks like Ina Coolbrith, which offers incredible views of downtown. You've got the Vallejo Steps right next to it, also with incredible views. You have Francisco Park, which is a relatively new park, great dog park, great children's play areas, open green space with great north-facing views. You've got Alice Marble near the top of Russian Hill, which has tennis courts and basketball courts with those insane views. Bay Area is home to the curvy stretch of Lombard Street, so it's one of the most frequented tourist destinations in the entire city as well. The San Francisco Art Institute, which is in the middle of a major renovation right now, is in Russian Hill. There's just a ton to do immediately in and surrounding Russian Hill. And like I said earlier, Russian Hill actually has a Billionaires Row of its own, a Gold Coast of Russian Hill. It's on Francisco Street between Leavenworth and Hyde and has some of the earliest examples of single-family homes in all of San Francisco. One of those homes on a double lot comprising over a third of an acre recently recently sold for over $22 million, over $2,600 a foot. So it is incredibly expensive to live on that stretch of Russian Hill. And the area is generally one of the most expensive places to live in San Francisco, with condos averaging about $1.8 million and single-family homes averaging about $5.5 million. So you've got a lot of old money and a lot of new money, but a lot of old money in a lot of old houses in Russian Hill. Next on my list is the Seacliff neighborhood on the northwest side of San Francisco. This neighborhood absolutely screams old money, just like Presidio Terrace. Seacliff is one of those master-planned and residence park communities designed over a century ago to give that park-like feeling in an otherwise urban environment. You've got fully detached homes completely set back from the streets, so you have true front yards, true backyards. You have privacy from your neighbors, and you have killer views of the Pacific Ocean and the Golden Gate Bridge, views that are uniquely available to the homes in Seacliff. It's been home to several real estate moguls, musicians, actors, clothing magnates, politicians, and statesmen, just like these other neighborhoods I've talked about. Definitely new tech money as well, but a lot of old money has set down roots in Seacliff over the past century plus. And that's mainly because of the uniquely residential character of the neighborhood because of its historic zoning when it was being built, and it's largely remained. There are no businesses in Seacliff, so you don't have people traversing through Seacliff to get to any shops or restaurants. There are only houses in Seacliff. The upside to that, that a lot of old money loves, it's more peaceful. It's more walkable, and it's safe. The downside is you gotta leave Seacliff to get your day-to-day necessities, to get your dry cleaning, to get your groceries, to have a night out, to do pretty much anything you might want to do on a day-to-day basis. You're gonna have to leave your neighborhood, but it's worth it for some of the best views money can buy in the city. If you couldn't guess by the name, a lot of the homes in Seacliff are built literally on the edge of a cliff overlooking the Pacific Ocean, so those views are truly unparalleled and command incredibly high price points. The average home in Seacliff over the past year has cost on average about $6.7 million, around $1,500 a foot, with some of the higher-end ones eclipsing $3,000 a foot. So it is incredibly expensive. And the last neighborhood on my list is Presidio Heights, which immediately neighbors Pacific Heights to the west. The area offers similar amenities to Pacific Heights, but I think it's less trafficked, it's more exclusive, and it's a lot more peaceful. You still have access to places like the Presidio the shops and restaurants on Sacramento Street, but you're just more removed from some of the busier parts of that side of town, the busier parts of Pac Heights near Fillmore Street, for example. You're further away from Union Street in Cow Hollow. You're several blocks removed from the food scene on Clement Street. It just has a quieter, kind of more elegant feel than its surrounding neighborhoods. And it's also a lot smaller than those surrounding neighborhoods like Pac Heights and Richmond, so it just feels more exclusive. To put the exclusivity into perspective, less than a dozen single-family homes have sold in Presidio Heights over the past year compared to almost 50 that have sold in Pacific Heights. So when people buy homes in Presidio Heights, they stay there. It's a really hard neighborhood to break into. And because they're so rarely available, when they sell, just like homes in Seacliff, on the cliff, or on Billionaires Row, they sell at ultra-premium price points. In the past year, on average, they've sold for about $9.6 million, around $1,750 a foot. And just like those homes in Presidio Terrace, on average, they sell really fast, in less than a month. Insanely fast for homes at this price point. And the homes there are just as stunning as the price points from an architectural perspective. You have an awesome mix of the old Victorians, Edwardians, colonial-style homes, Tudors, Mediterranean homes. You also got some modern homes sprinkled in there as well. There's so much character and charm preserved across most of these houses. It's an absolutely beautiful neighborhood and 0% surprising why so much old money parks their wealth there. Well, there you have it. Those are the neighborhoods in SF where you'll find most of San Francisco's old money Each of them offers something unique from the amenities, from the architectural vibes, to the overall lifestyle and location within San Francisco. If you want to learn more about any of them or any other neighborhoods in San Francisco, reach out to me. I've helped numerous people relocate here from all over the country, and I'd be happy to be a resource for you. I'll put my contact info in the description below. Reach out anytime. And if you like videos about different parts of the city, current events, new developments, or all things San Francisco real estate, make sure to subscribe to my channel because I make videos about that stuff every single week. And before you go, make sure you check out some of those videos about Pacific Heights, It's by far my favorite neighborhood in the city and where I've lived for the past 5+ years. I've got several videos about different aspects of the area, including walking tours and pros and cons videos and cost of living videos. I'll link those in the description below. Go check them out. I hope you enjoyed the video and I'll see you in the next one. Bye.