San Francisco real estate is the country's hottest real estate right now. The city has experienced double-digit appreciation in the past year, and properties selling above—sometimes far above—asking price are the norm. The San Francisco Bay Area is the No. 2 super-rich metropolis, after New York, with more than 60 billionaires. The super-rich of San Francisco are a rare breed, and here are a few reasons why.
Food-obsessed
Though San Franciscans enjoy dining out, one of the favorite indulgences of the super-rich is to spend an evening with a top chef who prepares a private feast for them and their guests. Legendary chef Gary Danko, for example, will prepare a meal at his glamorous Russian Hill home: A private Champagne reception and dinner for 10 starts at $10,000, with part of the proceeds going to the SF Marin Food Bank. Also popular is Quince's Champagne Wishes and Caviar Dreams tasting party for $4,500.
Where the arts meets haute couture
Whether it's the opening night of the opera or a gala fundraiser, a custom gown is de rigueur for the super-rich women of San Francisco, who enlist renowned designers to create exclusive fashions for a big event. Dresses by big names such as Ralph Rucci, Rodarte, Rubin Singer (known for his designs for Beyoncé), Zang Toi, Karen Caldwell, Giambattista Valli and Andrew Gn can easily cost between $40,000 and $100,000, depending on materials and detailing. But those who can will gladly pay to wear a dress that no one else in the world can have.
Superfit
And why not? The mild climate (temperatures average 65 degrees to 70 degrees Farenheit year-round) supports an active lifestyle, so this select, super-rich crowd has no need for summer homes or winter retreats. Though, of course, they might have them anyway.
Wine and coffee lovers
Napa and Sonoma counties are just a 45-minute drive from downtown San Francisco and comprise over 1,000 of the world's finest vineyards. No megahome worthy of the name lacks a top-shelf, temperature-controlled wine cellar. The super-rich of this city also appreciate great java, with coffee shops representing the "third space" where current and future tech entrepreneurs can spend hours developing their ventures. The headquarters of former tech start-ups—Twitter, Zynga, Yelp—proliferate here, providing ample incentive for those chasing their super-rich dreams.