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Home Prices Soar On San Francisco Laidley St. As Tech Execs Converge On Glen Park

SAN FRANCISCO (KPIX 5) -- Century-old architecture and cottage homes meet enormous, modern construction on the hottest street in San Francisco for high-roller tech executives.

Laidley Street, which curves around the east flank of the Glen Park neighborhood, could soon be recognized as a new San Francisco "microhood" which some realtors have begun calling Laidley Heights.

Take Laidley street's newest home -- dubbed Laidley Manor -- on the market for a record $10 million. It's a 5,300 square foot, five-bedroom, 5 1/2 bath home which features a zen garden, three levels, massive closets and top-of-the-line finishes.

"We have buyers, typically younger, high-tech buyers who are massively wealthy, typically suddenly so, and they're not really interested in the mansion in Pacific Heights," said Patrick Carlisle with Paragon Real Estate. "They want a beautiful new home, they want a high-tech home, they want a neighborhood ambiance that is lower-key and more relaxed."

Laidley Street stretches south from Noe Valley. It is separated from Bernal Heights on the east by San Jose Ave. Among Laidley's attractions are dramatic, unobstructed views of the San Francisco skyline, the Bay Bridge and East Bay hills.

Real estate agents told KPIX that Apple executives have snapped up and remodeled three pricey, mega-homes in the area.

This past spring, a 5-bedroom, 4,400 square foot home sold for more than $5 million -- the highest ever for the neighborhood. On a recent drive, it's not hard to spot big construction projects on the block.

After the 1906 earthquake, many people from downtown moved into the neighborhood because it was mainly untouched by the disaster. Newly-homeless families lived in so-called earthquake shacks.

Andrew Ugrinow has lived on Laidley for 14 years. He and his husband plan to take advantage of the red-hot real estate market and cash out.

"We're thinking about retiring and it'd be kind of nice to sell it at a higher price," Ugrinow said. "We're thinking about either going back to Ohio or Palm Springs."

Judy Tergis is a third-generation San Franciscan.

"It's gotta be sad you know, we have four children who can't afford to live here and we're lucky because my mother-in-law bought this house in the fifties (at) $50,000 or so for two lots," Tergis explained.

Today the median home price for Glen Park is close to $1.5 million.

Philip Pasmanick's two-bedroom house is within walking distance of the luxury homes. "I have mixed feelings because these homes -- many of them only the elite can possibly begin to afford, whereas I bought my home for $200,000 and now my daughter still lives in her childhood room in the basement," Pasmanick said.

Real estate market analyst Patrick Carlisle says the new generation of Silicon Valley elites has particular taste.

"They love areas like Noe Valley, the Castro and Cole Valley, places where they wander out in their jeans and sneakers for a cup of coffee and sushi and that sort of thing. And it's also close to highways south on the peninsula," Carlisle said.

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