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Vallejo Emerges As One Of Bay Area's Hot Real Estate Markets

VALLEJO (CBS SF) -- If you're looking for a bargain in the Bay Area's pricey housing market, look no further than Vallejo.

It was just named as the hottest market in America, edging out San Francisco at number 2 according to

"2007, 2008 when the market crashed this city was one of the hardest hit, the city even filed for bankruptcy and a lot of people think of Vallejo as a crime-ridden spot, a lot of foreclosures but because of the prices and where it's situated, it's really in an incredible transition," said luxury real estate broker Justin Fichelson.

Take the nearly 2,000-square-foot, 4-bedroom home at 117 Chatham Place. It features a remodeled kitchen, easily up-gradable fixtures, and a huge backyard - priced at $450,000.

And that's above the city's median home value - $349,300, according to Zillow.

If you're willing to shell out a bit more - you can snap up a rare find - a historic 6 bedroom, multi-family Victorian built in 1917 at 518 Florida Street. The asking price is $598,000.

For buyers looking for something more modern and brand new -- a 3-bed, 3-bath Colina at Waterstone home is listed for just under $750,000.

"Vallejo is 30 miles from San Francisco, it's 15 miles from Napa Valley, you have a direct ferry that goes straight into the city and it's great weather," added Fichelson.

Fichelson says demand has gone up particularly because people have been priced out of San Francisco. Buying in Vallejo is a steal - even compared to Oakland - where the median home value is $678,800, according to Zillow.

"Look on this block alone you have cute coffee shops and restaurants opening up, there's a burgeoning art scene in downtown Vallejo so it's really changing," said Fichelson.

Like other Bay Area cities though -- homes in Vallejo are in short supply. Half sell in under 30 days.

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