Around the country, home prices near major metros have jumped significantly in the last few years, making the areas unaffordable for many — and pushing long-time local residents to sell and cash in on the run-up in valuations.
In Marin County, California, home prices have risen more than 9 percent in the last year, according to Zillow.
Mark Pasternak is a Marin County-based rancher who produces specialty meat products for local shoppers and some of the toniest restaurants in the Bay Area. He bought his 75-acre Devil’s Gulch Ranch in western Marin County back in 1971 for $550 an acre and has been raising pigs, sheep, rabbits and poultry ever since. The farm is a fixture in the local community, so it shocked many when Pasternak announced the ranch is for sale.
He said he’s selling because of the jump in value. The land around his has already been snapped up by wealthy people for private ranches with large homes. The property Pasternak paid less than $40,000 for is now worth about $5 million.
www.cbsnews.com/news/california-ranch-lists-for-125-times-original-purchase-price/