AA747123
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SF Bay area home prices!

Wed Sep 13, 2017 11:21 pm

Well it is already insanely expensive in the bay area with average houses going for an average of $200,000 over asking price.. But this home just sold for a whopping $782,000.00 over asking... ALL CASH!

http://www.mercurynews.com/2017/09/12/n ... sunnyvale/
 
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Aeroflot777
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Re: SF Bay area home prices!

Thu Sep 14, 2017 2:05 am

San Francisco is my hometown, and I can't believe I'm saying this... but sounds like they got a great deal. :lol:

Last thing I read here in the local paper the other day, the average cost to rent a 1-bedroom apartment in the Mission District of SF is like $3,900 a month. Makes me so happy about rent control. The prices in this town are insanity these days.
 
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Siren
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Re: SF Bay area home prices!

Thu Sep 14, 2017 11:10 am

And this is the reason I no longer live in Palo Alto, and moved myself to the Los Angeles region. I simply could no longer justify $3,200 monthly rent for a 1 bedroom 900 square foot condo. My landlord was ecstatic when I asked if I could break the lease, back in April 2013. He gladly let me go from the lease - and I told him I would be out within two weeks. As it turns out, within four days of my notification to my landlord that I was breaking my lease, he had already rented the unit - prepaid - 6 months in advance, for $4,300. For a 900 square foot one bedroom condo in downtown Palo Alto with a single included parking space (an extra $200 a month for the parking space)...

I have to say though, I do miss some things about Palo Alto, but... I am a tech burn out, and I'd rather slit my wrists than look at another line of source code ever again. ...

It really is a different world out there - they live in their own bubble. Their economics are not comparable to the economics of the regular person. Not by any stretch of the imagination.....So glad to be out of there.
Siren: 32 year old single white female based @ KLAX. Aviation nerd, political wonk, disability rights activist, German car enthusiast, Californian Independence leader & evangelist
 
melpax
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Re: SF Bay area home prices!

Thu Sep 14, 2017 1:31 pm

I thought Melbourne & Sydney house prices were silly......
Essendon - Whatever it takes......
 
nitepilot79
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Re: SF Bay area home prices!

Thu Sep 14, 2017 3:40 pm

Not quite on-topic; but what's happening with that residential tower that's sinking? The press (national) hasn't talked about it for a little while.
Last edited by nitepilot79 on Thu Sep 14, 2017 4:02 pm, edited 1 time in total.
 
nitepilot79
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Re: SF Bay area home prices!

Thu Sep 14, 2017 3:45 pm

melpax wrote:
I thought Melbourne & Sydney house prices were silly......


The sheer price of Mexican food in those cities makes up for the difference :biggrin:
Last edited by nitepilot79 on Thu Sep 14, 2017 3:48 pm, edited 1 time in total.
 
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Super80Fan
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Re: SF Bay area home prices!

Thu Sep 14, 2017 3:47 pm

Why anyone would live in that area voluntarily is insane.
RIP McDonnell Douglas
 
wingman
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Re: SF Bay area home prices!

Thu Sep 14, 2017 4:08 pm

nitepilot79 wrote:
Not quite on-topic; but what's happening with that residential tower that's sinking? The press (national) hasn't talked about it for a little while.


Off topic, I believe city engineers have declared that the tower remains seismically sound and is done with its settling. Nevertheless residents can still roll marbles down the hallway from a standstill. Seeing things like this happening to the .0001% does bring a smile to my face but the owners/developers will pay. A building full of pissed of .0001%'ers is surely the worst legal opponent one could ever see in court.

On topic, we still have our place in the Mission and miss all of our friends, but SF is a far cry from what it was back in the 90s, likely the same sentiment that old timers in the 90s said about the 80s and 70s and 60s etc etc. But 75 minutes to Muir Beach and 6 hrs to Tahoe..come on, the whole point of the place to me was the easy access to wild coastline, wine country and the mountains. At the end of our time there I'd be a Mr Magoo and not even over the Golden Gate. Like most old US cities SF needs at least $10-$20B in infrastructure repair, expansion and new development. Hopefully they'll get a piece of Trump's $1T promise to MAGA.
 
Georgetown
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Re: SF Bay area home prices!

Thu Sep 14, 2017 4:33 pm

Super80Fan wrote:
Why anyone would live in that area voluntarily is insane.


Some of us do because we were born here, grew up here, and have spent most of our adult lives here. Said differently, it's home.

Like many places, it has its faults to be sure, but it also has a hell of a lot going for it (no need to list every reason here). There's great places around the globe that have their drawbacks and people make a conscious decision to accept them. Places like Chicago have bitterly cold winters, Miami, New Orleans and other cities could be hugely impacted by hurricanes. Seattle and Portland have to deal with more gloomy weather than most. And that's just the US. In SF we have high prices and the occasional earthquakes, but like the others places mentioned, there's enough wonderful things that make people pay up and live here.

I've lived in DC, NY, London and briefly in Hong Kong and loved them all. San Francisco is home though.
Let's go Hoyas!
 
nitepilot79
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Re: SF Bay area home prices!

Thu Sep 14, 2017 4:52 pm

wingman wrote:
nitepilot79 wrote:
Not quite on-topic; but what's happening with that residential tower that's sinking? The press (national) hasn't talked about it for a little while.


"... hopefully they'll get a piece of Trump's $1T promise to MAGA."


:rotfl:
 
nitepilot79
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Re: SF Bay area home prices!

Thu Sep 14, 2017 5:25 pm

At least one, if the timing is right, can buy a swanky street in San Fransico for under $100,000:

https://www.cnbc.com/2017/08/08/san-fra ... 90000.html

Article quote:

"Presidio Terrace in San Francisco is one of the most exclusive neighborhoods in the city. Dianne Feinstein and Nancy Pelosi have lived there. And now it's at the center of a street fight. The controversy is over the sale of one of the streets in the posh neighborhood. A Bay Area couple bought it for a mere $90,000 at a little-known auction. Now, Michael Cheng and his wife Tina are considering charging homeowners for street parking. The couple nabbed the prized property because the homeowners' association, which owned the real estate, failed to pay its $14 dollar a year property tax bill over three decades, prompting the auction. An attorney for the homeowners association says that's because the bill was sent to the wrong address for all those years."
 
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Aesma
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Re: SF Bay area home prices!

Fri Sep 15, 2017 12:10 am

Do people living there also have to pay insane prices for all services, groceries etc., or how does it work, how can people doing "normal" service jobs live there to be able to provide these services ?
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
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DocLightning
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Re: SF Bay area home prices!

Fri Sep 15, 2017 12:29 am

Bought a house in the East Bay in 2012. It has nearly tripled in value (the thing is that it's all funny money...if I should sell it, a house anywhere else in the Bay Area is way more). Houses around our neighborhood that are way smaller/crappier than ours are selling for more than we bought ours. The rate of increase is cooling off (something has to give) but it's still absurd.
-Doc Lightning-

"The sky calls to us. If we do not destroy ourselves, we will one day venture to the stars."
-Carl Sagan
 
Ken777
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Re: SF Bay area home prices!

Fri Sep 15, 2017 1:21 am

I have a friend from the Navy who bought his home in '68 after getting married. The home was a well designed 1350 sq ft 3/2/2 on a quiet street in Palo Alto. Lovely lot with a brick privacy fence in the front. When his father-in-law (a financially successful guy) walked around the house he said to my friend "you'll never get your money out of it." My friend paid $35K.

Don't cry too much, Doc. If you got that deal you would be 73 - 74 years old now.
 
coolian2
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Re: SF Bay area home prices!

Fri Sep 15, 2017 1:33 am

Auckland is just as bad, and we're required to have at least a 20% deposit to get a mortgage.

But apparently as a millennial sometimes paying for a $4.50 coffee and owning a laptop and a phone means I'm wasting money and I'll never save for a deposit.

I am just an iPhone X away from that $200,000 deposit, you're right, Gregory. Thanks for your helpful advice.
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seb146
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Re: SF Bay area home prices!

Fri Sep 15, 2017 2:55 am

I am not a Baby Boomer. I am Gen X. Young Gen X. Gen Y, really.... Only like two people will get that. Anyway, I am sick of hearing "If Millennials would just do this..." or "Why don't Millennials do that..." It is not so much that Millennials don't know how to spend money and budget, but that they can not get high paying jobs at all. Many of the jobs are non-paying internships or minimum wage. Even with a degree in a good field. Experienced people can not get good paying jobs because they can not afford to live where the good paying jobs are.
Patriotic and Proud Liberal
 
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LAX772LR
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Re: SF Bay area home prices!

Fri Sep 15, 2017 3:04 am

Aesma wrote:
how can people doing "normal" service jobs live there to be able to provide these services ?

Simple... they can't.

Which is why several police and servicemen unions have sued the city of San Francisco, and some of its suburbs over the years. They protect a city that they could never live in, even if they made double their median salary.
I myself, suspect a more prosaic motive... ~Thranduil
 
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Aeroflot777
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Re: SF Bay area home prices!

Fri Sep 15, 2017 7:27 am

Super80Fan wrote:
Why anyone would live in that area voluntarily is insane.


For some of us, this is still home. It's not the same SF as it was in the 90s, it changes daily. I go back and forth between Europe and here, but when I land at SFO every two months or so, I breathe out a sigh of relief and can't help but say "I'm home." I hope this madness stops soon, though. As Doc said, rent/buy prices are cooling off, but we can't hold our breath that they will dip back to their original levels. I just want my 90s and early 2000s SF back. :hissyfit:

wingman wrote:
But 75 minutes to Muir Beach


I live in the Richmond District and count the North Bay as my safe haven, so thankfully Muir Beach is still easily accessible. I have no problem hopping on the 1 and getting across the Golden Gate Bridge. Just need to avoid the congested peak hour times.
 
melpax
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Re: SF Bay area home prices!

Fri Sep 15, 2017 1:11 pm

coolian2 wrote:
Auckland is just as bad, and we're required to have at least a 20% deposit to get a mortgage.

But apparently as a millennial sometimes paying for a $4.50 coffee and owning a laptop and a phone means I'm wasting money and I'll never save for a deposit.

I am just an iPhone X away from that $200,000 deposit, you're right, Gregory. Thanks for your helpful advice.


You forgot the smashed Advocado!

One of our neighbours has just sold their house for AUD$886,000. That price is considered a steal in my area of Melbourne at the moment, apparently they wanted it sold while they were away on holiday, and didn't want an auction. If they used a decent estate agent, and sold it by auction, they would have got at least a million or more for it......
Essendon - Whatever it takes......
 
Flighty
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Re: SF Bay area home prices!

Fri Sep 15, 2017 3:55 pm

It's crazy & has something to do with hardening of class divisions in our new economy. A technical/AI-enabled ownership class that has one to two more digits to their income, versus people who work in all other fields. At least this is how I see it.

I predict everyone's pay will decline except those involved with tech/AI. And house prices will continue to fall in areas without that industry, and climb in areas that do have it. In the end, houses in acceptable areas will be 5-10 million each. And elsewhere, perhaps $80,000. It will look a lot more like India.
 
seb146
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Re: SF Bay area home prices!

Fri Sep 15, 2017 4:40 pm

Aeroflot777 wrote:
Super80Fan wrote:
Why anyone would live in that area voluntarily is insane.


For some of us, this is still home. It's not the same SF as it was in the 90s, it changes daily. I go back and forth between Europe and here, but when I land at SFO every two months or so, I breathe out a sigh of relief and can't help but say "I'm home." I hope this madness stops soon, though. As Doc said, rent/buy prices are cooling off, but we can't hold our breath that they will dip back to their original levels. I just want my 90s and early 2000s SF back. :hissyfit:


I think we all want to go back to when we could afford things like housing and medical and education. But, thanks to "trickle down" and tax cuts for the rich, that will not happen for a long time.
Patriotic and Proud Liberal
 
Calder
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Re: SF Bay area home prices!

Fri Sep 15, 2017 5:23 pm

This makes me glad that I live in an area where I can buy a decent fixer upper for ~40K.

I'd rather be the medium sized fish in a small pond thanks!
C. T.
 
Flighty
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Re: SF Bay area home prices!

Fri Sep 15, 2017 8:36 pm

Yes Calder, there is a lot of truth to that. The people with the best standards of living I know live in small town America or small city America. The amount of time & outdoors you can have are hard to beat. Places where you can leave keys in your car. Where you can leave the door open in case your neighbor needs anything. That kind of life is still available across the country.
 
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ER757
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Re: SF Bay area home prices!

Fri Sep 15, 2017 11:43 pm

DocLightning wrote:
Bought a house in the East Bay in 2012. It has nearly tripled in value (the thing is that it's all funny money...if I should sell it, a house anywhere else in the Bay Area is way more). Houses around our neighborhood that are way smaller/crappier than ours are selling for more than we bought ours. The rate of increase is cooling off (something has to give) but it's still absurd.

You hit the nail on the head, Doc. I had relatives hounding me relentlessly before the GFC circa 2008 or so to sell my place because it was worth "so much more than you paid for it" they'd say. And of course, my reply was pretty much what you're saying - "yeah, and what do I do then? Go live on the street or with you? Because otherwise I have to buy another place that is just as artificially price-inflated as where I am now." Lots of people just don't get that part - clearly you do.
 
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zckls04
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Re: SF Bay area home prices!

Sun Sep 17, 2017 4:24 am

DocLightning wrote:
Bought a house in the East Bay in 2012. It has nearly tripled in value (the thing is that it's all funny money...if I should sell it, a house anywhere else in the Bay Area is way more). Houses around our neighborhood that are way smaller/crappier than ours are selling for more than we bought ours. The rate of increase is cooling off (something has to give) but it's still absurd.


It may be funny money but it has its advantages. I bought in Alameda at around the same time you did, and our house has also nearly tripled. The bad side of that is that we can never afford to move again. If we moved to an equivalently sized house the property tax would bankrupt us.

But on the plus side, that equity gives us a tremendous amount of security. My advice (if you haven't already) is to get a home equity loan while the market is high. You don't have to use it, but it gives you a huge reserve of cash to draw on if you ever need it.
Four Granavox Turbines!
 
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Aesma
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Re: SF Bay area home prices!

Sun Sep 17, 2017 8:39 pm

Flighty wrote:
Yes Calder, there is a lot of truth to that. The people with the best standards of living I know live in small town America or small city America. The amount of time & outdoors you can have are hard to beat. Places where you can leave keys in your car. Where you can leave the door open in case your neighbor needs anything. That kind of life is still available across the country.


But if you like living in SF or NYC, small city America isn't exactly your thing, usually.

Personally I'd like a bit of both worlds, and I'm sure more and more people are doing/considering this : buying a house in the country but commuting often to the big city (that can be hundreds of miles away in the case of Paris if you are along a TGV line), or buying a smaller flat in the big city, but going to your country house every week-end, maybe work from there sometimes too.

ER757 wrote:
You hit the nail on the head, Doc. I had relatives hounding me relentlessly before the GFC circa 2008 or so to sell my place because it was worth "so much more than you paid for it" they'd say. And of course, my reply was pretty much what you're saying - "yeah, and what do I do then? Go live on the street or with you? Because otherwise I have to buy another place that is just as artificially price-inflated as where I am now." Lots of people just don't get that part - clearly you do.


That also means your first bought home might be your last. If prices continue to rise, inflation stays low, and your income rises slower than real estate prices, then the difference in price between say a flat and a house you might want later will grow faster than your ability to bridge that gap.

I'm planning to do like my brother, find a rich woman !
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
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ER757
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Re: SF Bay area home prices!

Sun Sep 17, 2017 11:58 pm

Aesma wrote:
Flighty wrote:
Yes Calder, there is a lot of truth to that. The people with the best standards of living I know live in small town America or small city America. The amount of time & outdoors you can have are hard to beat. Places where you can leave keys in your car. Where you can leave the door open in case your neighbor needs anything. That kind of life is still available across the country.


But if you like living in SF or NYC, small city America isn't exactly your thing, usually.

Personally I'd like a bit of both worlds, and I'm sure more and more people are doing/considering this : buying a house in the country but commuting often to the big city (that can be hundreds of miles away in the case of Paris if you are along a TGV line), or buying a smaller flat in the big city, but going to your country house every week-end, maybe work from there sometimes too.

ER757 wrote:
You hit the nail on the head, Doc. I had relatives hounding me relentlessly before the GFC circa 2008 or so to sell my place because it was worth "so much more than you paid for it" they'd say. And of course, my reply was pretty much what you're saying - "yeah, and what do I do then? Go live on the street or with you? Because otherwise I have to buy another place that is just as artificially price-inflated as where I am now." Lots of people just don't get that part - clearly you do.


That also means your first bought home might be your last. If prices continue to rise, inflation stays low, and your income rises slower than real estate prices, then the difference in price between say a flat and a house you might want later will grow faster than your ability to bridge that gap.

I'm planning to do like my brother, find a rich woman !

Yeah, I am with you there - I need a Sugar Mama :D
 
Ken777
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Re: SF Bay area home prices!

Tue Sep 19, 2017 10:09 pm

One question that keeps popping in my mind: with all this super inflation are we headed for another crash? Bubbles can pop and that can be messy for home owners. If Trump screws up and we end up with "military action" in NK then I can see some serious problems hiding this country, as well as many other countries.
 
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DocLightning
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Re: SF Bay area home prices!

Wed Sep 20, 2017 5:28 am

Ken777 wrote:
One question that keeps popping in my mind: with all this super inflation are we headed for another crash?


I sure hope so! I have a rather large sum of money that is waiting until the market drops 15% and then I will gobble up ALL TEH STAHKZZ and make even more money out of my investment.
-Doc Lightning-

"The sky calls to us. If we do not destroy ourselves, we will one day venture to the stars."
-Carl Sagan

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