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Nov 1, 2024 5:21:52 GMT
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Post by Deleted on Aug 8, 2016 21:31:22 GMT
California real estate prices are absolutely insane. I don't understand how anyone can afford to buy a house out there, let alone afford to live out there. some of us Californians wonder the same thing about real state in Manhattan, New York. tiny apartments...no yard....huge price tags.
California real estate is insane! it has made millionaires out of regular joes by virtue of owning real estate in the desirable areas. when I was a kid, no one knew an actual millionaire and now they are everywhere thanks to real estate. we are not talking someone who owns a bunch of properties either. just one property with enough equity or paid in full can easily make you a millionaire around here and no one bats an eye.
I believe that both San Francisco and San Jose have surpassed Manhattan for average cost of real estate. (I'm sure plenty of other Bay Area communities have too, but I think the lists I've seen were only for cities above a certain population.) |
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Post by papersilly on Aug 8, 2016 21:42:49 GMT
some of us Californians wonder the same thing about real state in Manhattan, New York. tiny apartments...no yard....huge price tags.
California real estate is insane! it has made millionaires out of regular joes by virtue of owning real estate in the desirable areas. when I was a kid, no one knew an actual millionaire and now they are everywhere thanks to real estate. we are not talking someone who owns a bunch of properties either. just one property with enough equity or paid in full can easily make you a millionaire around here and no one bats an eye.
I believe that both San Francisco and San Jose have surpassed Manhattan for average cost of real estate. (I'm sure plenty of other Bay Area communities have too, but I think the lists I've seen were only for cities above a certain population.) San Fran and San Jose is absolutely our Manhattan here in California! I remember when San Jose was just a sleepy town with nothing but the university. now it's a major player in the real estate market. amazing.
my neighborhood used to be made up of mostly people who worked for the movie studios. now that the tech campuses have opened up, the techies with young families are the ones moving in.
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Deleted
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Nov 1, 2024 5:21:52 GMT
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Post by Deleted on Aug 8, 2016 21:52:04 GMT
 Insanity. Median rent comparisons. (NYC is listed as a whole - Manhattan on its own would certainly be higher on the list.) |
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Post by kimpossible on Aug 8, 2016 21:56:01 GMT
No surprise - its the Silicon Valley
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Post by Dictionary on Aug 8, 2016 22:12:14 GMT
Yes this most likely looks like a rental, it's old and not refurbished inside. It's not only the location and lot size but mostly the school system. And given it's a close commute to the new Apple campus. If you really want a shock look at Palo Alto and those surrounding areas (i.e Menlo Park, Woodside, etc)
We bought our home 13 yrs ago and it was in horrible shape, it's only 1500 sq ft on an average size lot, nice big front yard and decent sized back yard, not so desirable school systems but our son went to private at the time so not a concern for us. In those 13 years the price of the home has more than doubled. We have put in a lot of upgrades, etc but only a few 100K so the equity already is way more than we have invested. Rent across the street just went from $3600 to $3800 for no reason other than the guy can. We have a lot of foreigners coming in to purchase homes for their families and to invest their money before their economy tanks and it's also happening in Canada where they have started I believe either a 15 or 20% foreign tax for anyone purchasing property.
It's not helping the market with people who already can't afford to buy homes as it is. Rent is horrible and as another poster said Apple is building yet more campus in San Jose. We have a ton of apartments going in where we used to have business. The new norm is business shops on the bottom and apartments on the top making little communities if you will, before these can barely be finished there already rented. It's normal for kids to continue living with their parents until they are 30 because they just can't afford to move out. Most kids are moving to other states because they just can't afford to live here. It's pretty sad but will say the weather is near perfect all year and it's easy to get to either the beach or mountains within hours. You have just about everything out here.
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Post by ntsf on Aug 8, 2016 22:15:02 GMT
another thing driving the market is that most of the buyers do not want a fixer. they want something shiny and new looking. so an old house that needs lots of work takes longer to sell. it is the reason we put $50,000 into a bathroom plus remodel a few years ago..the market demands means we would get back 140% of the cost. (the bathroom was original to 1927--bad bad shape)...old victorians are bought up, gutted, facade kept and the rest looks like futuristic..all white and chrome. the zoning in SF keeps it insane too..takes 2-4 yrs to get remodeling permits. you can't tear down a house.. and every neighbor has input into what you are doing. the guy who bought the house behind us..like for 1.6 million, has spent 2 yrs and maybe $4-500,000 remodeling and they still aren't back in the house. they had to redo foundation and everything else.
we have to keep our house up to maintain the value.
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Post by Clair on Aug 8, 2016 22:15:16 GMT
Papersilly - I'm guessing you live in Silicon Beach.
Great place to live!
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Post by papersilly on Aug 8, 2016 22:19:52 GMT
Papersilly - I'm guessing you live in Silicon Beach. Great place to live! I do and gah, we hate that name! whoever coined it must be patting himself/herself on the back but I think it sounds cheesy. the real estate agents aren't wasting any time cashing in on it though----listing flyers have "heart of Silicon Beach" plastered all over them. drive a few more minutes and it is more like "Silicone Beach". LOL
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Post by papersilly on Aug 8, 2016 22:23:38 GMT
another thing driving the market is that most of the buyers do not want a fixer. they want something shiny and new looking. so an old house that needs lots of work takes longer to sell. it is the reason we put $50,000 into a bathroom plus remodel a few years ago..the market demands means we would get back 140% of the cost. (the bathroom was original to 1927--bad bad shape)...old victorians are bought up, gutted, facade kept and the rest looks like futuristic..all white and chrome. the zoning in SF keeps it insane too..takes 2-4 yrs to get remodeling permits. you can't tear down a house.. and every neighbor has input into what you are doing. the guy who bought the house behind us..like for 1.6 million, has spent 2 yrs and maybe $4-500,000 remodeling and they still aren't back in the house. they had to redo foundation and everything else. we have to keep our house up to maintain the value. not true around here. first time buyers people want fixers because that's the least they can pay to get into the area. they can always fix it up later but just getting into the area is key. yes, permits take forever but in the meantime, you build that equity. by the time you start remodeling, you house is worth that much more without having touched it. |
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Post by Clair on Aug 8, 2016 22:26:21 GMT
Yea - I know but all many tech companies are opening offices there. Love the silicone - so true.
Im a bit south of there.
I
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Post by beaglemom on Aug 9, 2016 5:34:27 GMT
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Post by scrappintoee on Aug 9, 2016 7:05:04 GMT
Interesting thread! Ohhh, I just LOVE California ! We've visited several cities there, and I fell in love with most of them! As far as a little shack near a California beach----I would be happy in one, I really would!  As long as everything in our little shack worked properly, and we'd have it nice and clean, cozy and cute on the inside; that's all I need to be near the ocean AND in California---WOW! beaglemom---that is gorgeous land !!! @busypea ----thank you for posting that chart ! SO interesting! We used to live in San Antonio, and when we go to visit our families, we've noticed there is a TON of new construction and the traffic has increased A LOT!!!  |
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Post by mirabelleswalker on Aug 12, 2016 17:24:14 GMT
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Post by ntsf on Aug 12, 2016 17:46:05 GMT
I think everyone should look at the flintstone house..it is still for sale and they lowered the price www.flintstonehouse280.com/ we all know this house cause you can see it from I280...it has a beautiful western view over the freeway and the western hills and the fogbank |
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Nov 1, 2024 5:21:52 GMT
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Post by Deleted on Aug 12, 2016 17:47:04 GMT
Here's an article about a women who served on the Palo Alto planning commission and resigned. She and her husband decided to leave the city because they could never afford to raise a family there.
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Post by ladytrisha on Aug 12, 2016 20:27:06 GMT
We're in So. California with a regular old house. We are one of "those" California families looking to get out of this crazy area. Our problem? We can't figure out where the heck to move to. Wanting to find affordable, but also an area that has employment opportunities for me now and our son (if he ever finishes college). Part of us says - head to San Antonio and 'burbs for affordable living. Another part says - head to Washington and Oregon - pay a little more but there's green up there! (we miss green, we miss rain ... we're over brown hills everywhere). We have friends who bailed at the peak of the real estate boom - they went to Florida (that didn't go well), Idaho and New Mexico. Florida peeps are now moving outside Denver - new construction. Meanwhile, I have an 85 mile roundtrip commute each day and I'm exhausted. Santa Barbara up the coast from us has a problem getting employees for companies there - especially teachers and city works. salaries can't cover rents or mortgages. I worry for our kids' futures because right now they are looking at commune living in a 2 bed apt.  |
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mallie
Pearl Clutcher
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Post by mallie on Aug 12, 2016 21:37:19 GMT
Here's an article about a women who served on the Palo Alto planning commission and resigned. She and her husband decided to leave the city because they could never afford to raise a family there. Last year, my husband was offered a job in the area. We were very interested until they told us the salary. It was not remotely close to what he makes now -- in the midwestern suburbs, let alone enough to live in that area. He called them back to say, "I think the salary is missing some digits..." They told him that the amount quoted was correct. He immediately asked, "How in the world do you think anyone can live there on that salary?" The HR woman told him that their staff are all partnered/married to people who make at six figures. who basically subsidize working at that organization. She said that their "Expectation was that your wife will get a job that will actually pay enough to live here." Utterly ridiculous. |
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As long as everything in our little shack
