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Bay area housing market

Well, I recently got fired, then got a new amazing job, and then got my Green Card, so I'm now pretty heavily invested in living here forever, though if my house ever got cray-cray valuable in 10 years I'd totally sell out and move back to Canada or somewhere in East Bay where I can get some land with my house.
 
Yakoo752 said:
agreed



agreed but that's a total of 10+ years out, from today

but that's kind of the definition of a bubble :laughing If I was planning on moving in the next 10 years, the Bay Area is NOT where I would purchase property to live in.
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If I owned a home in the Bay Area, especially outside SF proper, I would be selling and you wouldn't see me again for a long time.
 
HappyHighwayman said:
I have a personal example of the Chinese money....house goes on sale in my complex...sells for a ridiculous $1.4 M...Chinese money for their son going to college. Anyway another one goes on sale...sells for $1.2...because the $1.4 was waaaay higher than the 2nd highest bid apparently...anyway it's still an AWESOME price, but shows what a rich un-involved foreign money can do.
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this is nothing compared to what I see daily - house 2 blocks over

http://www.zillow.com/homedetails/10351-S-Tantau-Ave-Cupertino-CA-95014/19643575_zpid/

listed for 2.1 sold for 2.5 all cash - NOBODY HAS MOVED IN

http://www.zillow.com/homedetails/10218-S-Tantau-Ave-Cupertino-CA-95014/19643534_zpid/


listed for 1.9 sold for 2.6 all cash - awaiting permits to tear down - no one lives there

http://www.zillow.com/homedetails/10334-S-Tantau-Ave-Cupertino-CA-95014/19643593_zpid/

listed for 1.6 sold for _____??? on the market for 1 hour.
 
That's nuts!

Honestly, foreign non-resident buyers should pay a lot of extra taxes to off-set their damage to society.
 
Meter Man said:
If I owned a home in the Bay Area, especially outside SF proper, I would be selling and you wouldn't see me again for a long time.
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a few more years - I'm looking in Portland and a few other PNW locations.

But I'm a frugal person so the net gain is a fully funded retirement and not McMansion in a cheaper area. I know too many people that fall into that trap. I have the money and a good job so why not spend it... --- I want to retire at 50 not 67.5
 
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Yakoo752 said:
a few more years - I'm looking in Portland and a few other PNW locations.

But I'm a frugal person so the net gain is a fully funded retirement and not McMansion in a cheaper area. I know too many people that fall into that trap. I have the money and a good job so why not spend it... --- I want to retire at 50 not 67.5
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I thought we were buying an island?!?!?
 
Yakoo752 said:
a few more years - I'm looking in Portland and a few other PNW locations.

the Bay Area is NOT where I would purchase property to live in.
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^This. So many other places in the U.S that offer similar if not better nature, tech jobs, and people. No sense paying 3x-4x the price just because everyone declared the bay area to 'where its at'. Better to find the next place that will be deemed hot, get in at a low entry price, enjoy it before it becomes overcrowded and filled with snotty people, and sell to them once that occurs :p

Yep, I'm looking at other states in the PNW as well.. No way in hell you're getting me to pay $1million+ for a house anywhere in the world...
 
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Yakoo752 said:
this is nothing compared to what I see daily - house 2 blocks over

http://www.zillow.com/homedetails/10351-S-Tantau-Ave-Cupertino-CA-95014/19643575_zpid/

listed for 2.1 sold for 2.5 all cash - NOBODY HAS MOVED IN

http://www.zillow.com/homedetails/10218-S-Tantau-Ave-Cupertino-CA-95014/19643534_zpid/


listed for 1.9 sold for 2.6 all cash - awaiting permits to tear down - no one lives there

http://www.zillow.com/homedetails/10334-S-Tantau-Ave-Cupertino-CA-95014/19643593_zpid/

listed for 1.6 sold for _____??? on the market for 1 hour.
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That's nuts! My dad said same thing happened to Blackhawk a while back. Chinese and other foreign people with $$$ would buy them and not move in, just hold them for awhile then sell.
 
Meter Man said:
Maybe.

I think this go around will see some kind of issue with water, foreign money (china slowdown and crackdown on money leaving that country), interest rates rising and a mini recession.
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I can see if rates rise. Less people will want to borrow.

However, there will ALWAYS be a strong rent market in the Bay due to jobs, location and I think the fact less people know how to save these days. (Mel emails and younger). They don't have the typical 20% down so they are left with renting.

If I knew more bout the stock market, I'd sell my place, rent and use the $200k+ in equity and try and make 10%+ after taxes.
 
Meh, if I am going to leave bay area I am leaving the country.
 
Not just the Bay Area. I'm in Santa Barbara County (the shitty part of SB County). It is just as bad here, price of a little shitty house in Santa Barbara is over $1 mil. If I had the money I'd live there, personally, I think it is 100 times better than the Bay Area. I'd move in next door to Oprah, take the muffler off everything I own and hang around in the yard naked.
 
UDRider said:
Meh, if I am going to leave bay area I am leaving the country.
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I want a place in Mexico in the small town I regularly go to. Nice and laid back, I'd open a coffee shop.
 
I could retire RIGHT NOW and easily live like a king in Thailand until I die...which would likely be sooner than later if I move to Thailand.
 
Sharky said:
I took a giant hit on my Concord house when the market crashed and it took 7+ years to come (almost) back. Similar houses in Walnut Creek rebounded much quicker and did not take nearly as big of a hit.
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In January 2008 I bought a nice house in a decent neighborhood in Pleasant Hill. I knew prices were going down but thought I paid a fair price (~10% less than original asking price). A few years later my assessed value was 2/3 my purchase price. As of an appraisal earlier this year it was back over the purchase price. My only problem was I couldn't refi my 2nd to get rid of my high interest rate (HARP took care of 1st) - just started the process and hope to cut the rate on my 2nd loan in half :teeth.

Buy a house now that you can "afford" and want to live in for a while and don't worry about what the market does. Think of your house as a place to live and not an investment and you'll be happier.
 
2legs2wheels said:
Cant afford a time machine but wisdom of crowds seems to be usually on the mark.
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It fun to give opinions but there are people whose job it is to figure out the answers to these very questions you ask. Even their answers are little more than a guess.
Buy a house if you can afford it and your job is secure. I'd probably be more comfortable buying after a pullback in prices. Who knows how long you'd be waiting for that.
 
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