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Is housing really as out of reach as they say?

renxianqiclone said:
There are a bunch of these in Cupertino and Sunnyvale. Chinese nationals buying all in cash. Some never setting foot in the building. There's one dilapidated house right across the street from Safeway on Bollinger that's just sitting there falling apart with broken windows and weeds growing everywhere for the past 5 years... Tempted to get it through adverse possession... But then again, the owner of that home might be some triad boss...
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I haven't driven past it in a few weeks but last I saw they started doing some work on it.
 
The article I posted shows similar concerns with Vancouver, and that restrictions on foreign investment had only a short term impact. The problem in the Bay Area is a growing population and lack of available housing.

I predict two things will change over the coming decades. First, there is more and more movement towards regional transportation improvements. This will re-enable sprawl for the people who demand their 2500sqft suburban homes. Second, you'll see continued gentrification and increased density in "core" areas.
 
Yakoo752 said:
I haven't driven past it in a few weeks but last I saw they started doing some work on it.
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I know the house, and why do we assume it was owned by a Chinese national? Do we think foreign investors are too stupid to no want to rent the place?

We had a similar house in our neighborhood, and it was a foreclosure. I'm guessing it correlated with all the talk how banks were carefully managing their foreclosure properties.

FWIW, there are two similar looking homes in my neighborhood. Both actually have people living in them :wow
 
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There is a vacant house on my block owned by a blue collar working from the Bay Area. Should I vilify blue collar workers from the Bay Area for driving up prices in Sacramento?

This sounds just like the '80s when there xenophobic backlash against the Japanese for buying high profile real estate properties despite the fact that investors from the UK owned ten times as much U.S. real estate as the Japanese.
 
Yakoo752 said:
I'm not assuming it's owned by anything, I assume it's in probate
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6309 Bollinger Road. And you are probably correct since the tax records show it is delinquent.

Sounded like you were agreeing it was one of the foreign owned places based on the post you replied to
 
mlm said:
6309 Bollinger Road. And you are probably correct since the tax records show it is delinquent.

Sounded like you were agreeing it was one of the foreign owned places based on the post you replied to
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that's not the one I was thinking of. 6309 recently got paint and some backyard work/tree removed on the left duplex... if memory serves correct.

I'm thinking 6394 Bollinger, which it appears work has started on it.
 
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Map8 said:
There is a vacant house on my block owned by a blue collar working from the Bay Area. Should I vilify blue collar workers from the Bay Area for driving up prices in Sacramento?
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If it's not their primary residence, and keeps the average Joe from having a primary residence, then yes.

Blue collar doesn't mean poor. People like to throw my profession around as white collar, and pilots (save for the first few years) are far from poor. I'm nothing more than a skilled tradesman, a glorified bus driver. Six figures is easy 4-6 years in, and half a million a year isn't hard at the top of the heap.
 
Market is settling for sure. This may be a symptom of the exodus from CA for certain groups of professionals.
 
Holeshot said:
Market is settling for sure. This may be a symptom of the exodus from CA for certain groups of professionals.
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The "Exodus" thing is over blown. Primarily by right wing talking heads.
Some data on migration patterns between California and other states.
 
I've heard for 11 years people who are full of shit saying they're waiting for the bubble (which doesn't exist) to burst before buying.

None of them have purchased. Because no such bubble can burst.
 
As long as tech and bio-tech companies continue to locate in the Bay Area, prices will stay high.

We have to adapt.

No, I don’t think this causes homelessness. :wow:wow
 
Housing is going down. I’ve been looking for the past five months and the market is trending downward. Houses that I was looking at 1 month ago have already knocked off 50kish.
 
Entoptic said:
Housing is going down. I’ve been looking for the past five months and the market is trending downward. Houses that I was looking at 1 month ago have already knocked off 50kish.
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Same thing with rentals, gives me a little hope as I can't afford to purchase currently. But Zillow history for 1-2BR places show a good amount that have been on market for 50+ days that are listed at $300+ below what Zillow estimates it's worth based on historical trends.
 
UDRider said:
The "Exodus" thing is over blown. Primarily by right wing talking heads.
Some data on migration patterns between California and other states.
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I thought so as well, until my college roomate brought me into his business moving people out of CA into other states. It's been eye opening, to say the least. And profitable.
 
6 months ago, it was exceedingly rare I'd see something on Zillow last for more than a week or three before getting snatched up, often for over the listed price.

Now, I see stuff sitting for weeks at a time, with multiple price reductions. According to Zillow's market reports I get in my email there's an average of 7% drop from this time last year, though nicer neighborhoods have only dropped maybe 2%, and they're projecting another 3-5% drop over the next year.
 
Holeshot said:
I thought so as well, until my college roomate brought me into his business moving people out of CA into other states. It's been eye opening, to say the least. And profitable.
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Cool story? All you presented was first hyperbole, then anecdotal evidence.
 
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