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Is housing really as out of reach as they say?

NorCalAthlete said:
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.
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Good. Things were batshit crazy.
 
HappyHighwayman said:
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.
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If they couldn't afford 11 years ago when the bubble was bursting then they plain can't afford.
 
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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Wanna live in HMB? I’ve got one for sale for $1.15M.
 
NorCalAthlete said:
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.
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I’ve been trying to buy a second home for the last year.

Quality houses sell for asking within a week. Overpriced shit sits on the market.
The majority of California homes are over priced shit
 
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UDRider said:
Cool story? All you presented was first hyperbole, then anecdotal evidence.
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All good. I’m not trying to sell ya anything, just explain where my perspective does from.
 
I need prices to tank so I can pick up a second place :toothless
 
I feel like, for the average blue collar worker in the bay area, housing is absolutely out of reach.
 
#manufacturedhomeparks

Needed badly to alleviate the housing issue for those who make less than “tech” money. Good luck finding any politician or bureaucrat supporting mobile/ manufactured units.
 
Nah brah, condos over retail with zero parking. We clearly need more of that.
 
the problem in my region are bay area residents that make considerably more money than the locals, buy up a majority of the new/used homes that come on the market and rent out the rooms to college students. Used homes going for $30k+ more than asking. You're lucky to buy any home with 3+ bedrooms for asking price.
 
Fred: cities require that shit. Apt. Rents on. Per/ ft basis are more than commercial in CA and with apts, there are no TI’s for new tenants, for the most part. Paint/ carpet at best.

Koolaid: multi family homes from foreign residents (illegal and legal) are significant impact in the East bay.
 
Holeshot said:
#manufacturedhomeparks

Needed badly to alleviate the housing issue for those who make less than “tech” money. Good luck finding any politician or bureaucrat supporting mobile/ manufactured units.
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They do support them, but right now the fight is just to keep what's there. A few parks have closed due to sale of the land under them. A few years ago San Jose had to enact a moratorium to stop the closures. But that had an expiration date. Since then they've been trying to build a committee of owners and tenants to come up with some solutions to keep the current parks, as well as encourage more.

The fundamental issue for owners is that mobile parks are all under rent control ordinances. At the very least, they want to be able to pass capitol improvement costs to the tenants. As the laws sit now, they can't. So that creates very little motivation for facility improvements, and at a certain point, it's become far more desirable to just sell the land and leave.

Right now, my aunt and grandfather are in a terrible situation. They live in a park that's been sold. The buyers originally offered way less than market value to the tenants, so many have tried to sue, or hold out for a better counter offer. But, they also can't sell to anyone other than the land developer.... And the developer has now rescinded all buying offers. They're literally just waiting for the residents in this senior park to die off. Now, my grandfather has ended up in a nursing home, and my aunt is responsible for two space rents each month. And since eventually they will have to get another place, just taking the credit hit for defaulting could be worse for them.
 
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I was joking about the condos over ground floor retail. Half the time the retail is empty because it is in a spot with minimal foot traffic and no good parking options.
 
Charles R said:
They do support them, but right now the fight is just to keep what's there. A few parks have closed due to sale of the land under them. A few years ago San Jose had to enact a moratorium to stop the closures. But that had an expiration date. Since then they've been trying to build a committee of owners and tenants to come up with some solutions to keep the current parks, as well as encourage more.

The fundamental issue for owners is that mobile parks are all under rent control ordinances. At the very least, they want to be able to pass capitol improvement costs to the tenants. As the laws sit now, they can't. So that creates very little motivation for facility improvements, and at a certain point, it's become far more desirable to just sell the land and leave.

Right now, my aunt and grandfather are in a terrible situation. They live in a park that's been sold. The buyers originally offered way less than market value to the tenants, so many have tried to sue, or hold out for a better counter offer. But, they also can't sell to anyone other than the land developer.... And the developer has now rescinded all buying offers. They're literally just waiting for the residents in this senior park to die off. Now, my grandfather has ended up in a nursing home, and my aunt is responsible for two space rents each month. And since eventually they will have to get another place, just taking the credit hit for defaulting could be worse for them.
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Are these in Opportunity Zones?
 
Holeshot said:
#manufacturedhomeparks

Needed badly to alleviate the housing issue for those who make less than “tech” money. Good luck finding any politician or bureaucrat supporting mobile/ manufactured units.
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No Union Labor in that, Bro, where are the campaign funds? No Campaign Funds, no zoning broski. Fuck no. CA Government is pay to play the whole damn way.
 
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