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SF Bay Area Average Price dropped to $325K

By LarryPatrickMaloney   Follow   Mon, 19 Mar 2012, 8:47am   7,988 views   52 comments
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Since Patrick is focusing on political rhetoric, I thought I'd re-school him on the basics.

Here is the latest DQNews report for SF Bay Area housing.

http://dqnews.com/Articles/2012/News/California/Bay-Area/RRBay120315.aspx

Looks like RE Limbo to me!!! :)

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1. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   1   4:11pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Denying those negative numbers is like saying,the value of every house in my neighborhood has gone down except mine!

2. Patrick Follow Befriend (54) 5,188 threads 6,157 comments 46 male Menlo Park, CA

   2   5:40pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   It's funny how the title is "Bay Area February Home Sales at Five-year High" instead of "SF Bay Area price fell from $500K in 2006 to $325K in 2012".

3. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,008 comments Pleasanton, CA Premium

   3   6:51pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   Sales are flying off the shelves. We have to discount at 40% off retail, but still they are flying! Products are moving fast, better come in a get yours before they are all gone. Meanwhile there is a traffic jam at the back of the store because 20 rigs full of goods are all trying to unload at one dock. They only open the dock once a day for 10 minutes also. They wouldn't dare want to flood the shelves and let everyone know the real state of the inventory. Oh, but wait. Now is the best time to buy one of these shinny huts. Never been a better time. Well, there were better times in the past I guess, and chances are there are better times in the future. But just focusing on the now that is now. Not the now that happened already, or the now that is later. The now now is the perfect time to buy. Wait, I mean now is the perfect time. Crap I can't type fast enough. NOW! NOW! NOW! I can't do it. My head will explode.

4. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

   4   7:49pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   I think it's bullsh*t. Even Redfin had the decency today to give some...semi real news: December Numbers Finally Came In. They're Bad Yikes, the numbers just out for December 2011 show another 1.1% price drop: Market MoM Price Change YoY Price Change Date of Max Price Change from Max Price Prices Last at This Level # of Months of Decrease Phoenix 0.8% -1.2% Jun-06 -55.2% Mar-00 0 LA -1.1% -5.2% Sep-06 -40.8% Aug-03 5 San Diego -0.7% -5.4% Nov-05 -39.9% Sep-02 5 Bay Area -0.8% -5.4% May-06 -41.1% Dec-00 5 Denver -0.9% -0.4% Aug-06 -11.9% Apr-02 4 DC Area -1.2% -1.6% May-06 -28.4% Apr-04 3 Atlanta -1.8% -12.8% Jul-07 -36.0% Dec-97 5 Chicago -2.0% -6.5% Sep-06 -34.6% Mar-01 4 Boston -1.2% -2.6% Sep-05 -18.6% Feb-03 5 Las Vegas -0.8% -8.8% Aug-06 -61.4% Jan-97 6 New York -1.2% -2.9% Jun-06 -24.4% Dec-03 4 Portland -0.4% -4.0% Jul-07 -28.8% Sep-04 3 Dallas -0.7% -1.3% Jun-07 -10.5% Apr-02 4 Seattle -1.3% -5.6% Jul-07 -31.9% May-04 5 20 City Index -1.1% -4.0% Jul-06 -33.8% Feb-03 4

5. edvard2 Follow Befriend 34 threads 2,109 comments

   5   8:50pm Mon 19 Mar 2012   Share   Quote   Permalink   Like   Dislike   Well, all anyone ever talks about on this site seems to be the extremely narrow confines of very specific, highly exclusive neighborhoods in Silicon Valley or San Francisco. So if that's all you're interested in, then yeah- I'd suppose you would think that the entire Bay Area is goin' up or doing better than it really is.

6. bgamall4 Follow Befriend (14) 753 threads 2,588 comments 63 male Las Vegas, NV bgamall4's website Premium

   6   4:43am Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   Patrick says It's funny how the title is "Bay Area February Home Sales at Five-year High" instead of "SF Bay Area price fell from $500K in 2006 to $325K in 2012". SF is up, from 589k to 624k. Remember Patrick I said that when that strange guy was saying it was a lie that any real estate in the bay area was going up? Marin is up even more.

7. Netreality Follow Befriend 1 threads 16 comments Menlo Park, CA

   7   10:18am Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Median's are not that useful, especially over such a short time period as 1 month. I wish they would break out single family homes from condo's/townhouses. If you look at the bay area for 2011 as a whole, at least you can see prices rose some in the cities with the best schools, and fell in the cities with mediocre to poor schools. http://dqnews.com/Charts/Annual-Charts/SF-Chronicle-Charts/ZIPSFC11.aspx

8. edvard2 Follow Befriend 34 threads 2,109 comments

   8   10:25am Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   bgamall4 says SF is up, from 589k to 624k. Remember Patrick I said that when that strange guy was saying it was a lie that any real estate in the bay area was going up? Marin is up even more. Oh well. As mentioned, the only places going up are very specific areas of the Bay Area. Luckily places I wouldn't want to live anyway. In the East Bay prices are still lagging.

9. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,008 comments Pleasanton, CA Premium

   9   2:49pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   bgamall4 says Patrick says It's funny how the title is "Bay Area February Home Sales at Five-year High" instead of "SF Bay Area price fell from $500K in 2006 to $325K in 2012". SF is up, from 589k to 624k. Remember Patrick I said that when that strange guy was saying it was a lie that any real estate in the bay area was going up? Marin is up even more. Gary Anderson strategicdefaultbooks.com Good to see hope still is alive and kicking. SF will be the new Stockton when the banks back up the trucks of foreclosures. It is a com'in. You can bet the farm on it.

10. bgamall4 Follow Befriend (14) 753 threads 2,588 comments 63 male Las Vegas, NV bgamall4's website Premium

    10   3:03pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says SF will be the new Stockton when the banks back up the trucks of foreclosures. I doubt it. Even in Las Vegas the Chinese are buying and offering lower rents than the locals can offer. So, if Las Vegas is prospering, SF will soar. Now, no one has a crystal ball down the road, because I agree that inventory could become an issue. But if it is inventory away from the revered areas, it shouldn't matter too much.

11. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

    11   3:23pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   bgamall4 says Chinese are buying Well, you are from Reno, closer than most, and I'm sure there are some foreign buyers. This article was from yesterday. I don't think the Chinese can save the Zombie Banks: http://www.cbsnews.com/8301-500395_162-57399904/china-slowdown-could-spur-global-recession/

12. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    12   3:38pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   bgamall4 says Chinese are buying So the Chinese are buying up BA,LV,Canada,and the list goes on and on. Just let us know where are they NOT buying?

13. everything Follow Befriend (2) 3 threads 549 comments Madison, WI

    13   4:19pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   It is interesting to see how much of the big money is coming from outside the U.S. to buy RE.

14. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

    14   6:54pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   everything says It is interesting to see how much of the big money is coming from outside the U.S. to buy RE Yep. Just go to The Fortress and see for yourself.

15. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    15   9:05pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   everything says It is interesting to see how much of the big money is coming from outside the U.S. to buy RE. when they go belly up, they wont be able to take it with them..

16. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,008 comments Pleasanton, CA Premium

    16   10:04pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   bgamall4 says RentingForHalfTheCost says SF will be the new Stockton when the banks back up the trucks of foreclosures. I doubt it. Even in Las Vegas the Chinese are buying and offering lower rents than the locals can offer. So, if Las Vegas is prospering, SF will soar. Now, no one has a crystal ball down the road, because I agree that inventory could become an issue. But if it is inventory away from the revered areas, it shouldn't matter too much. Gary Anderson strategicdefaultbooks.com It is like a marching wall of soldiers just inching every closer and closer to the heart of the BA. I'll post this heat map again in about 3 months and we will see what happens to it. My guess, All RED!

17. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,008 comments Pleasanton, CA Premium

    17   10:08pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected

18. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,008 comments Pleasanton, CA Premium

    18   10:11pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   bubblesitter says bgamall4 says Chinese are buying So the Chinese are buying up BA,LV,Canada,and the list goes on and on. Just let us know where are they NOT buying? They are not buying in China. Pretty soon even the Asian party will be over. Then who will save us? The Mexicans? The Canadians? Russians? Hmmm. Nope, we will be left with our own crap to clean up. Screwed!!! http://www.bloomberg.com/news/2012-03-14/chinese-economy-already-in-hard-landing-jpmorgan-says.html http://www.americanthinker.com/blog/2011/12/housing_credit_bubbles_popping_in_china.html

19. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    19   10:31pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says Then who will save us? The Mexicans? The Canadians? Russians? Hmmm. New Yorkers. When you hear that from the media, the vested interested played their last card and prices will be close to bottom.

20. bgamall4 Follow Befriend (14) 753 threads 2,588 comments 63 male Las Vegas, NV bgamall4's website Premium

    20   10:35pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says They are not buying in China. The Chinese buy because theyhave to lease in China. I think this demand will continue for years.

21. bgamall4 Follow Befriend (14) 753 threads 2,588 comments 63 male Las Vegas, NV bgamall4's website Premium

    21   10:37pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   thomas.wong1986 says New Yorkers. When you hear that from the media, the vested interested played their last card and prices will be close to bottom. Just today a story that indeed, Wall Street is betting on the housing recovery. They are usually right. It is coming, with no money down, maybe sooner than we think.

22. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    22   10:39pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   bgamall4 says Wall Street is betting on the housing recovery. Im still waiting for the $4 Trillion B2B to explode on the world... That would make Ariba worth some $55B once again... They are NOT ususally right... many times over!

23. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    23   10:40pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike (1)   bgamall4 says The Chinese buy because theyhave to lease in China. Fuck the Chinese!

24. Mick Russom Follow Befriend (2) 7 threads 530 comments Belmont, CA

    24   10:47pm Tue 20 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   bgamall4 says Just today a story that indeed, Wall Street is betting on the housing recovery. They are usually right. It is coming, with no money down, maybe sooner than we think. They are right because money is printed to make them right. $5+ gas. Food prices skyrocketing. Cost of doing business here is outrageous. Sure things will possibly "go up", but not anyone's standard of living will - mine is dropping by the day.

25. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    25   11:08pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   Helloeeze says I will admit, it's a strange market when 32% are cash purchases. I can't imagine $324 being the average price. Maybe for a condo or a small home in a poverty area. $324K would be the eqivalent of typical middle class tech employee SFH home from the mid 90s prices adjusted for inflation today. If its a condo or a small home in low income area, than its really way overpriced today. http://archive.dqnews.com/AA1996BAY10.shtm

26. ra Follow Befriend 2 comments

    26   11:43pm Tue 20 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   jeffrey lebowski middle class.

27. anonanon Follow Befriend 11 comments San Francisco, CA

    27   11:55pm Tue 20 Mar 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says It is like a marching wall of soldiers just inching every closer and closer to the heart of the BA. I'll post this heat map again in about 3 months and we will see what happens to it. My guess, All RED! What website did you find this graphic?

28. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    28   7:24am Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   bgamall4 says The Chinese buy because theyhave to lease in China. I think this demand will continue for years. It seems like you are totally clueless about 1) housing market and 2) the Chinese. I'd suggest you make a trip or two to Asia before commenting BS.

29. bmwman91 Follow Befriend (7) 37 threads 1,539 comments Mountain View, CA bmwman91's website Premium

    29   10:03am Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   anonanon says What website did you find this graphic? www.hotpads.com bubblesitter says It seems like you are totally clueless about 1) housing market and 2) the Chinese. I'd suggest you make a trip or two to Asia before commenting BS. Agreed. Honestly, I don't see why all that many Chinese folks would be attracted to the Bay Area, other than to send their kids to schools here. San Francisco is a boring, dumpy hole with nothing vibrant or fun about it compared to Hong Kong, Shanghai & heck, even Shenzhen. Anyone that hasn't been there won't get it. If I lived in a real metro-area of China, the Bay Area would be a dull, barely-developed splatter of concrete & dirt that bored the hell out of me because there is nothing to do. The lack of pollution here is nice, for sure, but public transit is expensive and sucks ass, food is way more expensive and you would basically have to do all of your driving and house upkeep yourself since drivers & live-in maids are not cheap & readily available here. If I had money, I could live like royalty in China, or be un-remarkably upper-middle class here. Yeah, tough call there. With that said though, there are still a relatively large number of wealthy Chinese buying stuff here either as investments, or to send their kids to school. I say "relative" as a comparison of the number of Chinese buyers and the (low) available inventory in nice areas. With China's massive population, it only takes a very small percentage of wealthy individuals there to have a noticeable impact here.

30. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,008 comments Pleasanton, CA Premium

    30   11:35am Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   anonanon says RentingForHalfTheCost says It is like a marching wall of soldiers just inching every closer and closer to the heart of the BA. I'll post this heat map again in about 3 months and we will see what happens to it. My guess, All RED! What website did you find this graphic? www.hotpads.com

31. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,008 comments Pleasanton, CA Premium

    31   11:39am Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   bgamall4 says thomas.wong1986 says New Yorkers. When you hear that from the media, the vested interested played their last card and prices will be close to bottom. Just today a story that indeed, Wall Street is betting on the housing recovery. They are usually right. It is coming, with no money down, maybe sooner than we think. Gary Anderson strategicdefaultbooks.com Wall street are usually right?? What a F&*ing joke. You are insane if you think that. Were they right about Lehmans? About Long Term Capital? About Enron? Get a grip. Wall street are a bunch of money greedy slugs. I went to school with a lot of friends that are now on wall street. All they talk about is money. That makes them dumb when it comes to housing. Housing is emotional, it makes no sense. Momentum up feeds up and momentum down feeds down. There really is little value in the asset. Most of the value is in the perception you can sell it to another fool for the same or more. You have to drink the kool-aid so you can forget that little fact.

32. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    32   11:45am Wed 21 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   ra says jeffrey lebowski middle class. With barely enough money left over for a nice rug that really ties the room together.

33. OW Follow Befriend 9 comments Pasadena, CA

    33   11:45am Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Also funny how it doesn't mention that there's an extra day to sell property this year being leap year and 29 days.

34. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    34   1:56pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   bmwman91 says Anyone that hasn't been there won't get it. Must be the Tacos in the Bay Area that attract them... Anyway, Australia makes more sense, since you can spend your winters in a summer 'down under' and transportation is much easier. Yes, you can actually swim in the Ozy coastal waters. p>

35. simchaland Follow Befriend (6) 10 threads 1,234 comments Oakland, CA

    35   2:24pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   thomas.wong1986 says Must be the Tacos in the Bay Area that attract them... Anyway, Australia makes more sense, since you can spend your winters in a summer 'down under' and transportation is much easier. Yes, you can actually swim in the Ozy coastal waters. p> Sure you can swim the coastal waters in Oz. But you really have to pay attention to the little but deadly Irukanji jellyfish and the sharks. :-)

36. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

    36   3:50pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   simchaland says little but deadly Irukanji jellyfish and the sharks. thats why they put up nets for the swimmers. , Sushi .. oz talk for Shark.

37. bgamall4 Follow Befriend (14) 753 threads 2,588 comments 63 male Las Vegas, NV bgamall4's website Premium

    37   6:07pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   thomas.wong1986 says Fuck the Chinese! Eating into your profits???

38. bgamall4 Follow Befriend (14) 753 threads 2,588 comments 63 male Las Vegas, NV bgamall4's website Premium

    38   6:09pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   bubblesitter says It seems like you are totally clueless about 1) housing market and 2) the Chinese. I'd suggest you make a trip or two to Asia before commenting BS. Sorry, you only have to have a very small percentage of Chinese that can do this and it amounts to a lot of people. Since you are long on insults and short on facts why don't you give us some facts?

39. bgamall4 Follow Befriend (14) 753 threads 2,588 comments 63 male Las Vegas, NV bgamall4's website Premium

    39   6:10pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   bmwman91 says The lack of pollution here is nice, for sure, No kidding.

40. bgamall4 Follow Befriend (14) 753 threads 2,588 comments 63 male Las Vegas, NV bgamall4's website Premium

    40   6:11pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says Wall street are usually right?? In the beginning they are usually right. They follow the hot money and the big money. Many are crooks and insiders but that argument is for another day.

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