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SF Bay Area Average Price dropped to $325K

By LarryPatrickMaloney   Follow   Mon, 19 Mar 2012, 8:47am   7,981 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. everything Follow Befriend (2) 3 threads 546 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.

2. 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.

3. 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..

4. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 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!

5. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 comments Pleasanton, CA Premium

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

6. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 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

7. 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.

8. bgamall4 Follow Befriend (14) 746 threads 2,571 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.

9. bgamall4 Follow Befriend (14) 746 threads 2,571 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.

10. 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!

11. 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!

12. 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.

13. 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

14. ra Follow Befriend 2 comments

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

15. 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?

16. 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.

17. bmwman91 Follow Befriend (7) 37 threads 1,523 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.

18. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 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

19. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 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.

20. 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.

21. 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.

22. 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>

23. 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. :-)

24. 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.

25. bgamall4 Follow Befriend (14) 746 threads 2,571 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???

26. bgamall4 Follow Befriend (14) 746 threads 2,571 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?

27. bgamall4 Follow Befriend (14) 746 threads 2,571 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.

28. bgamall4 Follow Befriend (14) 746 threads 2,571 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.

29. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 comments Pleasanton, CA Premium

    41   6:41pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   bgamall4 says 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. Gary Anderson strategicdefaultbooks.com My prediction is they will sounds just like Buffet from last year. "I was dead wrong" when he talked about his prediction of a bottom. I give just about the same amount of credit to Wall Street as I do to the magazines in the checkout isle. Their job is not too different than Realtors. Pump pump pump. My little bit of due diligence in my investing has made me beat the indexes every year of my investing life so far. We give them too much credit.

30. bgamall4 Follow Befriend (14) 746 threads 2,571 comments 63 male Las Vegas, NV bgamall4's website Premium

    42   7:22pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says We give them too much credit. But only they know when the easy money like no money down will return. We don't unless we follow the lending behavior of the mortgage lenders after the fact.

31. Hysteresis Follow Befriend (2) 14 threads 647 comments

    43   7:33pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   bgamall4 says 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? Gary Anderson strategicdefaultbooks.com you made the claim. you provide the facts. oh that's right you have no facts.

32. bgamall4 Follow Befriend (14) 746 threads 2,571 comments 63 male Las Vegas, NV bgamall4's website Premium

    44   7:38pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   Hysteresis says oh that's right you have no facts. Actually I do. I have been following Chinese folks buying houses in Las Vegas and my daughter noticed that they are undercutting the rents of the regular investors. They are going to do that in SF too. Watch out before they cut your cajones off, if you are a landlord that is. :)

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

    45   9:40pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   bgamall4 says Eating into your profits??? I have no profits no gains or losses at risk ! my investments are in stock, bonds, mutual funds. The chinese are not exempt for paying annual US property and Income taxes (Fed and State).. fact is they better be timely else the penalties and fines kick in.. I bet not many have figured that one out yet.

34. LarryPatrickMaloney Follow Befriend (13) 57 threads 164 comments Mountain View, CA LarryPatrickMaloney's website

    46   10:11pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   Well, maybe those Chinese investors from China will dry up, due to the possible coup attempt. http://www.washingtontimes.com/news/2012/mar/21/inside-the-ring-436080940/

35. LarryPatrickMaloney Follow Befriend (13) 57 threads 164 comments Mountain View, CA LarryPatrickMaloney's website

    47   10:22pm Wed 21 Mar 2012   Share   Quote   Permalink   Like   Dislike   There goes the neighborhood! http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20120322000063&cid=1101 ...Microblogging accounts of citizens based in Beijing claim to have seen dozens of military helicopters from Nanyuan airfield patrolling the skies above the capital, as well as PLA tanks on the streets. One netizen reported encountering 50 to 60 police officers and anti-riot vehicles near the Dongzhimen area of the city as well as a convoy of trucks carrying PLA soldiers. A video was uploaded to Sina Weibo showing the army transferring artillery from Shandong province to Beijing by train. Though the reports are still unconfirmed, some netizens claimed that they heard gunfire on the streets of Beijing on Monday evening....

36. BoomAndBustCycle Follow Befriend 28 threads 351 comments

    48   12:35am Thu 22 Mar 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says 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 You should compare rents to owning on hotpads.... I found most rentals on hotpads are much higher than a comparable mortgage.

37. CrazyMan Follow Befriend 448 comments Campbell, CA

    49   6:29am Thu 22 Mar 2012   Share   Quote   Permalink   Like   Dislike   BoomAndBustCycle says RentingForHalfTheCost says 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 You should compare rents to owning on hotpads.... I found most rentals on hotpads are much higher than a comparable mortgage. Pretty sure he's referring to desirable areas like the BA.

38. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 comments Pleasanton, CA Premium

    50   11:05am Thu 22 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   BoomAndBustCycle says RentingForHalfTheCost says 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 You should compare rents to owning on hotpads.... I found most rentals on hotpads are much higher than a comparable mortgage. Yup, that is a great backup plan to move out of the BA.

39. RentingForHalfTheCost Follow Befriend (8) 38 threads 1,996 comments Pleasanton, CA Premium

    51   11:06am Thu 22 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   bgamall4 says RentingForHalfTheCost says We give them too much credit. But only they know when the easy money like no money down will return. We don't unless we follow the lending behavior of the mortgage lenders after the fact. Gary Anderson strategicdefaultbooks.com In the words of Cramer, "They know nothing!"

40. bgamall4 Follow Befriend (14) 746 threads 2,571 comments 63 male Las Vegas, NV bgamall4's website Premium

    52   11:24am Fri 23 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says In the words of Cramer, "They know nothing!" IMO, Cramer is a pump and dump insider. He has even admitted he pumps and dumps. He is a former Goldman Sachs employee. But that does not mean he would ever tell you everything he knows. He may even tell you the opposite of what he knows on certain momentous transactions.

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