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You Guys Pay A Lot For A House Out There In CA

By WookieMan following x   2017 Nov 9, 3:29pm 293 views   11 comments   watch   quote     share  


#housing

As an outside observer, I don't see why anyone would want to live in the Bay Area. The flipping house in the following link (first in slide show) sold for $540k (I know it's the land, but that's still nuts). http://www.mercurynews.com/2017/11/09/charting-the-bay-areas-housing-affordability-crisis-500000-homes-are-becoming-an-endangered-species/

And upon further investigation, house number one (the address listed below the photo) is actually number 9 in the slide show. How can you fuck up a slide show that bad? This is why I have difficulty believing so much that I read and see. This is a pretty ridiculous error by the Mercury News.
1 Ceffer   ignore (1)   2017 Nov 9, 3:45pm   ↑ like (1)   ↓ dislike (0)     quote        

A second home I bought in 2010 has gone up 240 percent in value. Of course, to sell and buy means that you just enter the real estate inflation mill again at a high price, there's no advantage there in stale equity unless you want to take out successive loans and spend your equity down. I know people who have done this, and have valuable homes they have had for decades with little equity, because they did the piggy bank thing and used the home to fund their lifestyles. The only way to make out on it is to move to a less expensive area and pocket the difference.

Areas outside of Bay Area and LA in Cali can still be pretty reasonable, even nice in the foothills and mountains. I have no idea why people keep packing in here, the amenities and virtues of the past aren't that great any more and just getting around is becoming a nightmare. The urban and many suburban coastal areas are becoming either RichFuck or human cesspool, take your pick, and crime is really ticking up with the liberal agendas that reward drug use, homelessness, and vagrancy.
2 anon_e5b70   ignore (0)   2017 Nov 9, 3:45pm   ↑ like (0)   ↓ dislike (0)     quote        

It's beautiful and there are a lot of high paying jobs.
3 BayArea   ignore (0)   2017 Nov 9, 4:35pm   ↑ like (0)   ↓ dislike (0)     quote        

The title neglects to mention that we also have some of the highest salaries in the nation (and the best weather).

What it really comes down to is this however:

a.) supply/demand
b.) not how much you make but how much you make compared to everyone else in your perspective micro-economy
4 BayArea   ignore (0)   2017 Nov 9, 4:39pm   ↑ like (1)   ↓ dislike (0)     quote        

Ceffer says
The only way to make out on it is to move to a less expensive area and pocket the difference.


There's actually two options:

a.) As you say above, make your money and move to a less expensive area

b.) Sell and rent for a while if you think things have a good chance at cooling off over the next X years
5 Strategist   ignore (1)   2017 Nov 9, 5:06pm   ↑ like (2)   ↓ dislike (0)     quote        

BayArea says
The title neglects to mention that we also have some of the highest salaries in the nation (and the best weather).

What it really comes down to is this however:

a.) supply/demand
b.) not how much you make but how much you make compared to everyone else in your perspective micro-economy


Who can afford to live in the BA:
1. Those who purchased a home a long time ago.
2. Those who have the high salaries.
3. Those who got lucky in the stock market.
4. Rich foreigners.
5. Those who got a nice inheritance.
6 Strategist   ignore (1)   2017 Nov 9, 5:08pm   ↑ like (0)   ↓ dislike (0)     quote        

BayArea says
Ceffer says
The only way to make out on it is to move to a less expensive area and pocket the difference.


There's actually two options:

a.) As you say above, make your money and move to a less expensive area

b.) Sell and rent for a while if you think things have a good chance at cooling off over the next X years


Why speculate with your own home? You will have moving issues, tax issues, and wife issues.
7 anon_f443d   ignore (0)   2017 Nov 9, 7:43pm   ↑ like (0)   ↓ dislike (0)     quote        

Those houses are in pretty shitty areas as well. I presume the one marked Palo Alto must be East Palo Alto. That size lot in some nearby areas would probably bag you a fair few million.
8 Strategist   ignore (1)   2017 Nov 9, 8:24pm   ↑ like (0)   ↓ dislike (0)     quote        

anon_f443d says
Those houses are in pretty shitty areas as well. I presume the one marked Palo Alto must be East Palo Alto. That size lot in some nearby areas would probably bag you a fair few million.


You really expect affordable homes for the poor in a multi millionaires neighborhood? Do you know anyone who is willing to buy a $3 million home, and sell it for for $300,000, just to make it affordable to a poor person?
If we are to solve the home affordability problem, can we get more realistic? Thanks.
9 anon_f443d   ignore (0)   2017 Nov 9, 8:34pm   ↑ like (0)   ↓ dislike (0)     quote        

Strategist says
anon_f443d says
Those houses are in pretty shitty areas as well. I presume the one marked Palo Alto must be East Palo Alto. That size lot in some nearby areas would probably bag you a fair few million.


You really expect affordable homes for the poor in a multi millionaires neighborhood? Do you know anyone who is willing to buy a $3 million home, and sell it for for $300,000, just to make it affordable to a poor person?
If we are to solve the home affordability problem, can we get more realistic? Thanks.

What has your post got to do with what I said?
10 Strategist   ignore (1)   2017 Nov 9, 8:46pm   ↑ like (1)   ↓ dislike (1)     quote        

anon_f443d says
Strategist says
anon_f443d says
Those houses are in pretty shitty areas as well. I presume the one marked Palo Alto must be East Palo Alto. That size lot in some nearby areas would probably bag you a fair few million.


You really expect affordable homes for the poor in a multi millionaires neighborhood? Do you know anyone who is willing to buy a $3 million home, and sell it for for $300,000, just to make it affordable to a poor person?
If we are to solve the home affordability problem, can we get more realistic? Thanks.

What has your post got to do with what I said?


I apologize. Had a bad day with work. Looking for someone to kill. Any volunteers?
11 goat   ignore (0)   2017 Nov 9, 8:50pm   ↑ like (0)   ↓ dislike (0)     quote        

WookieMan says



This is why I have difficulty believing so much that I read and see.



These are not realistic housing prices. Most of them are unusually low for their neighborhood. You can plug a few into zillow or w/e and see that many are likely to be in the 7-900k range, not the 4-500k they sold for.

Anyway, the bay rocks. Ya, housing is expensive, but jobs are good here. Plus, it's not certain, but very likely, that you can cash out whatever equity you build in your house if you ever wanna move one day, which greatly diminishes the sting of housing costs - think of it as forced savings. Sure I'd rather invest as I choose, but it's not so bad.

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