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SF Bay Area Average Price dropped to $325K
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2012 Mar 19, 1:47am 23,550 views 41 comments
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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.
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.
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?
bubblesitter
2012 Mar 21, 12:24am
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.
bmwman91
2012 Mar 21, 3:03am
What website did you find this graphic?
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.
RentingForHalfTheCost
2012 Mar 21, 4:35am
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?
RentingForHalfTheCost
2012 Mar 21, 4:39am
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.
freak80
2012 Mar 21, 4:45am
jeffrey lebowski middle class.
With barely enough money left over for a nice rug that really ties the room together.
Also funny how it doesn't mention that there's an extra day to sell property this year being leap year and 29 days.
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>
simchaland
2012 Mar 21, 7:24am
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.
:-)
little but deadly Irukanji jellyfish and the sharks.
thats why they put up nets for the swimmers.
, Sushi .. oz talk for Shark.
RentingForHalfTheCost
2012 Mar 21, 11:41am
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.
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.
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.
LarryPatrickMaloney
2012 Mar 21, 3:11pm
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/
LarryPatrickMaloney
2012 Mar 21, 3:22pm
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....
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?
You should compare rents to owning on hotpads.... I found most rentals on hotpads are much higher than a comparable mortgage.
CrazyMan
2012 Mar 21, 11:29pm
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?
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.
RentingForHalfTheCost
2012 Mar 22, 4:05am
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?
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.
RentingForHalfTheCost
2012 Mar 22, 4:06am
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!"
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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!!! :)
#housing