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SF Peninsula - inventory at an all time low
2013 Dec 1, 8:02am 9,855 views 22 comments
by wave9x follow (0)
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New Renter
2013 Dec 1, 8:58am
Here are your options:
1) suck it up and pay more for less
2) rent
3) leave.
New Renter
2013 Dec 1, 11:37am
wave9x
Can you move across the bay or up into the SC mountains?
Edit, I forgot, you bought in 2011. So are you just rubbing in the salt then?
I'm not gloating, I want to post to warn others that the doom-and-gloomers on here will never, ever, recommend buying a house under any circumstance no matter how favorable the buying conditions. I didn't buy for years in large part because of this site, and I feel lucky that I came to my senses.
I think demand will also be at all-time lows. The banks are being choosier which won't let in some of the extras that got in last boom. Investors are out. Anyone waiting around bought in the last year.
That leaves just a few to take advantage of prices to adjust so they aren't completely out of proportion to incomes.
I'm not gloating, I want to post to warn others that the doom-and-gloomers on here will never, ever, recommend buying a house under any circumstance no matter how favorable the buying conditions. I didn't buy for years in large part because of this site, and I feel lucky that I came to my senses.
WRONG
Cut house prices by about 40% in the SFBA and I'm all up in this bitch buying up a storm.
As prices near the 2006 peak, why is it that now, the same houses are a bargain, yet seven years ago, they were a bubble? What changed other than seven more years of decay, other than massive currency dillution?
"Just another RE Shill out out peddling that good ole snake oil ...who knows
the last bastion of hope for home prices is suppressed inventory"
Is that what you thought when you wrote this gem last spring?
California Housing Prices Falling MoM and QoQ
If you buy a house now in California, you’ll will sustain irrecoverable losses.
David9
2013 Dec 3, 6:35am
Arg, this site is making me think today.
Seriously, as errc stated above, ok fine. We are back at 2006 'bubble' prices. But it is not a bubble. LOL, yes, the properties are older! So, let me get this straight in my little idiot head, using a 100k 1970, 675 square foot 1 Bedroom apartment conversion condo as an example. For over a decade it sold for 100k. It is now available at 210k. I should be thankful it's available and buy now at 210k because it's going up to 250k? 300k? (I have yet to see one person suggest to buy property right now..and yes, the building age is approaching the big 50.)
Don't like the example above? Same applies to 250k track house, you can buy one now for 500k. Jump? It's going up to 600k? 750k?
My point is hurray, prices are back to 2006, now what?
(Yeah, suck/pay, rent, leave, whine)
David9
2013 Dec 3, 6:53am
Buy Now!!
I have waited this long. I can wait some more. Besides, soon you will be entertained with my 'Budapest Bitches!' thread when I travel there.
Crazy, you're a jersey guy, right? Where'd you buy? I'm headed to princeton now,,,I hate this state
David9
2013 Dec 3, 7:22am
h, come on... Just bite the bullet and do it..... I did...
Nothing I can do until I get back from Budapest. :)
Recently I spent a long weekend with a high school friend in San Francisco who currently resides in Arizona. I was and am happy for them they are not so upside down in their mortgage anymore, i.e. prices are back up to 2006. The husband made a memorable statement, at least to me:
"Property will always have some value."
Yes, if I choose, it literally is the 'suck/pay' option here in California. Just this week, an investor dropped the price 25k on a property he/she fixed up real nice. We'll see.
My work periodically brings me to the area. I have no plans to live here. Ever.
I want to pay $600,000 for a modern, custom home in Los Altos.
you mean ...
$ 1.600,000 SFH in Los Altos....
My work periodically brings me to the area. I have no plans to live here. Ever.
practically every sales person i have known who works outside of SFBA would say that about living in SFBA.. they are racking in big bux form commissions and still have reasonable local expenses including home prices..
As prices near the 2006 peak, why is it that now, the same houses are a bargain, yet seven years ago, they were a bubble? What changed other than seven more years of decay, other than massive currency dillution?
Lower interest rates made them more "affordable"??
Realtor is sending his/her kids to expensive college/university. buyers need to contribute more for the benefit of the children... for gods sake think of the children !!!!
I want to pay $600,000 for a modern, custom home in Los Altos.
you mean ...
$ 1.600,000 SFH in Los Altos....
No. Around 600k is a price I think a typical one floor Los altos home (not Los altos hills) should be going for. I think you'll agree with my assessment.
No. Around 600k is a price I think a typical one floor Los altos home (not Los altos hills) should be going for. I think you'll agree with my assessment.
A child's smile is worth 3 times your assessment.
Why do you hate children !
New Renter
2013 Dec 3, 11:42am
No. Around 600k is a price I think a typical one floor Los altos home (not Los altos hills) should be going for. I think you'll agree with my assessment.
A child's smile is worth 3 times your assessment.
Why do you hate children !
I knew kids were expensive but damn!!!
I knew kids were expensive but damn!!!
jes.. messing with you... but as pointed out that seems to be the high motivation for overpaying even by a million in these areas.....
hanera
2013 Dec 3, 2:25pm
using a 100k 1970, 675 square foot 1 Bedroom apartment conversion condo as an example. For over a decade it sold for 100k. It is now available at 210k. I should be thankful it's available and buy now at 210k because it's going up to 250k? 300k? (I have yet to see one person suggest to buy property right now..and yes, the building age is approaching the big 50.)
Price of a house = Price of land + Price of improvements (the house :))
Price of the improvements is always declining (check your property tax)
Price of land always appreciates at inflation rate in the long run.
Buying signals are pretty clear in 2010-2012. After the sharp run-up, may not be prudent to buy now. Prices have softened in most places.
Bellingham Bill
2013 Dec 3, 3:58pm
Around 600k is a price I think a typical one floor Los altos home (not Los altos hills) should be going for
LOL; good luck outbidding 10+ years of employees from AAPL, GOOG, and soon FB, LNKD, shit, those Snapchat fuckers too I guess.
My best friend in CA lives in Los Altos and I've been visiting his place off & on since 2000. I thought $1M back then was ridiculous too, but being new here I didn't understand the SV supply / demand situation all that well.
People who want to live in a convenient locale have very few options.
$600K at 4% is $2000/mo starting interest cost. Rents of SFH in Los Altos are a *bit* higher than that -- hint: $2000/mo gets you a decent 1B among the garbage dumps on the 237 corridor now.
To figure out what prices for homes should be now, you really need to look 15 years down the road to what rents are going to be, and compare your future mortgage payment (which is a known quantity unless you go for variable rate or Prop 13 gets repealed) vs those future rents.
Another hint:
Take a look at the stats - inventory on the SF Peninsula is at an ALL TIME low. San Mateo has only TWELVE single-family houses for sale in a city of 100k, and they are mostly in the crappier areas. It SUCKS to be a buyer right now. You know what they say about supply and demand. What happens when supply is practically nothing?