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What's up with this thread? You guys are starting to make me feel good about buying last October in Mtn View with LA schools!

What’s up with this thread? You guys are starting to make me feel good about buying last October in Mtn View with LA schools!

If you are planning to stay there for a while, you should not feel bad at all.

Brand,

My original point regarding "true mansions" was simply that for years the general rule of thumb was "one mansion per town"! Where I grew up in Chicago I remember the 'Morton Mansion' (Morton Salt, when it rains it pours?) Well yeah! Show me a home in America where they don't have salt in the kitchen! Perhaps these people should have a mansion?

Peggy Morton was a real classy gal and gave any one of us kids a job if we needed one (even if it was just on the loading dock). In spite of her busy schedule she always seemed to make time for birthdays (and funerals) no matter how bad the weather.

These were people that understood, appreciated and knew how to use their wealth. Her "mingling" w/riff-raff like us (cops, fireman,salesman) cemented our loyalty to their products. To this day I can't imagine using anything else! With fast, loose and easy money this type of class is something we've all lost sight of.

I drove by a couple of dry lots with for sale signs in Cape Coral Florida over the weekend. The price was 29K for a 100 X 120 lot. That's a 60% drop from the high of 75K. I also saw 5 properties for sale in the Century 21 ad for gulf access properties, no bridges, under 250K. That's about a 50% drop from the high.

The panic selling in Florida has begun. It's a blood bath here.

Watching the similar areas as SP only more towards the south, west of 85 from Los Altos down to Almaden, more into the slightly more rural pockets.

Los Gatos (95032) has seen a lot more properties sitting on the market. Reduction is not big, and pricing is all over the place. A couple of houses (2000-3000 sf) with an acre ask for roughly 1.6M while some pieces of shit hastily put together with no land ask for 1.8M. Houses outside of the Los Gatos/Saragoa Union district are dropping much faster, about 8-10% off from the peak. Monte Sereno (95030) actually seems to have some higher asking price compared to last year, just that nothing is moving.

Almaden is dropping much faster compared to LG, Saratoga, Cupertino and Los Altos, probably the fastest dropping community west of 85 from Palo Alto to Santa Teresa. Price has generally come down at least 15% for properties priced around 1M.

Land price is dropping faster than houses, just as I expected. However, due to the lack of available land in these communities, we have yet to see developers spewing out land options like they do elsewhere, and I doubt if this will happen on a large scale. But I am starting to see land that I consider attractive, just waiting for the price to get attractive as well :-)

Watching the similar areas as SP only more towards the south, west of 85 from Los Altos down to Almaden, more into the slightly more rural pockets.

Los Gatos (95032) has seen a lot more properties sitting on the market. Reduction is not big, and pricing is all over the place. A couple of houses (2000-3000 sf) with an acre ask for roughly 1.6M while some pieces of shit hastily put together with no land ask for 1.8M. Houses outside of the Los Gatos/Saragoa Union district are dropping much faster, about 8-10% off from the peak. Monte Sereno (95030) actually seems to have some higher asking price compared to last year, just that nothing is moving.

Almaden is dropping much faster compared to LG, Saratoga, Cupertino and Los Altos, probably the fastest dropping community west of 85 from Palo Alto to Santa Teresa. Price has generally come down at least 15% for properties priced around 1M.

Land price is dropping faster than houses, just as I expected. However, due to the lack of available land in these communities, we have yet to see developers spewing out land options like they do elsewhere, and I doubt if this will happen on a large scale. But I am starting to see land that I consider attractive, just waiting for the price to get attractive as well :-)

I just checked the rental market for my parents' zipcode and prices really shot up! They'd have to pay at least $250 more per month for their rental today than 6 months ago. It looks like people are really waking up in Montgomery county. I think prices will flatten or go down eventually, but it's nice that my parents have a 3 year lease locked up in the mean time.

Noe Valley is pretty much flat and has been flat since the beginning of the year. Prices aren't going up or down, homes are selling at about the same clip (11 SFH last month) but inventory is climbing. Overbids are uncommon but most places are going for asking.

I have seen quite a few "price reduced" signs. The average 3/2 1300 sq ft recently remodled Victorian is still selling for right around $1M. Some friends of ours just down the block sold the lower half of their two unit building as a TIC for $750k which was $40k over asking. I was kind of surprised at the price, since they only paid $1.2M for the whole thing two years ago. But it is large (1500 sq ft) and nice and this neighborhood continues to gentrify.

I am actually sad to see all the funky old pizzerias and greasy spoon diners replaced by white table restaurants, but I guess it is good for my investment in property here.

"Living in a superstar city is like owning a scarce luxury good."