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[Marty Chinn]

Your eyes do not deceive you: The four-bed, two-bath house — less than 2,000 square feet — listed for $1,688,000 and sold for $2,470,000.

“I think it’s the most anything has ever gone for over asking in Sunnyvale — a record for Sunnyvale,” said Dave Clark, the Keller Williams agent who represented the sellers in the deal. “We anticipated it would go for $2 million, or over $2 million. But we had no idea it would ever go for what it went for.”

This kind of over-bidding is known to happen farther north in cities including Palo Alto, Los Altos and Mountain View. But as those places have grown far too expensive for most buyers, future homeowners have migrated south to Sunnyvale, a once modest community that now finds itself among the Bay Area’s real estate hot spots.

The buyers, who work in tech, had been hunting for a home for a while — but kept getting out-bid, said Mini Kalkat, the Intero agent who represented them: “They lost two before they bid on this one, so we kind of knew what the numbers would be. It’s a crazy market, but there’s a way to maneuver the market.”

The property is one of more than 50 South Bay homes that sold in the last month for at least $200,000 above the listing price. More than half of those deals were made in Sunnyvale. Others were made in Cupertino, Saratoga and West San Jose, according to Alain Pinel agent Mark Wong. He compiles a monthly list of such “over-asking” transactions.

The house on Prunelle Court sold in seven days last month, and the deal closed Sept. 1.

The property attracted more than 20 bids, and the winning bid “wasn’t an outlier,” Clark said. “There were lots of people who gave very good, high prices” for the property, which he described as “nothing special, just a typical Sunnyvale house in a nice Sunnyvale neighborhood.”

These days, it seems most buyers work in tech.

“I sell lots of houses in Sunnyvale and every time we have a buyer, they work at one of the tech companies, usually one of the big ones,” Clark said. “And they generally use their stock options to make the purchase.”

Typically, he said, buyers want a short commute and good schools: “And it’s usually a family with one or two young kids,” moving to their new home “well ahead of the time their kids will be entering kindergarten.

“They work ahead.”

Link to the entire article

Here's the listing on Redfin which has more pictures of what this house looks like.

 

[Shadow Puppetry]

Yep, Sunnyvale is expensive..

 

[Spyder_Monkey]

If this isn't a sign we're in a massive housing bubble that's going to implode soon I don't know what is.

 

[thuway]

The road down where everything sets itself on fire will not be pretty.

 

[Dynamite Shikoku]

Sounds reasonable. Don't worry folks, governments all over the world are telling us this is normal and no bubble

 

[Jarrod38]

Don't care for the outside but the inside looks nice.

 

[Stinkles]

If this isn't a sign we're in a massive housing bubble that's going to implode soon I don't know what is.

Remember the last one? Didn't affect Silicon Valley.

 

[JesseEwiak]

If this isn't a sign we're in a massive housing bubble that's going to implode soon I don't know what is.

Eh, as long as tech doesn't implode, this won't be a problem. Living in Seattle, prices went down after the initial crash...for six months. Then, it was up and up and up again. If Apple and Google continues to be worth billions upon billions of dollars, they'll continue to have the cash to pay people enough to buy these houses.

Now, the houses out in the hinterlands will crash in value again, because that's where the real bubble is.

 

[One Eyed Willy]

Supply and demand

If this isn't a sign we're in a massive housing bubble that's going to implode soon I don't know what is.

Nope, the last real bubble was fueled by rampant industry fraud and loans being approved for people that couldn't afford them and that was regulated away. 2017 prices are just more buyers than houses... all over California.

No bubble and no implosion in sight

 

[zeemumu]

Sunnyvale, huh...

 

[elrechazado]

Location location location...that house is 175,000 where I live lol.

 

[Conor_Fool]

Don't care for the outside but the inside looks nice.

Honestly that looks like a beatiful house, especially on the inside. This doesn't seem very newsworthy

 

[Guevara]

Probably smart to cash out your stock options now, roughly at an all-time high.

 

[Cat Party]

This is so stupid. There is no way you can read this story and read what the realtors are saying and not think this is so, so stupid.

House is cute, though.

 

[Slayven]

Don't care for the outside but the inside looks nice.

Flipper spent all the cash on the inside

 

[Iksenpets]

It's funny having this article about the historic nature of this sale, coupled with the photos of the aggressive normalness of that house.

 

[norm9]

Took a dump in Sunnyvale once. It was alright. That's the price you pay when single family homes are a premium in a property tight area. Not much anyone can do since the amount of rich people seems to overshadow the poors, which seems inverse to any other area of the coubtry.

 

[ghostofsparta]

Sounds like the bay. This will be cheap in 5 years

 

[Electric Eye]

Flipper spent all the cash on the inside

Not even new kitchen cabbinets they look repurposed and that stick on back splach. Mininal effort all around.

 

[Technobabel]

I live in a complex nearby this place! Just need those stock options...

 

[hateradio]

It's funny having this article about the historic nature of this sale, coupled with the photos of the aggressive normalness of that house.

That's the point. The houses in the south bay are pretty mediocre af. The whole place is a large suburb filled with mediocre houses. They literally don't have much going for them. Anywhere else, this house would be worth 30% at most?

The only reason they're so expensive is because there's a larger demand than there is a supply.

All in all, the bay area is absolutely disgusting.

 

[Seesaw15]

No hardwood flooring? SMH.

 

[Tagyhag]

It's a nice house but yeah that price is crazy.

And you're still an hour drive to San Francisco lol.

 

[m_shortpants]

It's a nice house but yeah that price is crazy.

And you're still an hour drive to San Francisco lol.

Well that might not be an issue. Caltrain has a big station in Sunnyvale and LinkedIn, Apple, Google, Facebook are not that far.

I just bought a 850 sq ft condo in Santa Clara, a few exits on the 101 south, for 570k. It's insane here.

 

[jellies_two]

That's pretty cheap for Sydney!

An unliveable semi-detached (needs to be demolished) house on just 265 square meters of land (22% of the lot size of this place) sold last weekend for 500k over reserve at 2.35 million bucks. Now the buyer has to build a house on it.

If that Sunnyvale house was in the same suburb, or any suburb for miles around, it would go for 6 million bucks.

 

[SwiftDeath]

It's the bay, you're just paying for the dirt underneath the house

 

[Tudor]

That's pretty cheap for Sydney!

An unliveable semi-detached (needs to be demolished) house on just 265 square meters of land (22% of the lot size of this place) sold last weekend for 500k over reserve at 2.35 million bucks. Now the buyer has to build a house on it.

If that Sunnyvale house was in the same suburb, or any suburb for miles around, it would go for 6 million bucks.

Here here. I live about 13kms from Sydney by train, in the North Shore and I just recently purchased my first apartment (3 bed, 2 floor) for just over 1.75m a few months back.

It's getting a bit silly how expensive things are so I figured I should get something while I can still afford the mortgage payments.....

 

[The Technomancer]

4 bedrooms in less than 2000 feet? wtf is it anything but bedrooms?

 

[SuperBanana]

Must have been nice growing up in a generation that could ever afford a house.

 

[Yazzees]

I don't understand how anyone can afford this or where it's supposed to level off

 

[BobLoblaw]

Must have been nice growing up in a generation that could ever afford a house.

I can't wait to tell my kids how it used to be.

 

[Slayven]

Personally if i could afford to drop 3 mill on a house, I rather rent a half decent apartment and put that money up so i can retire early and live where i really want

Not even new kitchen cabbinets they look repurposed and that stick on back splach. Mininal effort all around.

As a lover of DIY and HGTV i am mad i missed that. Yeah the cabinets look like the original. And that backsplash i swear i seen a billion times

 

[hurricanes]

Kitchen is ok, but cheap floor carpet and tiles for a 2m house...smh.

 

[maabus1999]

This is less a sign of a housing bubble and more of a sign of a tech industry bubble.

 

[Kevtones]

2.4 million for a carpeted living room? Lol.



Do like those wood bar stools though.

 

[n0razi]

I can't wait to tell my kids how it used to be.

- Back in my day, gas was 99-cents a gallon!

- What's gas?

No hardwood flooring? SMH.

Kitchen is ok, but cheap floor carpet and tiles for a 2m house...smh.

2.4 million for a carpeted living room? Lol.

If you can drop $2,400,000 for this house, then you can easily afford $30,000 to get fancy hardwood installed. You can probably do a complete remodel for around $150,000 and it will look like anything from HGTV

It's the bay, you're just paying for the dirt underneath the house

Basically, this.

 

[Saucycarpdog]

If this isn't a sign we're in a massive housing bubble that's going to implode soon I don't know what is.

Well California will implode. Most of of the nation is doing fine in terms of housing prices.

 

[rokkerkory]

Bay area here yep it is disgusting

 

[sc0la]

Flipper spent all the cash on the inside

God damn, dolphins buying and selling houses now? Shit's wild in Silicon Valley!

Edit:

 

[mcw]

Yeah. I live in Sunnyvale. I have lived here for six years, and in that time it has never been conceivable that I could ever afford anything here other than an apartment, no matter how much I make.

 

[Magwik]

I could buy an entire god damn neighborhood with that money.

 

[Steeped in a Sea of Games]

A good portion of my wife's inheritance rides on Cali maintaining house prices for probably another 10 years. Her parents bought a house 20 years ago that cost around 500k that's worth over a million now.

Considering we live in the Midwest, that's no chump change.

 

[n0razi]

Well California will implode. Most of of the nation is doing fine in terms of housing prices.

Uhhh have you seen home prices in Portland, Seattle, Denver, Austin, Dallas.... ?

 

[Slayven]

-








If you can drop $2,400,000 for this house, then you can easily afford $30,000 to get fancy hardwood installed. You can probably do a complete remodel for around $150,000 and it will look like anything from HGTV



Basically, this.

At that price point you shouldn't have to come and do work

 

[squall23]

Flipper spent all the cash on the inside

Reminds me of Harold and Kumar 2 where they visit that redneck's place.

 

[n0razi]

At that price point you shouldn't have to come and do work

It has nothing to do with the price point and everything to do with the building/land cost ratio.... if the land is over 80% the total cost of the house, then it really doesn't matter what the building is or looks like. Most people are going to bulldoze and do a new construction at that point.

 

[Savitar]

For a moment I was going to ask if there was a Hellmouth around but realized that was an ever slightly differently named place.

 

[Saucycarpdog]

Uhhh have you seen home prices in Portland, Seattle, Denver, Austin, Dallas.... ?

Have you seen home prices in Salt Lake City, Washington D.C., St. Louis, Columbus, Oklahoma, Houston, Minneapolis, Pittsburgh.......?

Like I said, most of the country is fine.

Also you cannot compare the prices in those cities to what's happening in California. The difference is astronomical.

 

[PSYGN]

What a steal.

 

[Pluto]

That's not even a nice house, the exterior is ugly and the interior not much better.