SciencePilot
Member
Hey, I work in Sunnyvale.
No way I'll be able to afford a house around here anytime soon
No way I'll be able to afford a house around here anytime soon
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Sunnyvale 4 bed/2 bath 1988 sqft house sells for $782,000 over asking price
- Thread starter Marty Chinn
- Start date
That's happening all over, although not to the extreme as the one in the op. When I was looking to buy the house, I put offers on 6 houses and every offer I made was above list price because it had to be to have a chance to get it. Some would only be on the market for a few days before they were in contract. If the area is desirable, it's a seller's market and has been for awhile now.
I don't think it's a bad sign of any type of crash, there just are not many houses available. It's simple supply and demand. In my area, if your house is on the market for more than a month, you've either priced it too high trying to gouge people or there is something wrong with the house that is keeping people away.
I don't think it's a bad sign of any type of crash, there just are not many houses available. It's simple supply and demand. In my area, if your house is on the market for more than a month, you've either priced it too high trying to gouge people or there is something wrong with the house that is keeping people away.
PhantomThief
Banned
I'm sure they'll have a great place to live with these guys around.
Muppet of a Man
Member
Welp, millenials are fucked. Most will never own a house.
OT: What a wonderful wonderful expression. It encapsulates how crazy the world has become.
I will use this from now on, thank you.
Correct but the number one rule of real estate is location, location, location. You can change the way the house looks, you can change the landscaping but you can't change the location short of buying a new home.
UserNotFound
Member
Is there a CO with the property? What is the zoning and use? If no CO and the property is zoned for commercial or multi family use, this guy just got himself one hell of a deal.
Agreed. Saw the OP and thought, that's what 2.5 million gets you? Not worth it.
Then drop 200k on it to make it look nice and sell for three and a half mil in five years or just keep living in it, if it's actually a family buying in it.
The thing about the demand is that not that many people really want to live in areas like Sunnyvale if not for the employers nearby. The demand growth is heavily dependent on tech companies hiring.
I have to think that eventually these companies will realize that it affects their bottom line to hire most of their employees in one of the most expensive areas in the world, where they need to keep increasing salaries to offset the cost-of-living. Look at what Amazon is doing right now, building a new headquarters outside of Seattle. I think they are at the vanguard of a trend of tech companies shifting their hiring to more affordable locations so they can pay lower salaries.
D
Deleted member 1159
Unconfirmed Member
Yep, I'm never moving back to the bay. The house I grew up in in Fremont is listed for 1.5 on Zillow now, which is 1.2 more than my parents bought it for in 88. They're going to sell it, buy one twice as nice and bigger for less than half the price in Utah in a couple years.
I bought a place in the suburbs of Salt Lake for 158k end of 2012, sold it for 230k in 2014 because we had to relocate, now it's listed over 300k. These gains don't seem sustainable to me...
I bought a place in the suburbs of Salt Lake for 158k end of 2012, sold it for 230k in 2014 because we had to relocate, now it's listed over 300k. These gains don't seem sustainable to me...
Hickbilly Deluxe
Banned
Closer to a hundred in some places. Where I live I could probably pick it up for 110-115.
I love affordable living!
sixteen-bit
Member
Wow, I'm sure the seller is happy with that
RustyNails
Member
This isn't a bubble. The mortgages are not subprime. The people buying these houses can pay for them in a place like Sunnyvale.
As an avid viewer of HGTV (my wife got me hooked), I see houses like this pop up and in at
least two of them you can pretty much only fit a small bed and couple pieces of furniture.
I don't see how people can afford to live in places like this - makes me wonder what the minimum household income is needed for something like this. Are interest only mortgages a thing in CA?
Preach. In places where that house is $185K, $2.5mil will get you something amazing.
Having lived in the Midwest all my life, I can't fathom spending that amount of money and only getting that house in return.
At most, yeah. Pretty wild.
UserNotFound
Member
It was paid for in stock options. That's legal tender in my book. Not everyone needs to have a mortgage. Cash would've been much preferable.
Household debt rising
Housing scarcity and prices rising
Wages stagnant in real terms
Coming automation culling of jobs
Retail apocalypse
Unsustainable student loan debt
Influx of foreign money
etc...
There will be another crash. Buy then.
Really makes you wonder what all that Silicon Valley money is worth when all it lets you buy is a mediocre house and a 40 mile commute each way.
The house was built in 1963. How does paying someone to tear it down save the seller any money?
The house was built in 1963. How does paying someone to tear it down save the seller any money?
nillapuddin
Member
I just got beat on a $189,900 house in Florida and I'm like, Welp, can't go much higher.
This shit is unbelievable. There are real problems with home costs in this country.
*the house was 1400ft, 3/2, 2 car garage, vaulted ceilings, built in 06.
This shit is unbelievable. There are real problems with home costs in this country.
*the house was 1400ft, 3/2, 2 car garage, vaulted ceilings, built in 06.
Our house is a bit over 1500 feet and we got 4 "bedrooms." They are pretty small.
Regarding the OP... that's fucking ridiculous.
All it let's you buy???
Millions of people would take the hundreds of thousands of dollars those people are making to have a well off early retirement, great healthcare, plenty of money to educate their kids anywhere, etc etc. People have longer commutes and equally unimpressive houses while making less.
The CA tech industry situation is completely different from everywhere else.
BotoxAgent
Member
Isn't this the town where Buffy lives?
Skellig Gra
Member
Yeah I imagine it is
Random Painted HIghway
Member
The drive to own a home is really strong. I'd like to think that if I was forced to live in that area I would be content to rent at a slightly less exorbitant rate, but the pull of home ownership esp with kids in the picture is nigh impossible to ignore, for Americans at least.
Sweet jesus.. That's crazy. When my SO and I were looking for a house, we got out-bidded by like 10k cash once or twice before were finally able to secure our current home (thankfully we did not have to get into a bidding war)
We were using Zillow and realtor.com (never used redfin, sure is similar to the others) for house searching.
We were using Zillow and realtor.com (never used redfin, sure is similar to the others) for house searching.
LegendofJoe
Member
My wife's family is from California and her aunt/uncle seriously cashed out doing this. They both sold their homes for a massive profit and retired to a lower cost of living state. And the homes they both live in are much nicer than the ones they sold, lol.
Rent isn't cheap in bay area either, and it is keep going up because a lot of people can't afford to buy.
Random Painted HIghway
Member
Monkeyball
Banned
Carpet is a sin.
LegendofJoe
Member
It's nice to have in a few rooms if you have young kids. But yeah hardwood >>>> carpet for sure.
ghostofsparta
Member
Tech industry pays very well. If you and your spouse work in tech, you're fine. Else, you're screwed.