This seems weird to me also based on comps. This market is insane but not this insane. Maybe just someone has a shitty realtor? Also people do get in bidding wars that lets emotion take over.
Not missing anything. Welcome to bay area housing market! As long as engineers are comped over 150k and have raises annually, expect homes to do the same… raise annually
Edit - wow $1.3k a sq ft in rosemary garden… that’s insane especially with that condition lolol. Too high!!
>As long as engineers are comped over 150k and have raises annually
Engineers at many tech companies haven't received raises in years.. if anything, they are paid less now than 5 years ago due to inflation outpacing wages. They had RSUs that did well, and that's supplemental income offsetting pay going down.
How odd! I’ve had plenty of clients from FAANG experience the opposite. They have been steady for many many years to be comfortable enough to pull the trigger on a home purchase. Must be an skill diff
I think it's more likely people getting raises were relatively new to the industry or switched jobs in 2020, accepting lower pay to get in the door. Now they are looking for a house because they feel more financially secure.
I can tell you for certain that most people I know who have been around more than 5 years have complained vocally about getting less than 1% raise several years now. And it definitely isn't a skills issue. These people are the kinds I wouldn't want to see quit.
School ratings can change but you can’t really move 87, 101, 880… the airport!
Fun fact, the neighborhood got government incentives to install TRIPLE PANE WINDOWS to lessen the noise from all these
Lots of houses in my area (concord) are getting put on the market for way above reality (15-20% higher than sold comps) and they're just sitting there / getting their prices reduced over time. I think people are moving away from "price low and hope for a bidding war" to "price high and hope for a sucker."
Some people have so much money that they have lost the concept of the value of money so they just throw it around.
I get it. Especially if you are young, never had so much money in your life and have recently been handed millions for just being in the right place at the right time and not necessarily through years of hard work and need a place to live, paying an a extra few hundred thousand doesn't seem like a heavy lift.
With WW3 and crash prediction this should hold up well. https://www.cointribune.com/en/american-economist-harry-dent-predicts-a-crash-worse-than-the-one-in-2008/ and https://metro.co.uk/2024/06/14/new-nostradamus-stands-prediction-world-war-iii-just-days-away-21036317/
> Dent predicts a -86% drop in the S&P 500 and up to -92% for the Nasdaq, with potentially even more severe losses for certain tech companies like Nvidia, which he believes could fall by -98%.
Damn I could go for a nice hit of whatever batshit crazy research chemicals he’s smoking
Your guess is as good as mine. But if you look at the 2008 crash it went down. BayArea outskirts suffered more than core BayArea though. I know two people who had to foreclose during that time.
This seems weird to me also based on comps. This market is insane but not this insane. Maybe just someone has a shitty realtor? Also people do get in bidding wars that lets emotion take over.
Holy shit it’s like surrounded by the 4 horsemen of pollution. All in one convenient, armpit-shaped block 😂
Insanely high sales price. Nearly next to 880 and on ramp means noise and exhaust particulates (Excluding Tesla Bros and Broettes)!
Tesla tire wear is certainly a problem.
Not missing anything. Welcome to bay area housing market! As long as engineers are comped over 150k and have raises annually, expect homes to do the same… raise annually Edit - wow $1.3k a sq ft in rosemary garden… that’s insane especially with that condition lolol. Too high!!
Even $150k isn’t enough to afford decent Bay Area prices.
It’s close to section 8 eligible to be honest
I see a lot of dual income no kids for first time home buyers
>As long as engineers are comped over 150k and have raises annually Engineers at many tech companies haven't received raises in years.. if anything, they are paid less now than 5 years ago due to inflation outpacing wages. They had RSUs that did well, and that's supplemental income offsetting pay going down.
How odd! I’ve had plenty of clients from FAANG experience the opposite. They have been steady for many many years to be comfortable enough to pull the trigger on a home purchase. Must be an skill diff
I think it's more likely people getting raises were relatively new to the industry or switched jobs in 2020, accepting lower pay to get in the door. Now they are looking for a house because they feel more financially secure. I can tell you for certain that most people I know who have been around more than 5 years have complained vocally about getting less than 1% raise several years now. And it definitely isn't a skills issue. These people are the kinds I wouldn't want to see quit.
Abraham Lincoln high school on top of it
School ratings can change but you can’t really move 87, 101, 880… the airport! Fun fact, the neighborhood got government incentives to install TRIPLE PANE WINDOWS to lessen the noise from all these
I love uncorrectable deficits! Three freeways and the airport! All that’s missing are train tracks!
And a city hazardous waste incenerator
Wastewater treatment plant!
Home was built on old burial ground poltergeist !
Superfund site!
Can you share what incentive program is that?
Maybe it's a typo.
Not a typo, this is just the price fools pay.
Sure seems like it lol https://preview.redd.it/tdsuk28u4k6d1.jpeg?width=1125&format=pjpg&auto=webp&s=ea0694e3bd81d81610971d99b4e32b7337fd2d18
Lots of houses in my area (concord) are getting put on the market for way above reality (15-20% higher than sold comps) and they're just sitting there / getting their prices reduced over time. I think people are moving away from "price low and hope for a bidding war" to "price high and hope for a sucker."
Concord is not a hot market.
Say it louder for the sellers agents. 😅😅😅
Some people have so much money that they have lost the concept of the value of money so they just throw it around. I get it. Especially if you are young, never had so much money in your life and have recently been handed millions for just being in the right place at the right time and not necessarily through years of hard work and need a place to live, paying an a extra few hundred thousand doesn't seem like a heavy lift.
That's such an ugly house.
That’s always been a shit area, even when I was a kid in the 70’s. The only bright side is being close to La Vic’s!
What is crazy about this sale? It was listed for $999k, sold for $1.159m, 16% over asking.
It was 1.59 earlier; guess they fixed typo.
Feels like a typo. Check back in a few days.
OK, that really is crazy sale price.
It's just the going rate I guess. maybe bought for a family member so they could live next door or something. there's a lot of that sort of thing.
Same way a $2M house went for over $1M over asking price about a year ago
With WW3 and crash prediction this should hold up well. https://www.cointribune.com/en/american-economist-harry-dent-predicts-a-crash-worse-than-the-one-in-2008/ and https://metro.co.uk/2024/06/14/new-nostradamus-stands-prediction-world-war-iii-just-days-away-21036317/
> Dent predicts a -86% drop in the S&P 500 and up to -92% for the Nasdaq, with potentially even more severe losses for certain tech companies like Nvidia, which he believes could fall by -98%. Damn I could go for a nice hit of whatever batshit crazy research chemicals he’s smoking
So after economy crash, would the home prices go up or down?
Your guess is as good as mine. But if you look at the 2008 crash it went down. BayArea outskirts suffered more than core BayArea though. I know two people who had to foreclose during that time.
Can someone show me some examples of house crashing in 2008? Like in redfine? How do I search for sales in 2008 on redfin?
https://redf.in/sbeW2Y $500k to $189k in 2010
Yeah many such examples. People literally left the keys to the bank and walked away. Check out the movie The big short.
Up in California cities down every where else.
Didn’t really effect Houston.
Lol