Skip to comments.Bay Area buyers frustrated by tight supply of homes for sale
Posted on 06/01/2014 8:57:37 AM PDT by artichokegrower
In one of the most agonizing disconnects of the Bay Area's surging economy, far more people want to buy a home than want to sell one, making this the tightest housing market in the nation.
Would-be homebuyers are crowding into scarce open houses and battling for the few available, leading to rising prices, rapid sales -- many homes sell within a week -- and frustrated house hunters.
"This is the most sustained period of low inventory I've seen in 20 to 24 years," said Chris Trapani, head of the Sereno Group in Silicon Valley.
(Excerpt) Read more at mercurynews.com ...
How many properties are owned by landlords who lease the properties rather than permitting sale?
It sure is sweet to be on the “good” end of this. While I was buying my present house, my Realtor told me of a young, 30-35 year old couple who got out of California to relocate here, and, with the profit they made on their California house, were looking for a 300K house (=550+K in a large metropolitan area) to buy CASH. How would you like to be 35 years old, live in a very nice house, and have ZERO mortgage?
yuk why would anybody want to live there, it is filthy, it is cold in the summer, people let their houses go to hell, it is communist, and it is unbearably expensive
so Obama will have to move some of these people to Red States
If I lived there and had a house, I’d be cashing out.
There are some similar things happening in TX due to the fracking boom.
You can’t beat the sourdough bread. Nothing like it in the world.
Not just because of fracking though, the favorable business climate helps. In this area many sellers are getting multiple offers as soon as the home goes on the market, sometimes over the asking price. Unfortunately, that affects the comps for existing homes and we get to pay more in property taxes.
America’s real estate is being rapidly bid-up by Chinese, who are rolling in dough.
If you want to keep Americas real estate affordable, then stop sending American jobs to China.
China doesn’t allow Americans to buy their real estate. Yet we sell America real estate to Chinese, and sell China our jobs.
Lately I am seeing Reators signs in yards that say “Coming Soon”.
I don’t remember ever seeing that before.
The reason the Bay Area is so high in demand is due to the fact that you are getting in on the ground floor of the high-tech boom that will dominate our economy over the next 50 years (at least). Companies like Google, Apple and Facebook have their HQ in that area - among many others that will lead the economy of the 21st century.
Pursuant to that, this is where you are going to find your best school systems, your best restaurants, the best shopping experience, and on and on concentrated in that area. Yes, the weather and traffic both suck often but that's not going to be a major factor once we go totally wireless and will be able to work during our commutes. For example, Google already transports many Bay Area workers to and from the campus in luxury buses equipped with Wi-Fi and self-driven cars will be here before we know it.
Weather outside not a factor when you are hanging out in cafes, working in sprawling open-area campuses, and being essentially chauffeured in luxury wherever you want to go.
So buying a home in the Bay Area is probably one of the best investments you can make right now, especially if you are young and have high-tech skills.
Ditto for other fast growing high-tech areas such as which you will find in states like Texas, Massachusetts, New York, North Carolina and Colorado.
We complain a lot on this board about how manufacturing jobs are going overseas and whatnot but that is not our future. Soon, all manufacturing will be done by robot - and the robotics technology is being developed here in the U.S.
If only we could get the damn government out of the way, our economic future here in the U.S. is very bright indeed. I would love to be 22 years again and just coming out of college with an engineering degree.
Immigration is the largest factor. Leading realtor in heart of SillyCon Valley reports three-quarters of purchases are from communist China, etc. Many for all cash. Very few local folks can afford to buy anymore. How long will the commies let the money leave? Nobody knows. It does buy a lot of influence But the commies used to restrict money from leaving. So they could always do it again. This reality is ( we are told by many Asians) is why so many of them are rushing to get money out of there right now. Go figure?! ( average sale price of 60 year old house in Palo Alto is now 2.5 million dineros)
It’s a big country.
Eventually some of them will get the message.
Unfortunately a lot of the ones that spill out of Cali are liberal dingbats like my niece who helped turn Colorado blue.
Until the market crashes again. Which it does here.
Or until you reach your late 30s, and your company lays you off in favor of a cheaper H1B import. Which they do.
And then you can't find a job. Which is an epidemic here.
So, other than that, real estate in the Bay Area is AWESOME. Because high tech ONLY goes UP, UP, UP!! Never down. Nope, never.
The Bay Area is unique in that virtually everywhere that can be built on has been. All the open space is locked away as “green belts”. While other areas in CA were overbuilding in the last decade, the supply has remained static there. So prices never decreased much, and rebounded early.
Unfortunately I believe part of the problem right now is that our side is enthusiastically in China’s pocket.
Nobody but nobody, is saying we need jobs.
Not dems. Not the GOP. Everyone is in the back pocket of communist China.
That is a very big problem.
America needs jobs. Jobs right here.
Jobs. If people have a job, they can build up and support the GOP.
If people do not have a job, they will almost always go democrat.
That explains why the democrats are currently not helping the economy.
What is extremely difficult to understand however, is why the GOP is not strongly advocating for the return of American jobs.
A lot of our Republican leadership is part of the crony capitalist network. Even a lot of the ones who didn’t start out that way but found out how good life can be in DC as part of the establishment.
That’s only in San Francisco and along the coast. Where there are mountains between you and the ocean (most of the Bay Area) the summers are very pleasant, highs in the 80s generally.
Yes the sourdough is good and so is the access to Russian food