Posted on 07/01/2018 11:46:33 AM PDT by SeekAndFind
SAN FRANCISCO -- A report out this week from the Department of Housing and Urban Development finds the median price for a single-family home in the Bay Area is now $935,000. A family earning $117,000 now qualifies as "low income" in the region.
CBS News went to see California's red-hot housing market with realtor Larry Gallegos. He showed us a house you would think he couldn't give away. But Gallegos says the home, complete with leaks in the roof, sold for $1.23 million. The buyer beat out six competing offers, all above the asking price.
"It's a little mind-blowing, but it is the norm around here," Gallegos said.
That norm is fueled by thousands of well-paid tech workers who have driven up the median price of a San Francisco house to $1.6 million dollars, the highest in the country. While housing prices are rising faster than incomes nationwide, nowhere is it more evident than in the Bay Area, where home values have soared a staggering 64 percent over the last five years.
That could explain how a 1,000-square-foot shell of a house in the heart of Silicon Valley sold for close to $1 million dollars. Also recently listed? A burned-out home near Google and Apple.
Serious buyers also better bring cash. Just ask Sally Kuchar, who tracks real estate for the website Curbed San Francisco.
"We cannot afford to live here, nor could we afford to live pretty much anywhere in the Bay Area," she said.
(Excerpt) Read more at cbsnews.com ...
I make more than that and I am not well and I’m not in the expensive part of CA.
Hmmm, wonder why somebody doesn’t just build more?
...which explains the tent cities and RVs parked on the streets.
Chiraq up 41%?
Building is through the roof in CA. Or art least in LA where I am. Single family homes, condos and apartment buildings are going up like crazy!
Even Frogtown, which is right next to Chavez Ravine which was ravaged to build Dodger Stadium, is booming! Frogtown was all Mexican, kinda tumbledown shacks ... low, low prices, is now going thru the roof! New condos everywhere. Trendy European coffee houses.
I’m an LA native, 70 years old and I have never seen more construction. Oh, and downtown LA is also growing by leaps and bounds .... businesses booming! Real estate in LA is always lucrative ... but now it’s gold.
Miles of condos are going up everywhere in the Bay Area. Commercial land is being rezoned into residential land after small strip malls are bulldozed. Very few tract houses are being built now. We recently sold our house (after owning for 17 years) in Campbell, we received a lot of dough from a young tech couple who wanted a yard for their kids. Two years of renting and we’re out of here.
Talk about being left in the dust...
The immigrants pouring through the southern border must be immensely wealthy, for this much money to be just lying around on the streets of LA to support all this growth.
Cancer is growth, too.
California is rapidly turning into a sh*thole that even the leftard media can’t ignore anymore. It is quite disgusting.
I would say they are low income. If you are making 20,000 and a house cost a $120,000 in your area you are better off. In some ways anyway.
Obviously there was a lag in Obama’s economic policies and LA is just catching up. /(is the sarc tag needed?)
Can you buy Arugula on food stamps?
One wonders what the effect might be of a gazillion illegal aliens, all needing some kind of shelter and driving up demand on the lower (ha ha) end; and a related question: where might they get govt money for this? HUD?
One also wonders about other foreign "visitors" and immigrants to Cali, including chinese, who (if I understand correctly) can afford some major real estate price tags.
.
Have seen far too many go from upper to middle to lower income. Inflation fueled by large govt with it’s laws, regulations, taxes, fees, permits and corruption is still alive and well.
Trump won because of income insecurity, whether it be jobs, unemployment, trade, economy, immigration, intervention military costs, taxes, regulations...all these and more are the driving force behind Trump support because they all directly affect personal income security. Trump is doing a great job and it will win in 2020.
The Dems keep moving further left to a globalist socialist nation and world and that is because of the same issues, income insecurity, jobs..etc...
Socialism will gain more support as this financial insecurity grows and poverty and low income existence increases. This is why Alexandria Ocasio-Cortez beat Crowley so soundly and why Bernie was so popular (he would have won nomination if not for the fix being in for Hiliary). This move to ultra socialist policies means imo the Democrats failure to win anything nationally for a long time.
The world has gotten bizarre—most Federal employees who are located in the Bay Area are now eligible for “low income housing”.
Here is the pay scale if anyone wants to see the details:
https://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/salary-tables/pdf/2018/SF.pdf
One also wonders if someone in CA isn’t trying to price their illegals of out the “sanctuary state”, in order to mitigate their self-inflicted problem and force other states to have to take it on.
No place to build. The EnviroNuts are pushing Agenda 21 (now Agenda 2030) for High Density housing and mass transit.
All of the open land has been regulated to the point of being off limits for building, with some minor exceptions.
You should see the local fights going on over the last couple of trailer parks left.... <$200K buy-in if you are really lucky.
They all chip in with the family members, working under the table (not having to pay very high CA taxes) and are actually very wealthy in comparison; added to living high on the hog for all of the welfare and other benefits given to them since they do not claim any income = poor.
Best scam going!
Wonder why somebody doesn’t just build more? The answer is zoning laws and environmental regulations, geography and collapsing infrastructure that makes a couple mile trip an hour long ordeal.
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