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Old 10-01-2018, 01:16 PM
 
10,782 posts, read 20,288,644 times
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Quote:
Originally Posted by khabibtime View Post
The 2008 financial crisis led many PE firms to turn to being landlords as a new source of business.
Yeah it's pretty scary. If an industry controls an entire city's housing stock they can dictate prices. The $300k and up stuff isn't being bought up but anything and everything under $250k is gone after a short time. Rents on them are close to $2k a month for a $250k home.
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Old 10-01-2018, 01:47 PM
 
25,974 posts, read 50,049,668 times
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Quote:
Originally Posted by wheelsup View Post
Coastal CA lives in its own bubble though. Surely you know this. The vast majority of cities aren't anything like CA.
My entire working career has been San Francisco and Seattle based with a brief stint in Europe...

I really don't see a lot of differences between Seattle politics and San Francisco or for that matter what I hear from friends in Portland...

Olympia Washington has many similarities with Berkeley California... again, based on experience.
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Old 10-01-2018, 01:51 PM
 
25,974 posts, read 50,049,668 times
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Quote:
Originally Posted by wheelsup View Post
Yeah it's pretty scary. If an industry controls an entire city's housing stock they can dictate prices. The $300k and up stuff isn't being bought up but anything and everything under $250k is gone after a short time. Rents on them are close to $2k a month for a $250k home.
I work under rent control and have for a very long time... new ballot measure 10 goal is to really shake up housing so that Rent Control would be an option statewide...

The real deal is what starts in California seldom stays in California... seen this with unleaded fuel for cars... my relatives and friends said it is a California things and would remain so... well, we all know how this ended.
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Old 10-01-2018, 03:11 PM
 
10,782 posts, read 20,288,644 times
Reputation: 9925
Quote:
Originally Posted by Ultrarunner View Post
My entire working career has been San Francisco and Seattle based with a brief stint in Europe...

I really don't see a lot of differences between Seattle politics and San Francisco or for that matter what I hear from friends in Portland...

Olympia Washington has many similarities with Berkeley California... again, based on experience.
That's because there isn't much of a difference because the CA residents left and went to Portland and Seattle!!

I'm not sure if you're trying to miss the point on purpose or just being obtuse...
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Old 10-01-2018, 04:28 PM
 
4,480 posts, read 5,356,166 times
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Quote:
Originally Posted by Ultrarunner View Post
My entire working career has been San Francisco and Seattle based with a brief stint in Europe...

I really don't see a lot of differences between Seattle politics and San Francisco or for that matter what I hear from friends in Portland...

Olympia Washington has many similarities with Berkeley California... again, based on experience.
Yes thatís true of Portland, you just listed places that are all horrible politically and have a complete inability to manage state revenue or do anything correct really whatsoever. Itís not unique to CA, itís a West Coast liberal problem.
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Old 10-01-2018, 05:31 PM
 
346 posts, read 168,560 times
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Quote:
Originally Posted by wheelsup View Post
I follow the Dallas market and every home I have "liked" on Zillow has been bought within two weeks of listing and relisted as a rental. Investors are buying up all the lower end stuff making the rental market very tight as no one can buy a house. It's really getting pretty bad. Rents are high because they've got a lock on the rentals.

This concept is concerning - regular working people cannot compete with Blackstone and the other private equity firms that are scooping up rental homes. Apparently the Vegas market is no longer a bargain so investors are no longer buying at a fast clip, but they have zero intention of selling the homes purchased at bargain prices after the crash that are now cash cows.


I've been reading that foreign investors (primarily Chinese) are no longer on a buying spree for US properties so that will hopefully help home buyers who will actually use the house as a home. Apparently the Chinese government placed capital restrictions on foreign investments.


Eventually Americans will be buying all consumer goods from Amazon and our housing will be provided by Blackstone.


I read this interesting article recently: https://www.reuters.com/investigates...ng-invitation/
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Old 10-01-2018, 07:18 PM
 
25,974 posts, read 50,049,668 times
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Quote:
Originally Posted by wheelsup View Post
That's because there isn't much of a difference because the CA residents left and went to Portland and Seattle!!

I'm not sure if you're trying to miss the point on purpose or just being obtuse...
No... simply saying my experiences and specifically with Real Estate extend beyond California to Oregon and Washington... both of which only make up a portion of California expats... 4 of my 5 colleagues recently retired moved to Arizona.. others to Nevada and Texas...

Any discussion that puts California in a "Box" sidesteps the issue as so many Californians move to nearby states...

As a kid in school I had lots of new to California classmates... the military presence was quite large in the SF Bay Area so lots of movement... the Bay Area Military today is nothing compared to what it once was...
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Old 10-02-2018, 02:16 PM
 
1,691 posts, read 394,750 times
Reputation: 1460
Quote:
Originally Posted by Ultrarunner View Post
Property tax can be a real killer... also a disincentive to maintain for fear or taxes going up.

It also forces people from homes when neighborhood gentrify... those that can afford take over.

Thankfully, in California, property tax is not based on what your neighbor does or doesn't do... each tax bill stands alone and is based on what YOU paid for the home... not on what someone down the street paid for theirs...
Yep, I like the way it's done in California. I actually used to work for the Assessor's office so I am familiar with it. Here in Illinois, the politicians just decide how much money they want and sock it to you. And then you have a huge industry of people paying attorneys to get their assessments down.
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Old 10-02-2018, 03:01 PM
 
Location: Lower East Side, NYC
1,894 posts, read 1,130,263 times
Reputation: 1351
Quote:
Originally Posted by Ultrarunner View Post
Isn't New Jersey the Garden State... sounds nice.

I have never visited so no personal knowledge... had a cousin that lived their once... she liked it but said it was expensive... especially the property taxes.

I live in Oakland CA and taxpayers pay a lot for transit... Bus and BART subsidies... plus other special assessments... a lot of it is gear towards San Francisco... in all my days I have yet to ride AC Transit Bus or commute via BART... but I still pay for it.
Jersey City is a concrete jungle where most of the gardens look worse than the weird lemon tree behind my tenement building in Manhattan (Jersey City Heights is nice enough though, and Greenville is a bit more green and a lot more ghetto/slum). Mass transit is a lot more important in the NYC metro area than anywhere in the US, and is the only place in the US that has the ridership that I can compare to what I've seen and read about in Tokyo/London/Moscow/Shanghai/Hong Kong/etc. Hudson County in particular until you get to like Kearny or Harrison is heavily transit oriented, and almost everyone I know in Union City/Weehawken/etc. uses mass transit. We don't drive to Mitsuwa, we take the bus. We don't drive to get groceries, we walk or take the subway. We don't drive to the bowling alley in Bayonne, we take the light rail to 45th st and walk. It's different.

It is very different than California and I've been in Oakland/SF/Berkley, though transit is about as much as an afterthought as in the rest of the country at this point which is sad. We really need real investment into our infrastructure as a country. It's always seemed that NYC metro/east coast is what the country wants to forget, while CA/west coast is what the country strives to be. Both are bubbles of economic growth, but both function vastly different from a personal level.
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Old 10-02-2018, 09:24 PM
 
25,974 posts, read 50,049,668 times
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Yep... in Oakland entire neighborhoods were built on street car lines... it was actually possible to take a "Street Car" to Sacramento... incredible distance plus the lower lever of the Bay Bridge was dedicated to rail...

I still go by the median on Bancroft that is where the street cars traveled.

The employers started moving out of the city proper... the auto plants employed a lot of people as did the General Electric Hub and home of Safeway Stores... etc...

As these hubs of employment faded the need for a lot of people going to few destinations did too...

BART is extremely crowded in commute hours... mostly tied to San Francisco traffic.

We actually have suburbs lobby against BART saying it spurs growth...

I'm 7-10 minutes from work driving... no way to get there on transit... getting there via bike would be OK... getting home... not so much.

The cities have started taking out traffic lanes and putting in bike lanes... I have yet to see a single bike use a Bike Lane in East Oakland on Bancroft... not a one... plus they could have used the wide street car median for bikes and not taken out traffic lanes.

I have always placed a high value on being close to work... seen too many colleagues trade an older home minutes from work for a 1 or 2 commute each way and a new 3000 square foot home...

They never last... the commute gets to them... many have second thoughts as what good is having a nice new home when you have less time to enjoy it...
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