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Old 06-19-2012, 01:42 AM
 
1,553 posts, read 989,204 times
Reputation: 1103
Quote:
Originally Posted by 7x7er View Post
Someone explain this to me - why are there such long lines at open houses? Why do landlords get flooded with phone calls as soon as they put a property on the market?

I'm just thinking it from an economics perspective - If I'm a landlord, and I list a property at $X, and 100 people with good credit are dying to pay $X to rent my apartment, doesn't that signal to me that I've listed the property below market value? Wouldn't I continue to list it at higher values until I had only a few people willing to pay? Especially given I might be stuck with that rent-controlled price I charge for the next 30 years?

You're assuming that if a unit is listed for $X, then it will get only $X.

My friend asked $1,500 for his studio. He ended up renting it for $1,700 in less than a week. Sometimes, the price you see is only the starting bid price.
.
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Old 06-19-2012, 08:17 AM
 
Location: A bit further north than before
1,522 posts, read 1,614,798 times
Reputation: 1191
Boston? Boston has 5 months of crappy winter, 1 nice spring month, 5 months of crappy summer, 1 nice autumn month.

Pass.
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Old 06-19-2012, 09:46 AM
 
54 posts, read 54,503 times
Reputation: 78
When I first moved here a little over a year ago, I fell in love with San Francisco and immediately pictured living the rest of my life here.

One short year later I've already come to the realization that its probably not going to work out that way. When I originally got here, I moved in with two random roommates from Craigslist into one room in a tiny 3-bedroom place. I figured, "I'll save money for the first year, get a feel for the city, then find my own place to live." Well, in that one-year time prices have skyrocketed so much I've now been priced out of most of the market. And the portion of the market I can afford is just crazy. I feel like you could fight it out at those open houses for a year and not get a place.

So now I'm stuck with either staying in my bedroom or moving out of the city. And yeah, I know everyone recommends Oakland. No offense to the East Bay (its a nice place), but I moved across the country specifically to live in San Francisco.

Someone once suggested that the next time I walk through Russian or Nob Hill at night, count the number of lights you see on in the high-rise apartments and condos. Its enlightening. Maybe 10% if not less have lights on. Certainly not a scientific study, but it makes you wonder about the effects of rent control and tenant laws on the vacancy rate, which squeezes everyone else in the open market. I'm sure there's a ton of people out there that own these places as either investments or future retirement homes, that simply won't take the risk of renting it out and never being able to kick out the renter.
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Old 06-19-2012, 10:49 AM
 
120 posts, read 86,017 times
Reputation: 76
Quote:
Originally Posted by 7x7er View Post
When I first moved here a little over a year ago, I fell in love with San Francisco and immediately pictured living the rest of my life here.

One short year later I've already come to the realization that its probably not going to work out that way. When I originally got here, I moved in with two random roommates from Craigslist into one room in a tiny 3-bedroom place. I figured, "I'll save money for the first year, get a feel for the city, then find my own place to live." Well, in that one-year time prices have skyrocketed so much I've now been priced out of most of the market. And the portion of the market I can afford is just crazy. I feel like you could fight it out at those open houses for a year and not get a place.
I feel you. Reality is often less then ideal.

Quote:
So now I'm stuck with either staying in my bedroom or moving out of the city. And yeah, I know everyone recommends Oakland. No offense to the East Bay (its a nice place), but I moved across the country specifically to live in San Francisco.
Yes, if your financial situation stays the same, it would seem you have to decide between having a comfortable home and location.

By the way, how are the roommates working out?
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Old 06-19-2012, 12:27 PM
 
407 posts, read 302,139 times
Reputation: 408
Quote:
Originally Posted by andyadhi01 View Post
Boston metro has all of the above and a lot more but the cost of living is much lower than bay area. DC area has much better job opportuniies than bay area but has lower cost living. LA also has all of the above and much much more but is cheaper than bay area. Tech jobs are not the highest paid but finance jobs are. NYC, Boston, Chicago, LA, Houston (energy trading/finance), Miami are much bigger finance centers compared to SF. So please get out of your bubble! You might learn a thing or two...

Bay area has few wealthy entrepreneurs and VC types in a handful of small peninsula towns and everyone else barely scrapes by in slummy living condition. Bay area is top in wealth inequality and miserable living condition for the average middle class. Now go pay your large rent and jeopardize your financial future just to live in this overrated and overpriced slum
Really? LA? Boston? Neither of them have the similar high paying jobs. You have no clue you are talking about. LA has jobs that pay much lower than the bay area. I know, I went to school there. Yes, NYC has higher paying jobs and that's reflected in Manhattan rents. DC has high paying jobs and no, it doesn't have lower cost of living. I have lived in Silver Spring where rents were comparable to many peninsula towns. I think you need to get out of the "Bay Area Hate" bubble and re-evaluate your information.
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Old 06-19-2012, 12:45 PM
 
Location: Mountain View, CA
932 posts, read 1,734,055 times
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DC proper may not be cheaper but the suburbs are drastically cheaper.

I have a very nice 2br 2ba condo in a great location (Fairfax / Fair Oaks) near my job and a lot of employment centers and I paid 229K for it. I am considering a move to silicon valley and a similar place would cost close to 500K.

DC is expensive. The bay area is flat ludicrous. As far as I can tell, rents in bay area suburbs average at least 1000 more per month as compared to a comparable place in NOVA.

I make 75K now and unless the job offer is for at least 125K in the bay area, I won't really consider the move.
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Old 06-19-2012, 12:45 PM
 
54 posts, read 54,503 times
Reputation: 78
Quote:
Originally Posted by jupiler View Post
I feel you. Reality is often less then ideal.



Yes, if your financial situation stays the same, it would seem you have to decide between having a comfortable home and location.

By the way, how are the roommates working out?
Ehh, roommate situation hasn't been the best. I posted a different thread about it, but I wasn't getting along with my roommate for a brief period so she was trying to force me out. We worked things out though, so I'm still there. Its amicable now but certainly not the most comfortable environment. I keep to my room and spend a lot of time out and about.

I should clarify though, I love it here and can't really complain, considering millions of others have it way worse than I do. Even if I get to live here only a couple more years, well, I'll take the experiences along with me the rest of my life.
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Old 06-19-2012, 02:44 PM
 
263 posts, read 301,130 times
Reputation: 153
Quote:
Originally Posted by andyadhi01 View Post
Boston metro has all of the above and a lot more but the cost of living is much lower than bay area. DC area has much better job opportuniies than bay area but has lower cost living. LA also has all of the above and much much more but is cheaper than bay area. Tech jobs are not the highest paid but finance jobs are. NYC, Boston, Chicago, LA, Houston (energy trading/finance), Miami are much bigger finance centers compared to SF. So please get out of your bubble! You might learn a thing or two...

Bay area has few wealthy entrepreneurs and VC types in a handful of small peninsula towns and everyone else barely scrapes by in slummy living condition. Bay area is top in wealth inequality and miserable living condition for the average middle class. Now go pay your large rent and jeopardize your financial future just to live in this overrated and overpriced slum
This post is a joke, right?

Take a look at the average salaries for all of the cities mentioned, compare them to SF, and get back to me.

Don't let facts or statistics get in your way.
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Old 06-19-2012, 03:22 PM
 
Location: Mountain View, CA
932 posts, read 1,734,055 times
Reputation: 816
Quote:
Originally Posted by gotigers123 View Post
This post is a joke, right?

Take a look at the average salaries for all of the cities mentioned, compare them to SF, and get back to me.

Don't let facts or statistics get in your way.
Actually he is right about DC and New York. Do a search for richest counties and you will see the list is dominated entirely by counties around DC (Northern VA and suburban MD) and NYC / NJ. Bay area isn't even in the top 15.

Http://money.msn.com/family-money/th...ies-in-america

Problem is the bay area has a lot of high earners and a huge underclass of people who can't afford anything approaching reasonable housing. I love the bay area but salaries alone do not come close to justifying the cost of living. There is something more systematic at work.
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Old 06-19-2012, 04:24 PM
 
Location: Bay Area
3,045 posts, read 4,184,336 times
Reputation: 2715
Why does everyone always EXPECT that they can live in the City just because they WANT to?

Thing is...I would love to live in Paris--overlooking the Seine...I can't afford to. I'd also love to drive a Aston Martin...unfortunately I can't afford that either.

The City is crazy expensive--so what? It's been this way as long as I can remember at various times in history (but particularly when the technology industry is flourishing). An influx of thousands of similar people with the same expectations that they just wouldn't or couldn't live anywhere else is why rents are high and there's 50 people vying for the same small apartment. Stay where you are or move outside of the City if you think that you are more special, better qualified, or make more $$ than every other person coming in from out of town for work or because of some romantic 'dream' they've had since childhood.
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