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Old 04-05-2013, 12:40 PM
 
750 posts, read 917,582 times
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skyao is right about being harder for us coming from the Midwest and used to affordable housing.

And yes, renting seems like the best option, probably the only option for us. At least there if you buy, it appears to be an investment with guaranteed return, unlike many parts of the Midwest where you may still loose money buying a house today and having to sell it 2-3 years down the road.

It will all depend on what kind of working deal we can get there, but we are nevertheless excited with the possibility of a life style change too.
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Old 04-05-2013, 12:41 PM
 
Location: SF Bay Area
15,422 posts, read 25,317,722 times
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I agree about looking into the Genentech shuttles IF that is where you are working. I know they have a shuttle that stops at the Red Top Rd Park & Ride lot in Fairfield but I'm not sure if it goes to SSF or just Vacaville. Pretty sure I've seen their shuttle bus go to Pleasant Hill BART too. If you lived near PH BART and took the Genentech shuttle the commute to Davis probably wouldn't be more than an hour as it's going against traffic.

You could do a commuter bus from Fairfiled to El Cerrito Del Norte (about 40 min ride) then BART to a station in southern SF that has a Genetech shuttle. It would be a long commute but at least you're not having to drive. The Fairfield area is MUCH cheaper too than places closer in the Bay Area. Peninsula is incredibly overpriced for what it is IMO.
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Old 04-05-2013, 02:54 PM
 
2,622 posts, read 4,796,489 times
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Quote:
Originally Posted by Indyking View Post
At least there if you buy, it appears to be an investment with guaranteed return, unlike many parts of the Midwest where you may still loose money buying a house today and having to sell it 2-3 years down the road.
I seeing buying now as having the potential for a huge loss of down payment. Mortgage rates are artificially low right now. What will happen to home prices when rates go back up to 7% like they were in the 90's or maybe even 12%+ like they were in the early 80's? The monthly payments on Bay area homes would be enormous. Now might be a good time to buy if one plans to keep a property for a long time but not if one is planning to sell in a few years.

Also the Hayward fault is due for a big earthquake anytime. The last big one on the Hayward fault was in 1868 and scientists think they happen every 140 years or so. What would be the effect on property prices if a quake causes a trillion dollars in damage? Suppose one puts 30% down on some nice little 1100 sq. ft. home on the peninsula. When that home drops to 500K from 700K your 200k down payment is gone. I would feel safer betting on the 49ers in Las Vegas than buying Bay area real estate at this time.

Hayward Fault - SFGate
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Old 04-05-2013, 05:17 PM
 
370 posts, read 740,529 times
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Yes dont expect to make money on RE if your time window is 2-3 years. The transaction costs and risks are too high to expect that.

If the career opportunity is right, look at it as a temporary adventure. I assume you will be working at Genetech, so you could always move back with that on your resume. Can i also assume you work for Eli Lilly or some related company in Indy ? Perhaps it could be a good career move if you stay in CA or move back to the midwest if you decide you dont like it...




Quote:
Originally Posted by capoeira View Post
I seeing buying now as having the potential for a huge loss of down payment. Mortgage rates are artificially low right now. What will happen to home prices when rates go back up to 7% like they were in the 90's or maybe even 12%+ like they were in the early 80's? The monthly payments on Bay area homes would be enormous. Now might be a good time to buy if one plans to keep a property for a long time but not if one is planning to sell in a few years.

Also the Hayward fault is due for a big earthquake anytime. The last big one on the Hayward fault was in 1868 and scientists think they happen every 140 years or so. What would be the effect on property prices if a quake causes a trillion dollars in damage? Suppose one puts 30% down on some nice little 1100 sq. ft. home on the peninsula. When that home drops to 500K from 700K your 200k down payment is gone. I would feel safer betting on the 49ers in Las Vegas than buying Bay area real estate at this time.

Hayward Fault - SFGate
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Old 04-06-2013, 09:17 AM
 
750 posts, read 917,582 times
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Quote:
Originally Posted by capoeira View Post
I seeing buying now as having the potential for a huge loss of down payment. Mortgage rates are artificially low right now. What will happen to home prices when rates go back up to 7% like they were in the 90's or maybe even 12%+ like they were in the early 80's? The monthly payments on Bay area homes would be enormous. Now might be a good time to buy if one plans to keep a property for a long time but not if one is planning to sell in a few years.

Also the Hayward fault is due for a big earthquake anytime. The last big one on the Hayward fault was in 1868 and scientists think they happen every 140 years or so. What would be the effect on property prices if a quake causes a trillion dollars in damage? Suppose one puts 30% down on some nice little 1100 sq. ft. home on the peninsula. When that home drops to 500K from 700K your 200k down payment is gone. I would feel safer betting on the 49ers in Las Vegas than buying Bay area real estate at this time.

Hayward Fault - SFGate
That makes sense, good point. Whatever we decide, we are hoping to stay for the long haul, but you never know in the Pharma business.
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Old 04-06-2013, 11:45 AM
 
Location: California
1,199 posts, read 1,065,843 times
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Plus don't forget that from Davis, you will have to pay two way tolls. One at bay bridge and once t the bridge after Hercules. That's another 3k per year. On top of gas.
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Old 04-06-2013, 12:13 PM
 
7,281 posts, read 8,833,971 times
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Quote:
Originally Posted by Indyking View Post
Hi, I have a potential job opportunity in a biotech company in South San Francisco and my wife has the same in UC Davis. We were thinking we could live near UC Davis (we do have kids) for affordability and I would drive to South SF everyday to work. We wonder if that would be doable, it does not seem that far, but we don't know about traffic in the area. Any help/suggestion from people people that know well the commute will be highly appreciated. Thanks!
Literally a waste of your life. You said you have kids. When are you going to spend time with them? Not in the morning and for sure not after you get home late in the evening unless your work hours are so flexible you can work about 4 hours a day to allow for 5 hours per day of commute time. One traffic accident and that drive to or from work becomes a three hour affair.

Think about your kids and quality of life. You might make good money but so what? What good is money going to do when your family suffers?

Leave home at 6am, home by 7 if you are lucky. What a life.
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Old 04-06-2013, 12:18 PM
 
750 posts, read 917,582 times
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Quote:
Originally Posted by HappyinCali View Post
Plus don't forget that from Davis, you will have to pay two way tolls. One at bay bridge and once t the bridge after Hercules. That's another 3k per year. On top of gas.
Wow, really, 3k of tolls per year! I wasn't even aware of that! Nevertheless, we already completely dismissed the Davis idea thanks to all the info we got here! It's insane.

Last edited by Sam I Am; 04-07-2013 at 03:12 AM..
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Old 04-06-2013, 12:27 PM
 
7,281 posts, read 8,833,971 times
Reputation: 11419
Quote:
Originally Posted by capoeira View Post
I seeing buying now as having the potential for a huge loss of down payment. Mortgage rates are artificially low right now. What will happen to home prices when rates go back up to 7% like they were in the 90's or maybe even 12%+ like they were in the early 80's? The monthly payments on Bay area homes would be enormous. Now might be a good time to buy if one plans to keep a property for a long time but not if one is planning to sell in a few years.

Also the Hayward fault is due for a big earthquake anytime. The last big one on the Hayward fault was in 1868 and scientists think they happen every 140 years or so. What would be the effect on property prices if a quake causes a trillion dollars in damage? Suppose one puts 30% down on some nice little 1100 sq. ft. home on the peninsula. When that home drops to 500K from 700K your 200k down payment is gone. I would feel safer betting on the 49ers in Las Vegas than buying Bay area real estate at this time.

Hayward Fault - SFGate
Unless you get loan with an adjustable mortgage, who cares what rates will be in the next year or ever?

People who buy a home and want to sell in a few years are speculators, not home owners. Significant difference.

Artificially low interest rates? Hmmm, a store puts a good product on sale at a huge discount. Heck no, don't buy it, the price is artificially low. You might get a deal and then what? Imagine the guilt. How will one ever live with themselves knowing they bought a house at record low load interest rates? I mean what about everyone else who sat around waiting for something, like maybe the rates will go up and then buy. Yeah, thats the way to do it. Pay more, get less. While we're doing that, lets wait for the stock market to crash so we can sell stocks too. Who in their right mind wants to profit from stocks.

The Hayward Fault? Please. There isn't a place on the planet that scientists haven't said is ripe for a natural disaster, that is fear mongering at it's finest. What would be the effect of a trillion dollar damage earthquake? Who cares? You really think anyone is going to care about a home value if something like that happens? Lets all relocate to Wyoming. Wait, Yellowstone is predicted to blow up soon too. Okay, lets move back east? No, can't go there, earthquakes are predicted to go there too and much bigger than anything on the West Coast. Maybe Kansas? Sure, just as soon as Tornado management is in place. Geeze, people who worry about natural disasters that much should ship themselves in a Fed Ex box to Antarctica? Wait, that is melting so can't go there either.

Will there be an earthquake in the Bay Area some time? Sure. Will there be huge deadly storms on the East Coast. Yup, this past year. How about Hurricanes along the South and Gulf coasts, Yup.

Time to lay down and just roll over, life is about to disappear.

When people were complaining about low stock prices they all sat around wringing their hands. They waited. Stocks rose to records prices and now those very same people are the ones complaining about high stock prices.

Same people say rates are too low. Too low? Dang, lets all wait for them to go up, you know, to make it fair for everyone else. Nonsense. Housing prices? Anyone who bought a house in the early 2000s is still pretty. They easily rode out the bubble drop.

Listen up. The smart people bought when prices were low and are selling when they make profit. The dummies sat around waiting. Good for them.
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Old 04-07-2013, 08:08 AM
 
750 posts, read 917,582 times
Reputation: 201
Quote:
Originally Posted by Mack Knife View Post
Literally a waste of your life. You said you have kids. When are you going to spend time with them? Not in the morning and for sure not after you get home late in the evening unless your work hours are so flexible you can work about 4 hours a day to allow for 5 hours per day of commute time. One traffic accident and that drive to or from work becomes a three hour affair.

Think about your kids and quality of life. You might make good money but so what? What good is money going to do when your family suffers?

Leave home at 6am, home by 7 if you are lucky. What a life.
I agree, but our initial idea was not about the money at all. The opportunities in SSF and Davis would be great for our carrers. That is a lot more important than money in my opinion because down in the road, if we can't stand the work-life balance, we had at least improved our carrers making it easier to leave. Having said that, none of that is more important than my family.
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