Long term ramifications on Bay Area Real Estate and Economy (Sacramento: income, taxes)

[nowhereman427]

Originally Posted by john3232

Because it might have been priced to create a bidding war.

In SF for example it's common for RE agents to list a home undermarked value, get bids and 14-21 days later attempt to have buyers to compete with counter offers. It's a game both buyer/sellers agents understand.

i sold my house off market. I was aware by early 2019 the market had begun to slow. I went to plenty of open houses where there were only one or two other people looking. Putting my house on the open market would have been the kiss of death esp. with the repairs needed. However, off market I tell unsuspecting buyers that if they want the house...pay asking price. Otherwise they could wait and take their chances when the home hits the MLS (open market.)

I only needed one buyer and after three weeks... nabbed one. Sold it for good 150k over market value. But why didn't the buyers agent explain to his clients this wasn't a particularly good deal?

Because my RE agent told the other agent it was asking price. Take it or leave it.

Take it and the sellers agent pockets an easy pocket a 41k commission. Leave it and he gets nothing.

Didn't take long for other agent steered his clients toward accepting my price.

$$$$ talks.

[TealD]

My property in Vallejo was bought for 375K in 2018 it was later valued at 480 k in the beginning of 2020 before it was turned into a 4plex.This was with absolutely no improvement and a dramatic raise in crime in the area and some of the lowest school scores in the bay area. since I converted the property into a 4 plex it's now valued at 780k. That was with the Floyd riots, a dude getting murdered on the corner, daily sideshows with gunshots, and a drive by in front of my place with one of the rounds going through my neighbor's window.

My Martinez residence was bought for 580K and with no work completed whatsoever is now valued at 645k. I imagine when I finish triplexing the residence it would go up in value a lot more.

There are significant long term ramifications not only to the bay area but to the west coast and the U.S. because California can not get its housing crisis under control buyers here are now going to other metro areas around the country and causing havoc there as well. It also has a major effect on the future demographics of the area as the bay area will more than likely become all white and Asian.


either California can start to build more houses and attempt to fix this issue it put itself in, or it can stop pandering to its immigration rhetoric and more houses will free up as foreign populations stop moving here. Either way California needs to do something.

[Vision67]

Near-record pace for Bay Area home sales

East Bay homes selling in under two weeks

https://www.eastbaytimes.com/2021/04...-home-sales-3/

"The California Association of Realtors estimates the Bay Area has about 1.5 months of inventory — an indication that at the current pace, all homes on the market would sell in just six weeks. It’s the lowest level since at least 2005, according to the association’s data. In March 2020, for example, the region had about three months of inventory.

Redfin economist Taylor Marr said the Bay Area housing market has split: slow-moving condos and townhomes, and fast-selling single-family homes. “This is true everywhere,” Marr said, “but it’s very pronounced in the Bay Area.” The fast-selling homes drive down the average days on market."

[Jadedfadedisbae]

Hopefully my property in Brentwood will rise in value because we went all in on this thing.

[masterchingsinc]

Originally Posted by Dave Coe

Interesting to see what happens as more tech companies like Twitter will allow their employees to work from home and if other companies will follow Tesla out of the state.




"Tech Workers Consider Escaping Silicon Valley’s Sky-High Rents

After major companies announce their employees won’t need to come in, many are recalculating the cost of living near the office."

https://www.bloomberg.com/news/artic...t=businessweek

I believe I left San Francisco for Fresno this year once my tech job became optionally remote forever.
Both of my neighbors came from LA and the other you guessed it SF. I moved from SF to Fresno so I can keep my California Salary. I live near the River Park area and will have to say it is a nice shopping area with the potential to be the Rodeo Drive/Santana Row of Fresno. Overall best Decision ever!

Here are some other new communities I scouted in the Fresno area outside SF/LA.

Friant Ranch
Tesoro Viejo
Riverstone

Also
The Residences at The Row
(I talked to them and they said they are 100% booked)
https://goo.gl/maps/cUzVCC5kh6hARTM2A

[Vision67]

A churning Golden State on the eve of new population numbers

https://www.washingtonpost.com/natio...c3e_story.html

"ROCKLIN, Calif. — Shannon Sessions has a seat in left field, in the shade of a willow. Her goldendoodle, Yeti, is leashed to her folding chair.

These are prime tickets at the Little League diamond here at Whitney Ranch park, an expanding development of red-tile roof houses, barbecues and backyards. Less than two months into her move to this old-new boomtown in the dry air of the Sierra Nevada foothills, she already knows to arrive early if she wants a good view of Carter, her 8-year-old son, playing first base.

Sessions is a newcomer, a Bay Area transplant, and among a quickening migration from west to east transforming a state once shaped by arrivals heading very much in the other direction.

The trend has made Placer County, climbing from the outskirts of Sacramento to the blue depths of Lake Tahoe, among the fastest growing places in the state over a decade when California’s famed historic growth has slowed to a virtual standstill."

[Dave Coe]

Why 2022 Could Be The Dot-Com Bubble All Over Again:

"Summary
Speculative growth stocks have become unreasonably expensive.
Persistent inflation will trigger higher interest rates, causing high growth to crash.
Capital will flow out of "dumb money" into fixed income and cash-flow generating stocks.
High growth companies with no earnings will be hit the hardest, and could see a 30% drawdown over the next 18 months.
The best way to protect your portfolio is to shift money out of speculative stocks and into high-quality stocks."

https://seekingalpha.com/article/446...all-over-again

[nowhereman427]

Originally Posted by masterchingsinc

I believe I left San Francisco for Fresno this year once my tech job became optionally remote forever.
Both of my neighbors came from LA and the other you guessed it SF. I moved from SF to Fresno so I can keep my California Salary. I live near the River Park area and will have to say it is a nice shopping area with the potential to be the Rodeo Drive/Santana Row of Fresno. Overall best Decision ever!

Here are some other new communities I scouted in the Fresno area outside SF/LA.

Friant Ranch
Tesoro Viejo
Riverstone

Also
The Residences at The Row
(I talked to them and they said they are 100% booked)
https://goo.gl/maps/cUzVCC5kh6hARTM2A

Fresno?

[Vision67]

Hotly contested Lafayette housing project gets court OK

Judge rules Terraces of Lafayettes’ environmental review holds up

https://www.eastbaytimes.com/2021/11...gets-court-ok/

"LAFAYETTE — A proposal to build 315 apartment units — one that has roiled the city for years — has cleared a major legal after a Contra Costa County judge struck down claims by opponents that it wouldn’t be environmentally sound.

The Terraces of Lafayette survived the latest in a long saga of challenges by Save Lafayette, a citizens group that has been trying to stop the project in its tracks.

The apartments, including 63 affordable units, would be spread across 14 buildings. The project also includes a two-story clubhouse and leasing office and 550 parking spaces, all on a 22-acre site at Deer Hill and Pleasant Hill roads."

[nowhereman427]

Originally Posted by Jadedfadedisbae

Hopefully my property in Brentwood will rise in value because we went all in on this thing.

Antioch, Pittsburg, Bay Point too?