Bay Area Real Estate Market Gone Bonkers? (Antioch, Montclair: sales, renters)

[18Montclair]

Has Bay Area real estate gone bonkers? : On The Block: SFGate


I've seen a lot of whats going on in this article happening to people I know. We need to get our bearings-I dont like this instability. Been following real estate prices in the Bay Area since I was 12 and Ive never seen a situation such as this.

[mayorhaggar]

Dumpy houses in Rockridge are still going for $600,000, and rents keep going up anywhere you go. I would consider that bonkers. Yes things aren't as frothy as they were a few years ago, but the real estate market in the Bay Area is still really expensive compared to the wages of normal people. Compared that with places like Las Vegas or South Florida where houses that were going for 400K are now lucky to get 100K.

[Bulldogdad]

Originally Posted by 18Montclair

Has Bay Area real estate gone bonkers? : On The Block: SFGate


I've seen a lot of whats going on in this article happening to people I know. We need to get our bearings-I dont like this instability. Been following real estate prices in the Bay Area since I was 12 and Ive never seen a situation such as this.

Your asking if something in the Bay Area is Bonkers? Are you really that surprised.

[clongirl]

Originally Posted by 18Montclair

Has Bay Area real estate gone bonkers? : On The Block: SFGate


I've seen a lot of whats going on in this article happening to people I know. We need to get our bearings-I dont like this instability. Been following real estate prices in the Bay Area since I was 12 and Ive never seen a situation such as this.

Yeah, really weird since prices still seem so out of reach for so many people. My neighbor just sold her house for 1.1 million in two days.

Perhaps it might have sold for 1.4mil a few years ago and the buyers actually thought they were getting a "bargain" or something. I'm still shocked that things haven't really gone back to normal despite all the layoffs and high unemployment.

The whole real estate thing is so fresh in my mind since it had such an impact on my family's life for many, many years. If you can believe it, I remember back in 1996 (okay, that seems like a very long time ago to a lot of you!) when it all started to go wrong (right after I had my first kid). My friend told me she "begged, borrowed, and scraped up every cent" to purchase a house in the Sunset--325K. We scratched our heads at the bubble and couldn't fathom being able to save for a house at that price! Another friend told me she bought her beautiful house in West Portal a few years prior to that when you couldn't even give them away!

It was unfortunately just the beginning! Prices were so out of hand that my husband and I started going to the 2 million dollar open houses in the St Francis Wood neighborhood for "fun" on the weekends since we obviously weren't going to be able to buy even get one for 325K. I couldn't get over all the douchebags moving in, pushing their way over to the agents, acting like they were "special" and wealthy. Who knew that we could have gotten a loan for a million too, nothing down!

[Curmudgeon]

One of the fall-outs of this burst bubble that is rarely addressed is touched upon in this article. Speculators and investors are snapping up houses to do rudimentary repairs on and then rent out. Over time the markets and neighborhoods are going to be flooded with renters and houses barely passing codes, if that, and it's no secret what that does to neighborhoods.

For the sake of the almighty dollar, there will be slums in the making that will resonate, perhaps for generations. It's a very sad state of affairs. America and Americans deserve better!

[NorCal Dude]

For fun I like to look at posts from 2006 when people thought prices were going to stay the same

[18Montclair]

Great comments(even the smarmy ones-LOL). Rep points on me!

Um, its so weird.

From the rental market to the residential and commercial sales market, everything is so unpredictable right now. I don't like it one bit. It feels like at any moment the floor could fall out from underneath us.

Someone mentioned million dollar homes being snapped up like shoes on sale at Nordstrom---and that is the case in some areas. Meanwhile take a look at all the huge homes languishing in places like Antioch.

Or maybe Im just being a drama queen.

[NorCal Dude]

Upscale markets are the last to decline and the first to bounce back. Happened in the california re bust of the 90's as well.

[Hemlock140]

Originally Posted by Curmudgeon

One of the fall-outs of this burst bubble that is rarely addressed is touched upon in this article. Speculators and investors are snapping up houses to do rudimentary repairs on and then rent out. Over time the markets and neighborhoods are going to be flooded with renters and houses barely passing codes, if that, and it's no secret what that does to neighborhoods.

For the sake of the almighty dollar, there will be slums in the making that will resonate, perhaps for generations. It's a very sad state of affairs. America and Americans deserve better!

Many, if not most of these investors are in China, sending the money over
with buying agents here handling the paperwork for them. When prices start to go up again, they will all be selling quick to get their profits before the market is flooded and the prices drop again.

[Bulldogdad]

Originally Posted by Curmudgeon

One of the fall-outs of this burst bubble that is rarely addressed is touched upon in this article. Speculators and investors are snapping up houses to do rudimentary repairs on and then rent out. Over time the markets and neighborhoods are going to be flooded with renters and houses barely passing codes, if that, and it's no secret what that does to neighborhoods.

For the sake of the almighty dollar, there will be slums in the making that will resonate, perhaps for generations. It's a very sad state of affairs. America and Americans deserve better!

BS. Barely passing code? Excuse me passing building codes in California is tantamount to having the best build tract and model homes in the entire nation.

Heaven forbid someone in AMERICA should have the ability to make an income selling or renting out property.

Who the heck is going to pay for that grossly over bloated retirement that allows ex-public employees to suck the life blood out of California while living in say..... Missouri? for example.

Nice retirement if one can get it. Maybe those pensioners should just sit back shut up and enjoy the ride that is being provided to them by all those nasty speculators generatiing the income in taxes paid. Allowing them to sit on their fat asses fishing all day long in say the ... Aux Arcs.
For example.