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Old 04-06-2014, 05:13 PM
 
Location: Santa Monica, CA
12 posts, read 15,855 times
Reputation: 13

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91% of international buyers in CA bought their home in Southern California.

International buyers like the Southern California real estate market

It seems home prices are high in the Bay Area because the job market is strong, so people are stuck there because they have to work there and price is inflated from local buyers. The Bay Area doesn't seem to have that "dream" cachet Los Angeles where people from around the world think its fabulous and want to be there. It seems most intl people who buy in the Bay Area are connected to Silicon Valley in some way. I think only NYC surpasses LA when it comes popular/prestigious/dream locales in America for rich jet setting international people.

Why?
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Old 04-06-2014, 07:04 PM
 
Location: East Bay, San Francisco Bay Area
23,517 posts, read 23,995,040 times
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Having lived in both places extensively, LA has this "Hollywood" style and movie star vibe that has been amplified by the media all over the world. People who have never lived there, think LA is all glamor and glitz. Parts of it are, but only a small subset of the population actually lives that lifestyle. Most in LA are working and struggling to make ends meet.

The Bay Area has a much larger middle to upper-middle class and while it is not as glamorous, the quality of life is much better up here, IMO.

IMO, the Bay Area is more desirable than Southern California. The property prices reflect that high demand.
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Old 04-06-2014, 08:49 PM
 
Location: Berkeley, S.F. Bay Area
371 posts, read 454,329 times
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Not sure if 'SoCal troll' or just simpleminded, nonetheless I proceed with caution:

The answer is obvious: Southern California offers much bigger mansions and is much more considerate towards people with large wallets. Of course, as the person above me suggested, since Southern California isn't filled with upper middle-class, constant mobility, stronger financial families and individuals like Northern California is--there's much more room for people with money.

Los Angeles is like a fantasy, but the Bay Area is an economic reality. L.A. is where you go to spend your money, the Bay Area is where you go to get your money in the first place. Although it's a little subjective, I find that the Bay Area's wealthy elite, or simply those who buy big houses in Pacific Heights, East Bay hills, South Bay woods, or Marin and Sonoma counties are more 'sophisticated' in their line of work.

Plus our houses are smaller in the Bay Area, primarily because of density issues so that's another reason.
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Old 04-06-2014, 10:27 PM
 
Location: Los Altos Hills, CA
36,653 posts, read 67,482,823 times
Reputation: 21229
Haha jealous troll trying to start a flame war. You are as transparent as saran wrap. Nothing to see here folks.
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Old 04-07-2014, 01:13 AM
 
Location: East Bay Area
1,986 posts, read 3,599,168 times
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Quote:
Originally Posted by mrsantamonica View Post
91% of international buyers in CA bought their home in Southern California.

International buyers like the Southern California real estate market

It seems home prices are high in the Bay Area because the job market is strong, so people are stuck there because they have to work there and price is inflated from local buyers. The Bay Area doesn't seem to have that "dream" cachet Los Angeles where people from around the world think its fabulous and want to be there. It seems most intl people who buy in the Bay Area are connected to Silicon Valley in some way. I think only NYC surpasses LA when it comes popular/prestigious/dream locales in America for rich jet setting international people.

Why?
Hollywood is symbolic of the American dream. As a result, Los Angeles (Southern California, and New York City) enjoys and maintains that "dream" cachet.

On the other hand,

San Francisco Bay Area is synonymous with technology. As a result, it enjoys and maintains that "importance" and "influential" cachet.
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Old 04-07-2014, 03:01 AM
 
24,396 posts, read 26,936,812 times
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When SoCal's real estate becomes more expensive then and only then will I believe that.
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Old 04-07-2014, 03:31 AM
 
Location: East Bay Area
1,986 posts, read 3,599,168 times
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Quote:
Originally Posted by bmw335xi View Post
When SoCal's real estate becomes more expensive then and only then will I believe that.
Regional Sales Data

SF Bay Area: $675,000
Los Angeles Metropolitan Area: $383,300

County Sales Data

Marin: $983,690
San Mateo: $965,000
San Francisco: $964,670
Santa Clara: $801,000
Orange County: $677,700
Contra Costa: $629,570
Alameda: $627,550
Ventura: $558,590
San Diego: $476,780
Sonoma: $467,860
Napa: $466,670
Los Angeles: $389,090
Riverside County: $302,370
Solano: $288,300
San Bernardino: $185,590

California Association of Realtors, 2014

Last edited by Stephen1110; 04-07-2014 at 03:50 AM..
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Old 04-07-2014, 10:42 AM
 
Location: Santa Monica, CA
12 posts, read 15,855 times
Reputation: 13
Quote:
Originally Posted by bmw335xi View Post
When SoCal's real estate becomes more expensive then and only then will I believe that.
Bay Area is more expensive because you guys have better jobs at the moment. It's expensive because people working there need a place to live and there is regional demand.

I was wondering why it doesn't have global appeal amongst rich people who roam the globe who aren't tied down to one location. This is something completely different. People who don't work in the US who are looking for second homes. And 91% of them in California chose SoCal. Thats a staggering amount.

Even Bay Area's super rich seem to all buy homes in Malibu and Bel Air (the Ellisons, Elon Musk and the rest), but I know so many super rich people here in SoCal and have never heard of anyone here buying a home in Bay Area. More of our super rich are more apt to buy a luxe home in Hawaii or NYC.. not a mansion in the Bay Area.
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Old 04-07-2014, 11:18 AM
 
24,396 posts, read 26,936,812 times
Reputation: 19962
It's expensive because demand is greater than supply.

I actually don't understand the appeal of SoCal. If you want that kind of lifestyle then live in South Florida because it practically offers everything SoCal does except it's nicer. They have nicer beaches, warm crystal clear blue oceans, new modern buildings, very clean streets, very little homeless, gorgeous houses and condos and it's a fraction of the price with no state income tax. SoCal has more grimy places than nice, yet you still get charged a premium to live in a suburban environment, it doesn't make sense to me. San Francisco also charges a premium, but it is one of the few cities you don't need a car, not to mention, it's one of the most beautiful and unique cities in the country.
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Old 04-07-2014, 11:45 AM
 
Location: San Francisco
8,982 posts, read 10,458,327 times
Reputation: 5752
Quote:
Originally Posted by mrsantamonica View Post
People who don't work in the US who are looking for second homes. And 91% of them in California chose SoCal.
Good. We don't need a bunch of vapid Eurotrash, nouveau-riche Emiratis, Putinite mafia scions, and Chinese ruling party oligarchs jacking our property values up even higher than they already are. Let them parade their Botoxed, spray-tanned, silicone-implanted selves around Brentwood and Malibu. That's not what the Bay Area is about, nor has it ever been.
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