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Old 05-01-2022, 08:53 AM
 
12,101 posts, read 17,153,546 times
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It's anticipated that Oakland's black population will drop from 47% in the 80s to 11% in 2040.

Lol...
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Old 05-01-2022, 08:56 AM
 
Location: Free State of Florida
26,062 posts, read 13,067,159 times
Reputation: 19562
Quote:
Originally Posted by Vision67 View Post
I've now lived in the Bay Area for about 7 months. A few observations:

-Lots of multi-generation homes here. Both of my neighbors have their grown kids, aged 56, 38, and 32 living with them. Their kids cannot afford to buy a house so they stay with mom.

-Prop 13 consequences result in people not moving out once their kids grow up. My brother owns a 5 bedroom house in Newport Beach, his kids are grown but to move would re-set his property tax and create a huge capital gain tax so he stays. I've seen houses around here with a single 90 year old tenant who remains for the same reason. If the State could revise prop 13, it would free up a lot of housing supply. But I think the politics won't let that happen.

-I'm pleasantly surprised by the lack of non rush hour traffic. I guess we must have a lot of people who are either retired or work from home. They also order a lot of stuff from Amazon. That's easier than driving.

-The weather here is really nice!
Tjhat is due to work-from-home, which is going to adversely impact housing prices in all of America's big cities, & especially San Fran due to all the Tech workers on the software side. Hardware IT pro's still have to go to where the equip is though.

San Fran also has a domestic migration outflow, so less people in the future to buy existing home stock.

Also, entring a recession, so Tech will be laying off soon.

I'm not Bullish on Cali real estate now...I've cashed out of my investments there, & my family moved to Sparks NV.
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Old 05-01-2022, 09:04 AM
 
Location: Concord, CA
7,225 posts, read 9,389,494 times
Reputation: 25855
This article explains Prop 19. It allows a transfer of the low prop tax basis to a moving over 55 family. I think many people are not aware. Also, although it deals with the property tax issue, many people will still not move due to capital gain taxes. If they're carried out on a slab, their kids inherit the property tax free.

https://www.sfchronicle.com/realesta...s-17139035.php

"Prop. 19 replaced the old portability propositions (60, 90 and 110) that applied to 55-plus and disabled homeowners. Under the new law, they can transfer their tax base from their existing primary residence to a new primary residence of any value, anywhere in the state. However, if the home they buy costs more than the one they sell, the difference in value (with a small adjustment for inflation) is added to their old tax base to arrive at their new tax base."

For more information about Prop. 19, visit your county assessor’s website or go to https://boe.ca.gov/prop19.
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Old 05-02-2022, 03:56 PM
 
Location: San Francisco, CA
1,386 posts, read 1,510,235 times
Reputation: 2431
Quote:
Originally Posted by Vision67 View Post
-Prop 13 consequences result in people not moving out once their kids grow up. My brother owns a 5 bedroom house in Newport Beach, his kids are grown but to move would re-set his property tax and create a huge capital gain tax so he stays. I've seen houses around here with a single 90 year old tenant who remains for the same reason. If the State could revise prop 13, it would free up a lot of housing supply. But I think the politics won't let that happen.
Prop 19 (November 2020 ballot) addressed the property tax reassessment issue, and those changes took effect 4/1/21. Just recently there was an article in the Chronicle about it. I think it will take some time for people to get used to the new normal. Capital gains is still an issue.

More people would take advantage of Prop 19 if inventory were better. What good is selling an old house in SF for $1 million when it costs that much for a nearby alternative? Plus you have capital gains and moving/selling expenses to worry about. And with the way the market is right now, you have to sell first and then buy, which means moving twice. That's a lot for granny--or anyone--to take on.
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Old 05-05-2022, 08:38 AM
 
3,346 posts, read 1,276,283 times
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Last week in the Bay Area, 3500 homes were listed, and 600 were sold. It’s possible we could see more sales as listings go up though.https://zerodown.com/housing-market-analysis/bay-area

Hiring freezes and layoffs starting to happen in tech sector.

We will see if these home prices are sustainable.
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Old 05-05-2022, 04:26 PM
 
Location: az
14,016 posts, read 8,168,842 times
Reputation: 9492
Quote:
Originally Posted by sserna1982 View Post
There are still affordable places in the Bay Area, but many would not dare live among the lower socioeconomic classes. We opted to buy in Highland, Deep East Oakland for ~400K in 2018. It's not where we plan to stay forever, but it was a great way to break into the market. Our home is now worth over 650K. This is a very family oriented community with holiday spirit. We're happy here.

If people aren't able to buy in Rockridge, Uptown, Monclair, or Piedmont they claim unaffordability, but in reality, there is plenty of housing that is still affordable in places like Oakland.

Obviously, it's harder to buy in the most highly coveted zip codes. Everyone wants to live there. I always say you have to start somewhere.

Sorry but I'm not living anywhere near a high crime area. Sure there are some nice neighborhoods in Oakland but there are some awful crummy areas as well.

https://www.youtube.com/watch?v=qHixc-QAhZQ&t=668s

Check out this insanity:

https://www.youtube.com/watch?v=YdSpb7my96U
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Old 05-10-2022, 09:16 PM
 
Location: In the Redwoods
30,438 posts, read 52,084,737 times
Reputation: 23952
Quote:
Originally Posted by john3232 View Post
Sorry but I'm not living anywhere near a high crime area. Sure there are some nice neighborhoods in Oakland but there are some awful crummy areas as well.
That person seemed to be forgetting the SAFE - but maybe more remote - parts of the Bay Area where you can still find "affordable" (by our standards) homes. I just bought a lovely place in the Santa Cruz Mountains, about 20 minutes from Saratoga, for $640K. It's around 1000sf with 2br + bonus room and a yard for my dogs. I love it there, too. Way more peaceful than the valley or east bay!
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Old 05-10-2022, 09:21 PM
 
Location: In the Redwoods
30,438 posts, read 52,084,737 times
Reputation: 23952
Quote:
Originally Posted by sserna1982 View Post
There are still affordable places in the Bay Area, but many would not dare live among the lower socioeconomic classes. We opted to buy in Highland, Deep East Oakland for ~400K in 2018. It's not where we plan to stay forever, but it was a great way to break into the market. Our home is now worth over 650K. This is a very family oriented community with holiday spirit. We're happy here.

If people aren't able to buy in Rockridge, Uptown, Monclair, or Piedmont they claim unaffordability, but in reality, there is plenty of housing that is still affordable in places like Oakland.

Obviously, it's harder to buy in the most highly coveted zip codes. Everyone wants to live there. I always say you have to start somewhere.
I live in the Santa Cruz Mountains, not far from Saratoga, in a town with a lower crime rate than probably anywhere around here - and I paid $640K for a 1000sf single-family home just a few months ago. There's more to the Bay than SF, SJ, and Oakland. lol
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Old 05-11-2022, 01:37 PM
 
2,379 posts, read 1,829,036 times
Reputation: 2057
Quote:
Originally Posted by sserna1982 View Post
There are still affordable places in the Bay Area, but many would not dare live among the lower socioeconomic classes. We opted to buy in Highland, Deep East Oakland for ~400K in 2018. It's not where we plan to stay forever, but it was a great way to break into the market. Our home is now worth over 650K. This is a very family oriented community with holiday spirit. We're happy here.

If people aren't able to buy in Rockridge, Uptown, Monclair, or Piedmont they claim unaffordability, but in reality, there is plenty of housing that is still affordable in places like Oakland.

Obviously, it's harder to buy in the most highly coveted zip codes. Everyone wants to live there. I always say you have to start somewhere.

Going by what you posted, your choice has apparently so far has worked out for you......likely though I think it would not be the choice made by a majority of others.......but, I would guess you are not alone in making the choice you made and it has also worked out ok for some of those other individuals.
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Old 05-17-2022, 11:37 AM
 
3,098 posts, read 3,795,040 times
Reputation: 2580
Quote:
Originally Posted by jobaba View Post
It's anticipated that Oakland's black population will drop from 47% in the 80s to 11% in 2040.

Lol...
With gentrification homes in the flats/ foothills like rockridge and Crocker Highlands now sell for $3.5 million and along demographic changes massively lowering the black population the city has changed significantly.

Yet some people cannot acknowledge it.
I thought homes in the flats selling for $3.5 million or more would force them to acknowledge the effects of gentrification. Nope.

Maybe when homes in the Oakland flats routinely sell for $4 million? We should find out in about 5 years.
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