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LWJ LWJ is offline
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Saw some analysis on housing the other day.

Houses in my neighborhood that are over 1mm- up 32% since COVID.
Normal houses? Up 12%.

Old 10-19-2020, 06:36 AM
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Originally Posted by rockfan4 View Post
Also, every flipped house we see has the same monochromatic paint scheme. White cabinets, trim, doors, gray walls, and either gray LVP or carpet. I don't like any of them.
We didn't tour, but there was a nice Mid-Century Modern house online that someone totally ruined, gutted the entire thing, ripped down some walls, and re-did it with the cheapest materials you could imagine.
Unfortunately, this seems to be fairly common these days.
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Old 10-19-2020, 06:43 AM
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There's an 800 sg ft cottage on 1/10 acre in my neighborhood going for $240K!
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Old 10-19-2020, 09:35 AM
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I cannot STAND the monochromatic look of everything now a days, in particular the uber trendy white cabinets.

There is a reason when I did my kitchen remodel I used quality wood cabinets that looked like wood. It may not be the popular look, but it sure does not blend in and look like every other house out there. I also spent the $ to use quality materials, built in appliances and craftsmanship.
Old 10-19-2020, 09:51 AM
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Sit down for this one https://www.redfin.com/CA/Los-Angeles/3217-McCarthy-Dr-90065/home/7175304

This is about two - three miles down the hill from me on the way to the fwy if I want to take a drive up Angeles Crest Hwy. It was my playground for about 7-8 years until the big boys came in and kicked my butt with their big corp. money. It will sell too. We are that stupid
Old 10-19-2020, 10:31 AM
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My parents live not too far from this one...houses in the Santa Cruz/Aptos/Soquel area are off the reservation:

https://www.redfin.com/CA/Soquel/5035-Soquel-Dr-95073/home/2258600
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Old 10-19-2020, 10:37 AM
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Quote:
Originally Posted by 911boost View Post
I cannot STAND the monochromatic look of everything now a days, in particular the uber trendy white cabinets.

There is a reason when I did my kitchen remodel I used quality wood cabinets that looked like wood. It may not be the popular look, but it sure does not blend in and look like every other house out there. I also spent the $ to use quality materials, built in appliances and craftsmanship.
My first house was remolded during the pink and green era. Pink toilet, sink and bathtub and green tile walls. It was rather period dated. I had to rip down everything to the wall studs to get the cast iron tub out, and even replaced the floor and sub-floor.
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Old 10-19-2020, 10:48 AM
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https://www.redfin.com/TX/Houston/11726-Greenbay-Dr-77024/home/30168085

Nearly 4000 square in an excellent neighborhood. I am not sure how people make it in California.
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Old 10-19-2020, 10:48 AM
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Originally Posted by GH85Carrera View Post
My first house was remolded during the pink and green era. Pink toilet, sink and bathtub and green tile walls. It was rather period dated. I had to rip down everything to the wall studs to get the cast iron tub out, and even replaced the floor and sub-floor.
On your next pink bath remod, use a sledge hammer and brake the cast iron up in pieces. Save your back too.
Old 10-19-2020, 11:08 AM
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https://www.redfin.com/TX/Houston/11726-Greenbay-Dr-77024/home/30168085

Nearly 4000 square in an excellent neighborhood. I am not sure how people make it in California.
Wage is higher? By how much, I don't know. I don't know; but in construction, our prices are much higher, so is our insurance.
Old 10-19-2020, 11:11 AM
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Originally Posted by look 171 View Post
Sit down for this one https://www.redfin.com/CA/Los-Angeles/3217-McCarthy-Dr-90065/home/7175304

This is about two - three miles down the hill from me on the way to the fwy if I want to take a drive up Angeles Crest Hwy. It was my playground for about 7-8 years until the big boys came in and kicked my butt with their big corp. money. It will sell too. We are that stupid
Seems cheap.
Isn't LA the most expensive city in the USA?

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I am not sure how people make it in California.
Kids out of college are getting paid almost $200k to start.
House prices don't exist in a vacuum, they are driven by wages
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Old 10-19-2020, 03:27 PM
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...houses in the Santa Cruz/Aptos/Soquel area are off the reservation
RE inventory is very low here. Buildable land is in short supply, and new construction costs are high. The better properties are often sold before hitting the public MLS..and often for more than asking. Buyers are also sweetening their offers by cutting some contingencies, putting up large cash DPs, and arraigning for a quick escrow.

There's an awful lot of $$$ flowing into the local RE market, and much of it seems to be coming from outside the area. Being fairly close to Silicon Valley insures a steady supply of prospective buyers, even at today's seemingly-ridiculous prices. Many more in tech are also realizing that WFH could be the new norm, even after COVID, and are looking to relocate from the more heavily-populated SF Bay Area.
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Last edited by rcooled; 10-19-2020 at 06:09 PM..
Old 10-19-2020, 06:07 PM
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Seems cheap.
Isn't LA the most expensive city in the USA?



Kids out of college are getting paid almost $200k to start.
House prices don't exist in a vacuum, they are driven by wages
No, that gotta to be SF or NYC

I had a rental, 3/2 for 4200 monthly with an completely canyon view. Guy came to look with his girlfriend both re-located from NYC. He jumped at the chance and said afterward, that's cheap, in NYC, a place like this just doesn't exist unless you pay over 10k monthly. Fawk me. Crazy.
Old 10-19-2020, 07:00 PM
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How? Home prices are going crazy. Houses being sold in one day with bidding wars $50k over asking. Seller's market bordering on a FOMO mania.
Yeah, I would think they should be holding their fire and waiting for phase 2 - the foreclosures and BK.
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Old 10-19-2020, 07:21 PM
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Yeah, I would think they should be holding their fire and waiting for phase 2 - the foreclosures and BK.
Those who need it can't wait. Plus they are taking adv. of the low interest rate. History repeats itsel, again and again.
Old 10-19-2020, 07:56 PM
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Originally Posted by flatbutt View Post
There's an 800 sg ft cottage on 1/10 acre in my neighborhood going for $240K!
Palo Alto, 1995. 800 sq foot cottage right around the corner from Steve Job's crib, $850k.
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Old 10-19-2020, 08:13 PM
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Kids out of college are getting paid almost $200k to start.
What are you smoking today? The usual?
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Last edited by Bob Kontak; 10-19-2020 at 08:29 PM..
Old 10-19-2020, 08:26 PM
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Those who need it can't wait. Plus they are taking adv. of the low interest rate. History repeats itsel, again and again.
This reminds me of an interview with a developer who was starting a big highrise luxury hotel / luxury condo / class A office project in Portland a couple years ago. He acknowledged they were at the tail end of the real estate cycle, but pointed out that financing costs are so low that it was a good time to build given that they intended hold the building long term.

Now they are 1/3 way through construction and downtown Portland is a ghost town, condo prices plunging, hotels at 10-15% occupancy, and companies exiting office leases... But they can, presumably, look over this valley even if it is much deeper and wider than what they were expecting.

For the single family REITs, high prices might be offset by low financing costs and potentially rising inflation and rents a couple years down the line, and they can earn more management fees on a larger fleet of houses.

My perspective is as someone who might buy shares in the REIT. Are they going to be able to raise the payout to investors from the current marginal level, in the near or even medium term.
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Old 10-19-2020, 08:30 PM
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Levels.fyi estimates that a Level 3 at Google, or an entry-level engineer who likely just graduated from college, should make $189,000 in total compensation,


https://www.cnbc.com/amp/2019/06/14/how-much-google-facebook-other-tech-giants-pay-software-engineers.html
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Old 10-20-2020, 05:55 AM
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"Google a Level 7, which is considered the top level for the vast majority of engineers, can make $608,000, according to levels.fyi."


Most of that is stock. And the stock has gone crazy. There guys are making millions a year. By the time they buy a house at 35, they are worth 8 figures... Basic math ..

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Old 10-20-2020, 05:58 AM
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