Quote:
Originally posted by Eric H
I dunno... I'm a SF bay area homeowner and I follow the market pretty closely. I think this guy has an agenda or something... as far as I can tell prices are higher than ever and homes are moving. Sure, prices might level off or go down any day but I don't think it's happened yet... (and I'm sort of hoping they do). Any other bay area people believe this guy's page?
Eric H
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'Spoke yesterday w/the realtor who sold to me this house (1,800 sq. ft. on a sub-dividable 1/2 acre) 18 yrs. ago for $265k. She rattled off a few of the most recent sales in this area. All sold for more than list by a minimum of 11%.
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Example: On University Ave./Palo Alto (very busy street), a 1947 1,000 sq. ft. 2/1 house on a 6,300 sq. ft. lot, listed at $798k, sold at $910k in ~3 weeks. The renter wanted to buy, but she couldn't swing the deal.
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She gave me an address of an empty (soon to be listed) 1/4 acre lot (50' x 205') in an average neighborhood in P/A. I drove by and the lot is full of trees 'n shrubs. Asking price will be: sitting down?...$1.3 million.
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She did say that one agency laid off a loan person due to a drop in activity in that office. That's the only hint that she can see as any sign of 'softening.' She said that some folks are taking their equity and buying up in this area.
Others are leaving the state - who can blame them? We'll see what happens after Greenspan does his thing, eh?
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One of my clients told me last week that her realtor friend asked if she wanted to sell her condo because the seller inventory is down.
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An across-the-street neighbor of mine has moved to AZ and is having his home (1,600 sq. ft. 3/2, with a shaggy shake roof, on a 1/4 acre lot) staged/upgraded (~$15k - $17k worth) right now. His agent told me that she'll list it in the $900k region and let the market do what it will. My question, in this RE feeding frenzy, is: What do these folks do for a living such that they can afford these home prices?...and the CA property taxes on same?
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When I speak w/others here about this state's future, almost to a person, the question becomes '...who will be paying for the ever-increasing massive social welfare in CA in the years to come?'
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"I think this guy has an agenda or something..." An envy-based renter, perhaps?
