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Real estate prices falling in SF Bay Area

By Patrick follow Patrick   2019 Dec 19, 9:09pm 343 views   12 comments   watch   nsfw   quote   share    


https://www.nytimes.com/2019/12/19/technology/tech-IPO-san-francisco.html

Case in point: A full-floor apartment in San Francisco’s poshest neighborhood of Pacific Heights was listed at $21.6 million and advertised that “a sommelier-worthy wine cellar awaits 1,500 of your most prized bottles.” But more than a year later and after a $5 million price cut, it is still on the market. ...

The malaise has spread south into Silicon Valley. A $10.8 million home listing in the town of Portola Valley, Calif., was slashed to $5.7 million. The median sale price for a nearby home in San Jose, Calif., has dropped 10 percent in a year to just under $1 million, according to data from Zillow. ...

“At the end of the day, it’s funny money until it’s realized," said Jonathan DeYoe, another private wealth adviser. “I’ve got Uber and Lyft clients that are disappointed. It’s a different house now. It’s a different school situation for the kids.
1   Blue   ignore (0)   2019 Dec 19, 9:24pm     ↓ dislike (0)   quote   flag        

At Portola Valley, 10 became 5? Hopefully he bought it at less than 5.
2   The_Weeping_Ayatollah   ignore (5)   2019 Dec 19, 9:33pm     ↓ dislike (0)   quote   flag        

Nooooooooo! My 3 miiiiil!!!! MAKE IT STOP!!!!
3   E-man   ignore (0)   2019 Dec 19, 10:09pm     ↓ dislike (0)   quote   flag        

Don’t argue with the market either on its way up, or on its way down.
4   just_dregalicious   ignore (3)   2019 Dec 19, 10:12pm     ↓ dislike (0)   quote   flag        

I dunno about means and medians but I sure as shit notice you can buy a whole lot more house in SD than you could 1 or 1.5 years ago. Aaaaand I'm going to hold out for more, much more.
5   Ceffer   ignore (4)   2019 Dec 19, 10:13pm     ↓ dislike (0)   quote   flag        

Does this mean I can't sell my Cali crap shack and buy the entire state of Idaho anymore?
6   just_dregalicious   ignore (3)   2019 Dec 19, 10:16pm     ↓ dislike (0)   quote   flag        

Prices are spiking in I da hoe... Better move quickly!!
7   mell   ignore (4)   2019 Dec 20, 8:49am     ↓ dislike (0)   quote   flag        

The feces, crime, congestion, corruption and high taxes/fees imposed by the leftoids are caching up with reality. Even the Chinese are hesitant now. I see further declines and a renters/slumlords market as long as there are gigs here in this hot economy. Everybody wants to get a piece of the pie but not commit to staying in a potential shithole.
8   Goran_K   ignore (3)   2019 Dec 20, 8:55am     ↓ dislike (0)   quote   flag        

mell says
The feces, crime, congestion, corruption and high taxes/fees imposed by the leftoids are caching up with reality. Even the Chinese are hesitant now. I see further declines and a renters/slumlords market as long as there are gigs here in this hot economy. Everybody wants to get a piece of the pie but not commit to staying in a potential shithole.


I honestly wouldn't pump millions into a lefttard community.

Trannies showing off their dick at the public library during "story time", shit on the streets, crime, illegals, taxes like you brought up, it was bound to come crashing down.
9   The_Weeping_Ayatollah   ignore (5)   2019 Dec 20, 8:55am     ↓ dislike (0)   quote   flag        

Ceffer says
Does this mean I can't sell my Cali crap shack and buy the entire state of Idaho anymore?


Only half.
10   mell   ignore (4)   2019 Dec 20, 9:15am     ↓ dislike (0)   quote   flag        

Goran_K says
mell says
The feces, crime, congestion, corruption and high taxes/fees imposed by the leftoids are caching up with reality. Even the Chinese are hesitant now. I see further declines and a renters/slumlords market as long as there are gigs here in this hot economy. Everybody wants to get a piece of the pie but not commit to staying in a potential shithole.


I honestly wouldn't pump millions into a lefttard community.

Trannies showing off their dick at the public library during "story time", shit on the streets, crime, illegals, taxes like you brought up, it was bound to come crashing down.


Right I mean the bay area is naturally beautiful and has a great climate and due to its proximity to Asia it's always in demand. But there's no doubt that the leftist policies have caused many to sour on the bay area and a - for now small - exodus has started, countered by people trying to move in for a quick gig while SV is still on fire. Many of these people though will be transient and as soon as we have even a mild to moderate recession, I expect the exodus to pick up. If you have a place in the bay area and are thinking of moving and haven't listed your house yet you should do so asap. It's not going to get better as long as the leftoid grip is choking the bay area.
11   Blue   ignore (0)   2019 Dec 20, 11:01am     ↓ dislike (0)   quote   flag        

In recent days on dial 1220am RE talk show suggesting to invest elsewhere. This is opposite of pimp in bay area all the time. Relatively ROI is getting low.
I know there is an elementary school close by suppose to be closed for lack of enough kids to keep open. RE folks and property owners are constantly bothering people around, including neighborhood school areas to add to signs on campaigns to remain open. The property owners are concerned about the price adjustment if the school gets closed and became higher end elder or retirement community.
This could be an example, one event can ruin your investment.
12   Ceffer   ignore (4)   2019 Dec 20, 11:12am     ↓ dislike (0)   quote   flag        

Maybe now that the law has passed that no teacher can remove disruptive children from classrooms under any circumstance, the local schools can be used as homeless shelters and the homeless can attend the classes.

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