Posted by: Keyser Soze March 31, 2015
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By California, I should've stated the Bay Area. I'm sure that inland areas (San Ramon, Walnut Creek, Lafayette are as expensive as SF, though) and Sacramento, Vacaville etc are quite affordable.
An average 3 bedroom home in a decent neighborhood is gonna cost anywhere between $700k to $2-3 million and shockingly, the trend will most likely continue for the next 5 years or so.
Two things led to this.
1. A ton of Chinese investors have bought homes as empty nests for the future because they can afford it. Things have gotten so damn crazy that just a few days ago, someone (most likely Chinese) paid $411,000 over the asking price!
Take a look at the properly bought for over a million.
http://www.sfgate.com/technology/businessinsider/article/This-San-Francisco-home-in-a-deteriorative-6161821.php
2. There's a massive shortage of houses thanks to techies moving in on huge masses. By techies, I'm not merely talking about some fresh outta college but department heads, regional managers, COOs, CEOs, and you get the idea.....
Just the other day, my buddy was venting frustration over his folly of not purchasing a 2-bedroom townhouse that was listed for $220k 3 years (during housing crisis). The same property's listed at $575k right now.
Unless you're filthy rich or have a pile of cash to burn, this really is a BAD time to purchase a house. Imagine getting fired from a job and consider mortgage that you'd be liable for!
An average 3 bedroom home in a decent neighborhood is gonna cost anywhere between $700k to $2-3 million and shockingly, the trend will most likely continue for the next 5 years or so.
Two things led to this.
1. A ton of Chinese investors have bought homes as empty nests for the future because they can afford it. Things have gotten so damn crazy that just a few days ago, someone (most likely Chinese) paid $411,000 over the asking price!
Take a look at the properly bought for over a million.
http://www.sfgate.com/technology/businessinsider/article/This-San-Francisco-home-in-a-deteriorative-6161821.php
2. There's a massive shortage of houses thanks to techies moving in on huge masses. By techies, I'm not merely talking about some fresh outta college but department heads, regional managers, COOs, CEOs, and you get the idea.....
Just the other day, my buddy was venting frustration over his folly of not purchasing a 2-bedroom townhouse that was listed for $220k 3 years (during housing crisis). The same property's listed at $575k right now.
Unless you're filthy rich or have a pile of cash to burn, this really is a BAD time to purchase a house. Imagine getting fired from a job and consider mortgage that you'd be liable for!