November 28, 2017

Bubblicious Sunnyvale home sells for $780K over asking

Now this is ridiculous: $782,000 over asking for a house in Sunnyvale

The once modest community has become one of the Bay Area’s real estate hot spots

A house in Sunnyvale just sold for close to $800,000 over its listing price.
Your eyes do not deceive you: The four-bed, two-bath house — less than 2,000 square feet — listed for $1,688,000 and sold for $2,470,000.
“I think it’s the most anything has ever gone for over asking in Sunnyvale — a record for Sunnyvale,” said Dave Clark, the Keller Williams agent who represented the sellers in the deal. “We anticipated it would go for $2 million, or over $2 million. But we had no idea it would ever go for what it went for.”

$2.5M crapbox. In Sunnyvale. Really.

This house in Sunnyvale recently sold for $2,470,000 — nearly $800,000 above its asking price. Close to tech centers, once modest Sunnyvale has become one of Silicon Valley’s real estate hot spots. (Courtesy/Dave Clark and Keller-Williams)

This delightful news is from a couple months back, but why not savor this wonderful event? This house sold for more than “not a lot of money” over the overly modest asking price. Remember when asking prices were called “wishing prices” back in 2009? If amazing results like this keep happening, we’ll have wishing prices back even sooner than you think!

Discuss among yourselves.

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Comments (15) -- Posted by: madhaus @ 6:13 am






September 16, 2017

SF Median Home Price to Median Income Ratio: 10.8x

The Real Bay Area is simply firing on all cylinders!

Congrats to San Francisco Peninsula Metro for having a median home price/median income ratio of 10.8x.

Congrats to San Jose Metro for having a median home price/median income ratio of 7.8x

Suck it New York Metro with your paltry median home price/median income ratio of 5.8. Delete your account.

If we all pull together, we can drive this to 15x. What will you be doing this weekend to help increase the ratio further?

Comments (9) -- Posted by: burbed @ 6:05 am

February 24, 2017

Congrats everyone! San Francisco and San Jose are more expensive than New York!

The 10 most expensive cities to live in

Using the “mean multiple” approach — the median house price divided by the median household income — the data shows that the most “severely unaffordable major housing markets” are in Australia, New Zealand, China, Canada, the UK, and the US.

High house prices are not a sign of city’s success but a sign of failure to deliver the housing that its citizens need.”

10. Bournemouth & Dorset, UK
9. San Francisco
8. Los Angeles
7. Honolulu
6. Melbourne, Australia
5. San Jose, US
4. Auckland, New Zealand
3. Vancouver, British Columbia
2. Sydney
1. Hong Kong, China

And this, my friends, is what we call fake news. High house prices are most definitely a sign of a city’s success – and the Real Bay Area is truly successful. Where’s our arch nemesis New York in this list? Banished! Where’s London? Missing!

Congrats everyone. Great work so far, but the job’s not done. Let’s keep our eyes on the prize and aim to take on those final four spots so we can be at #1 in the world!

What are you doing to help us become the #1 world’s most expensive real estate market?

Comments (6) -- Posted by: burbed @ 6:21 am

November 9, 2015

The one true unicorn: Palo Alto

 

 

829 La Para Ave
PALO ALTO, CA 94306
$1,998,000 Listed at Price
1 Bed
1 Bath
180 Sq. Ft.
$11100 / Sq. Ft.
Built: 1930Lot Size: 6,886 Sq. Ft.On Redfin: 25 daysStatus: Contingent

829lapara

Exciting opportunity to build your dream home in charming Barron Park neighborhood. Quiet streets in an established community. The neighborhood is home to Bol Park, bike paths, close to top Palo Alto schools, Stanford University and California Avenue with restaurants, the farmers’ market, and shopping. City of Palo Alto allows for above ground max floor area of approx. 2,816 sqft not including possible basement addition (buyer to verify with city).

Whoops, it looks like I was a bit slow on this one!

Can you blame me? Every day there’s another unicorn popping up. Money is overflowing! It’s hard to keep track when every house is going up 100% per year!

This Palo Alto house represents the best of Silicon Valley growth. From just 180 sqft  for $1.998M, this will inevitably rocket to a 2816 sqft house that will be valued at $30M.

It’s only a matter of time before houses in Silicon Valley also become unicorns and reach the $1B price.

The only question is – how can we make this happen even sooner?

So, my question to you is this: What are you doing to help The Real Bay Area™ house prices climb even higher?

Comments (82) -- Posted by: burbed @ 5:53 am

August 10, 2015

“San Francisco Home Prices Reach All-Time High”

San Francisco Home Prices Reach All-Time High

San Francisco’s residential market not only remained strong in the second quarter of 2015, but hit an all-time high: the median sale price reached $1,185,000, a 20% increase over Q2 2014.

The median price per sq. ft. ($915) — up 10% Q-o-Q and 15% Y-o-Y — mirrors the trend for median sale prices and marks another record for the SF housing market.

San Francisco home prices even exceed Manhattan numbers, where the median sale price for residential properties hasn’t reached $1M yet.


Oh my god. This is so beautiful. Of course, NYC places are a little smaller… so we still have a ways to go.

How can we further accelerate this? How can we pull together to make this happen?

Comments (168) -- Posted by: burbed @ 5:01 am

July 22, 2015

Yes! Yes! Yes! “Silicon Valley’s housing affordability crisis worsens”

Report: Silicon Valley’s housing affordability crisis worsens
Less than 25 percent of workers and just 40 percent of households in metro San Jose are able to rent or buy average-priced housing, according to a new report from the Silicon Valley Competitiveness and Innovation Project.

The new analysis underscores some of the region’s long-term affordability trends and the impact on quality of life and business competitiveness. Compiled by Peninsula-based Collaborative Economics, the data show that the average rent in May for a two-bedroom apartment in metro San Jose was $2,917 — and that residents would need to earn $116,680 annually to afford that. Yet the median income in the area was $57,400 for individual workers and $91,500 for households, according to the most recently available statistics, the study says.

Citing data from the California Association of Realtors for the first quarter of 2015, the report says only 44 percent of Santa Clara County households could afford to purchase an entry-level home — defined as costing $833,850, or 85 percent of the county’s median sale price. That percentage shrank to 29 percent in San Mateo County (where an entry-level home was $1.11 million in the first quarter) and 27 percent in San Francisco ($1.15 million).

 

I don’t know about you, but this is music to my ears. As we all know, the more unaffordable something is, the more exclusive it is – and therefore the better it is. Hermes, Rolex, Ferrari, San Jose.

It’s already so beautiful that that an entry-level home is defined as $833,850 (and it probably requires $100k of work) in Santa Clara- and that includes laggard Gilroy. Come on Garlics, shine! Shine!

Where do you think we will be next year? What will an entry-level home cost? $1M? $2M?

Comments (38) -- Posted by: burbed @ 5:44 am

June 15, 2015

Prop 13 – Real Examples of Property Taxes

LosAltos-Prop13

(Estimates based on current assessed value in Zillow X .0125)

Discuss!

Comments (118) -- Posted by: burbed @ 5:03 am

June 8, 2015

$1.4M for a picture of a house in San Carlos

819 Sunset Dr SAN CARLOS, CA 94070

SanCarlos14

 

Congrats to San Carlos on reaching this milestone! It’s not every day when you can sell a picture of a house for $1.4M – that’s huge!

So, let’s see… add in another $400 per square foot to build this thing… that’s just a mere $2.8M total!

If that’s not a deal, I’m not sure what is!

What kind of deals have you seen lately?

Comments (32) -- Posted by: burbed @ 5:32 am

May 18, 2015

11x!! San Jose’s Median Home Price to Median Income Ratio!

Congrats to San Jose!

The median cost of a house in San Jose is $900,000

A stately row of Victorian-style houses in San Jose, Calif., where the median household income is about $30,000 above the national average.

The median price for a previously owned single-family home in the San Jose, Calif., metropolitan area just hit a whopping $900,000, according report released Monday.

That first-quarter price was up 11.4% from a year earlier, and more than four times the U.S. median of $205,200, the National Association of Realtors reported. It’s important to note that these price figures are for the median, not the mean, meaning that there are as many homes that cost more as those that cost less than these levels, whereas a mean price could be skewed upward by a number of high-value transactions.

The national median income is about $51k, which means the national home price/income ratio is about 4x… but San Jose is special! It’s median income $30k more! Thus, it is around $81k! And the median home price is $900k! That’s a home price/income ratio of… 11x!

<sheds tears>

Oh San Jose. For so long you’ve been lagging behind some of your other Silicon Valley peers. For so long, we’ve all wondered how you could be called “Capital of Silicon Valley” when you were so damn affordable.

Well… now you’ve joined the club. Congrats on the ratio! 11x!

Burbians! Where do you think San Jose will be at the end of this year? 15x? 20x?

Comments (126) -- Posted by: burbed @ 5:28 am

May 5, 2015

The average good house in San Mateo is now $4,028,170

These day it’s all about big home prices and big data. So let’s combine them! Some data that I got in my inbox:

Stats

Wow! Congrats to you San Mateo! $4M for an average good (>$1M) house!

Let’s keep it going! $5M next month? $6M? Where do you think prices are going?

Comments (4) -- Posted by: burbed @ 5:23 am