August 28, 2006

$800,000 - the new definition of affordable house

MercuryNews.com | 08/26/2006 | Choices driven by interest rates, commutes, schools
The Mountain View market has remained strong because it’s more affordable than some of the surrounding towns that are close to jobs, and has a good school system, said Howard Bloom, an agent with Intero Real Estate. “You can get in and buy a nice home in a good neighborhood for $850,000 or $800,000, it’s got good schools . . . based on that affordability it tends to move better,” he said.

For those doing math, assuming a 10% downpay, you’d need an income of $247,984 (assuming a traditional 30 year fixed loan.

As for good schools… it’s all relative…

Police address parents’ gang violence concerns — Los Altos Town Crier
Red or blue shoelaces may seem like the latest fashion trend, but they could put students in harm’s way, parents learned last week at a meeting hosted by the Mountain View Police Department following the possible gang-related murder of a Los Altos High School student.

The colors blue and red are affiliated with two locally dominant gangs: the Norteños and Sureños. (Norteños identify themselves by the color red; Sureños, by blue.)

Parents should be on the lookout for blue or red sweatshirts, backpacks, T-shirts, belts, bandanas, binders and baseball caps bearing gang symbols such as the Roman numerals XIII or XIV, three or four dots and the letters VMV (Varrio Montana Vista) or MVS (Mountain View Surenos), Mountain View School Resource Officer Alan Nelson said. Even red or blue shoelaces could indicate gang affiliation, he said.

“What I’m here to tell you is that we do have a gang problem in Mountain View,” said Mountain View Police Chief Scott Vermeer.

What does that say about other schools though?

Posted by: burbed @ 7:00 am

3 Responses to “$800,000 - the new definition of affordable house”

  1. MG Says:

    Great post. Prices are ridiculous and the schools suck in all the Bay Area. The gang problem will just get worse as the economy tanks and the housing bubble pops.

  2. seamus Says:

    A real estate agent I know told me a couple months ago that in San Francisco “$800,000 is the new $600,000,” and that “$1,000,000 will be the new $800,000″ in 18 months.

    I’m still renting.


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