CA Real Estate and Homes: Is there a Real Estate Bubble – A Bay Area View
As a Realtor for Coldwell Banker in Los Altos, California, and Movoto, the real estate website, I strongly disagree. The market for Palo Alto, Los Altos, Mountain View, and Cupertino has been as strong as it was in 2004. Multiple offers are still occurring at a fast pace, and many homes are going over the asking price.I believe that there are two reasons why the Bay Area market has remained strong.
Interesting, so apparently the Bay Area is now Palo Alto, Los Altos, Mountain View and Cupertino.
What about Redwood City, East Palo Alto, Milpitas, Gilroy and parts of San Jose? Are they no longer the Bay Area? Is the Bay Area just 4 cities now? Heck… what about Sunnyvale – it’s bounded by Cupertino, Los Altos, and Mountain View.
FWIW according to DQNews, Gilroy’s median price dropped 1.2% YoY, and sales volume dropped 52% YoY. Milpitas saw a 41% YoY drop in volume. The 95126 part of San Jose saw a 12.7% drop in median prices, and a 58.5% drop in sales volume. The 94085 part of Sunnyvale dropped 43% YoY in volume. I won’t even mention the foreclosure rate in some of these places.
But I guess that’s just data – which isn’t all so popular these days. Perhaps Nick has the same problem that Colbert has with books: “They’re all fact, no heart.” If you know something’s right in your heart, then it’s right.