August 5, 2007

Poll: How many millions do you have?

In Silicon Valley, Millionaires Who Don’t Feel Rich – New York Times
“You’re nobody here at $10 million,” Mr. Kremen said earnestly over a glass of pinot noir at an upscale wine bar here.

Not every Silicon Valley millionaire, of course, shares that perspective.

Celeste Baranski, a 49-year-old engineer with a net worth of around $5 million who lives with her husband in Menlo Park, no longer frets about tucking enough money away for college for their two children. Long ago she stopped bothering to balance her checkbook. When too many 18-hour days running an engineering department of 1,200 left her feeling burned out and empty, she left and gave herself 12 months off.

Yet like other working-class millionaires of Silicon Valley, she harbors anxieties about her financial future. Ms. Baranski — who was briefly worth as much as $200 million in 2000 but cashed out only $1 million before the collapse of the tech bubble — returned to work in March.

“People around here, if they have 2 or 3 million dollars, they don’t feel secure,” said David W. Hettig, an estate planner based in Menlo Park who has advised Silicon Valley’s wealthy for two decades.

[snip]

“I don’t know how people live here on just a normal salary,” said Ms. Baranski.

Ok, time for a poll. To all readers (yes YOU): How many millions do you have (excluding house value)?

Are you a nobody? Do you feel secure?

Post your reply in the comments!

Comments (57) -- Posted by: burbed @ 9:25 am






August 4, 2007

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Click here to post a comment -- Posted by: burbed @ 5:26 am

August 3, 2007

What a view! WOW!

MLSlistings Property Detail for MLS number 730568
2418 WILLIAMSBURG CT
South San Francisco, CA 94080
2418wil.jpg
View More Photos
View a Virtual Tour

$674,900
WHAT A VIEW!
FANTASTIC 3 BEDROOM, TWO BATHROOM HOME. LOCATED ON THE WORLD RENOWN SAN FRANCISCO PENINSULA JUST MINUTES TO SCHOOLS, SHOPPING AND THE SAN FRANCISCO AIRPORT. FEATURING A PRIVATE PATIO, ROOM STYLE KITCHEN AND FAMILY ROOM, SEPARATE LAUNDRY ROOM AND A DRAMATIC STAIRCASE. WITH VIEWS OF THE AIRPORT THIS HOME WON’T LAST LONG!

This Single Family Residence has the following features:
MLS#: 730568 Approx Age: 35 Years Approx Sq Ft: 1500
Attached Single Family 2 Stories 3 Bedrooms
2 Bathrooms 1 Stall Shower 1 Shower over Tub

This house so many amazing views. First, there’s the curb view. Look at that. Doesn’t it feel like you’re living in the world famous San Francisco peninsula, but yet you’re also living in a cloudy Stockton?

But wait, there’s more. Here’s the money shot view right here:

2418wilb.jpg

Oops, that’s not it. That’s, the, uh, eco friendly back yard.

Here’s the amazing view – at last:

 2418wilc.jpg

<wipes away a tear>

Oh my god. It’s so beautiful.

Comments (12) -- Posted by: burbed @ 5:31 am

August 2, 2007

Let's follow up on 2164 Poplar in East Palo Alto

February 2006:

July 2006:

Now:

2164pop.jpg

Maybe that remodel wasn’t quite worth it… What do you think?

Click here to post a comment -- Posted by: burbed @ 5:25 am

August 1, 2007

"it’s probably the worst savings plan on Earth"

Renting vs. Buying: The Realities of Home-Ownership ∞ Get Rich Slowly
“Owning your own home is a forced savings plan.”
As you can see above, if home buying is like a savings plan, it’s probably the worst savings plan on Earth. Would you voluntarily sign up for a savings plan where well over half of the money you deposit in the first 20 years simply vanishes, and from which you can only withdraw money by relocating and paying a 6-9% fee (not on the amount you have “saved” mind you, but on the total sale price of the home)? Of course not. That doesn’t sound anything like a savings plan.

If our potential homebuyer has that $85,000 saved up for a down payment and deposits it along with just half of the monthly savings over buying ($578 per month) into an account at 8% interest, the balance will be nearly $300,000 in just 10 years. That’s a liquid investment, that can be used for whatever you want, no relocation required. Buying a home is not a savings plan. Actually saving money every month is a savings plan.

[snip]

Also keep in mind — I mentioned it above but it bears repeating — in order to cash in on any “wealth” you build through your home you will need to sell that home and move. No, “extracting equity” does not count, since that simply results in a larger debt. Debt is not equal to Wealth.

Why does this blogger hate America and Freedom?

Click here to post a comment -- Posted by: burbed @ 8:33 am

Please rotate this house

MLSlistings Property Detail for MLS number 734488
1016 PORTO MARINO DR
San Carlos, CA 94070
$950,0001016port.jpg

This Single Family Residence has the following features:
MLS#: 734488 Approx Age: 46 Years Approx Sq Ft: 1590
Detached Single Family 1 Story Ranch
3 Bedrooms 1 Master Bedroom Suite 2 Bathrooms
1 Stall Shower 1 Shower over Tub 1 Tub
Family Room Kitchen Living Rm/Dining Rm Combo Laundry Area – Garage

I’m sure there’s nothing wrong with this house – but this photo just cracks me up. That’s worth a 6% commission ($57,000) right there.

I was also going to make a joke about leaning to the “porto” but I think it’s actually leaning starboard side… any mariners out there?

Click here to post a comment -- Posted by: burbed @ 5:18 am