Google, Facebook Battle For Computer Science Grads. Salaries Soar.
Google and Facebook are fighting hard to hire this years crop of computer science graduates, we’ve heard, and ground zero is Stanford. Most of the class of 2008 already have job offers even though graduation is months away.

Last year, salaries of up to $70,000 were common for the best students. This year, Facebook is said to be offering $92,000, and Google has increased some offers to $95,000 to get their share of graduates. Students with a Masters degree in Computer Science are being offered as much as $130,000 for associate product manager jobs at Google.

Thanks Google! Thanks FaceBook!

On Monday, we showed you what a $1.295 million dollar house looks like in Greenwich, CT where the income regularly tops $500k. Let’s look a house in that price range here in the Bay Area:

MLS-2.com: Property Details
153 LOWELL ST, Redwood City,CA,94062 - $1,250,000

3 Beds 1584 Sq.Ft. Aprx. 2 Car Garage MLS#: 770296
2.0 Baths 6,500 Lot Size 68 Yrs Old Aprx. List Date: 2008-01-07

What’s new on MLS-2: Search by % Price Drop // Search by “MOTIVATED SELLERS”

Description - 153 LOWELL ST, Redwood City,CA,94062
Situated in the sought after Mt. Carmel neighborhood, this delightful home has been practically updated maintaining its original, intrinsic charm. Beautiful oak hardwood floors enhance the home throughout. There is an additional, separate studio guest unit with a full bath and kitchenette.

Yeah you could have the house in Greenwich, but in true Silicon Valley entrepreneurial style, this house offers you the opportunity to increase you revenue and monetize part of the property.

That’s an enormous benefit right there - you can live in your house, and make money from your tenants! Will that be possible in Greenwich, CT? Of course not - they’re all boring there. Buying this house will prove that you’ve got the chops to achieve the American dream of making money, unlike… say… your potential neighbor Eddie Lampert.

And above it all, you’re living in Redwood City. Wow… another drubbing for Greenwich, CT. Sweet!

On Monday, we showed you what a $1.295 million dollar house looks like in Greenwich, CT where the income regularly tops $500k. Let’s look a house in that price range here in the Bay Area:

MLS-2.com: Property Details
1295 S SPRINGER RD, Los Altos,CA,94024 - $1,295,000

3 Beds 1580 Sq.Ft. Aprx. 2 Car Garage MLS#: 760630
2.0 Baths 9,147 Lot Size 56 Yrs Old Aprx. List Date: 2007-10-31

What’s new on MLS-2: Search by % Price Drop // Search by “MOTIVATED SELLERS”

Description - 1295 S SPRINGER RD, Los Altos,CA,94024
Best Price in Los Altos! Great Starter Home for Someone Looking for Fantastic Los Altos Schools and a Quaint Village Township! Surrounded by Beautiful Mature Redwood Trees, New Tile in Bathrooms, New Water Heater, New Electrical Panel with Upgrade to 200 amps, Walking Distance to Shopping. Disclosures Available, some work has been completed.

Wow… 200 amps. How many amps does that house in Greenwich, CT have? Probably like 8 or something.

And does that Greenwich house have a room like this?

Nope. Probably not. It’s probably all nice and stuff - which means that in true East Coast tradition, you have no freedom. Freedom, as we all know, was invented in the Bay Area in Berkeley - and this house is a classic example in that you have the freedom to renovate and make it yours.

Another devastating strike against Greenwich. I can’t imagine why Regis Philbin  would want to live there and not here in Los Altos. He must hate freedom.

Dec 07 sales price report
* Statewide, the 10 cities and communities with the highest median home prices in California during December 2007 were: Burlingame, $1,590,000; Los Gatos, $1,400,000; San Juan Capistrano, $1,125,000; San Clemente, $1,007,000; Santa Monica, $950,000; Danville, $949,000; Encinitas $900,000; Redwood City, $837,500; Santa Barbara, $835,000; and San Ramon, $750,500.

* Statewide, the 10 cities and communities with the greatest median home price increases in December 2007 compared with the same period a year ago were: Los Gatos, 44.3 percent; Encinitas, 23.8 percent; Burlingame, 20 percent; Chino Hills, 16.4 percent; Mountain View, 14.1 percent; Redwood City, 10.9 percent; San Clemente, 9.9 percent; Moorpark, 7.2 percent; Santa Cruz, 5 percent; and South Lake Tahoe, 4.8 percent.

Congrats Bay Area!

Redwood City, you’re back in the Real Bay Area for now! Who knew that the median home prices there would be higher than Palo Alto or Cupertino! Go figure!

On Monday, we showed you what a $1.295 million dollar house looks like in Greenwich, CT where the income regularly tops $500k. Let’s look a house in that price range here in the Bay Area:

MLS-2.com: Property Details
1149 AUDREY, CAMPBELL,CA,95008 - $1,250,000

4 Beds 1221 Sq.Ft. Aprx. 2 Car Garage MLS#: 753932
3.0 Baths 10,890 Lot Size 59 Yrs Old Aprx. List Date: 2007-09-25

What’s new on MLS-2: Search by % Price Drop // Search by “MOTIVATED SELLERS”

Description - 1149 AUDREY, CAMPBELL,CA,95008
Fixer upper! Large lot over 10,000 sq ft, huge backyard,opportunity to build custom home or remodel. Located on quiet street, excellent Campbell location

Now, Campbell is clearly better than Greenwich - how do we know that? For one thing, it’s got the Egyptian themed Fry’s. TAKE THAT GREENWICH! Also, Campbell has… uh… prunes. What does Greenwich have? Probably nothing! Yeah so Donald Trump lives there… but just think of all the amazingly famous people who live in Campbell. Can’t think of any? Well that’s because they prefer to be private.

It’s on the first day and we’ve already given Greenwich a good stomping… let’s see what tomorrow brings!

The other day I saw this interesting article - it was a list of places where the median income topped $500,000. One of those places was this:

Big incomes, bigger houses | 3 | CNNMoney.com
Greenwich, Connecticut
Price: $1.295 million

Beds: 4
Baths: 3

Description: The granite-strewn, wooded hillsides of southwestern Connecticut provide the proper setting for many of the enchanting stone houses found there. This modified Cape Cod evokes memories of the English countryside with its gray stone walls and pale blue shutters.

The 75-year-old house was renovated in 2003. The living room has a fireplace, and French doors from the formal dining room open up to the garden.

The adjusted gross income for Greenwich was a heady $567,560 in 2004, a figure that undoubtedly has spiked upward since. The town is a magnet for Wall Street investment bankers and New England hedge fund operators.

Now isn’t that incredibly absurd? Income is $567,560 yet a place like that goes for just $1.295 million? It’s a clear reflection of how awfully boring and in the middle of nowhere and unspecial and making more land that Greenwich, Connecticut must be.

Let’s take a look this week at what $1.295 million (or so) gets you in the Bay Area. And remember, income means nothing. Debt is income baby!

Let’s party like it’s 2005!

Thanks to Burbed reader Ek for this photo:

Further proof that Morgan Hill isn’t in The Real Bay Area, and that you need to visit Scott Murray.

Thanks Ek.

Wow… commenter Steve really stirred up some discussion. Here’s what Steve had to say yesterday:

Real Estate is Saved! Thanks stimulus package! [Burbed.com]

well, I’m ecstatic. I bought in October 2005 on the Peninsula (the good part), my house has appreciated $200K while everyone said it would never happen, and now I can refinance out of my jumbo loan to save $$$ every month.

Can’t wait for my 15% appreciation in the Spring! I love Bush!

The pessimism for the market carte blanche is misplaced.. just need to pick carefully. Los Altos, Palo Alto, Mountain View resale homes above $1M all have appreciated just fine during a flight to quality schools, quality employers, and most importantly areas with no new housing development. There’s zero inventory, LP remains above 100%, high-tech is weathering the storm just fine, etc, etc. My advice - jump in to these areas now… the water’s fine!

Pralay - (I’m not a RE agent) I agree with you on sales, but by pulling listings in this area, demand = supply for these areas where there are no investors, good schools, solid job prospects, and most folks lovin’ their low prop 13 tax base. My sources:

Inventory, 12-month avg source: rereport.com/scc/ (click on relevant cities), Zillow, Trulia

MV=25 homes in inventory, 12-month avg. up ~ $200K (Zillow MV non-condo=$100K gain)
LA=20 homes, 12-month avg. up ~ $150K (Zillow LA = $200K gain)
PA=20 homes, 12-month avg. up ~ $300K (Zillow PA = $200K gain)

Current snapshot of mlslistings: 46 homes for sale in MV, 27 in LA, and 31 in PA… very low, and it’s been that way for 6 months…

Trulia has MV & LA up for non-condo (3&4 bed) units. Kinda tough to tell on Palo Alto 3&4 bed.

And, my favorite, Creekside Realty: top 10% of homes in SCC increased median from $1.37M to $1.70M in one year. Check it out: http://www.creeksiderealty.com/bay_area_real_estate/2008/santa_clara_county/1jan.htm Yeah, I know there are more high $$ selling than low, but look at the historical trend back to 2000…

I’m just proving the premise of this site - There is The Real Bay Area (>$1M houses in NW SCC county) and there’s everything else… Make the splurge, you won’t regret it now, you won’t regret it later.

Well… what do you think? Do you share Steve’s sentiments? Is now the right time to buy in The Real Bay Area?