Many homes here have returned to the realm of reasonable prices, with the median sale price hovering below $300,000. That means that even people with incomes around the Bay Area’s median of $80,000 or so can find properties within their price range.
— Pricing. The Bay Area reached a peak median sales price of $720,000 in spring 2007. In February, the median was $295,000. That doesn’t mean that all homes lost half their value – although many did see appreciation erode significantly – but it does show a major shift in the composition of homes being sold.
The first-time buyers
Cori Belew, 27, teacher; Dillon Westbrook, 27, masonry contractor
House: 3 bedrooms and bonus room, 1,228 square feet, Oakland
Previous price: $514,909 in November 2006
Mortgage: FHA loan at 5%; Monthly payments, about $1,900
Is it any wonder why newspapers are going out of business? Those are not in the Real Bay Area.
What we need is a focus on the Real Bay Area.
Luckily, sites like Movoto have the real scoop:
The median house price in Mountain View is $800,000, with an average of 490 properties sold a year. Mountain View has a population of 70,000 residents, with a mean household income is $69,000. The headquarters of Google, MSN/XBOX, and the NASA Ames Research Center are just a few of the companies that fuel the technological production of Mountain View, working side by side with major telecommunications offices such as Nokia and WebTV. A benefit of being located so centrally within Silicon Valley, Mountain View will be the first city in the country to be provided with complete wireless internet access, creating a gateway between this progressive town and the online world. Keeping up with technological advancement is Mountain View’s impressive educational record: Mountain View High School scored the highest possible Academic Performance Index.
Phew. I feel better already.
Let’s get some real journalism out there!