Flash from the past: Silicon Valley’s New Record Home Price — $750,000
Realty Times – Silicon Valley’s New Record Home Price — $750,000
Silicon Valley’s New Record Home Price — $750,000
by Broderick PerkinsThree quarters of a million dollars; $0.75 million; $750,000.
Anyway you write it, April’s median price of single-family detached homes in Silicon Valley comes out the same.
“It’s crazy,” says Mark Burns, a Coldwell Banker agent in Cupertino.
The good news is that most experts say the market has just about peaked — for now — at the region’s new record price level for single-family detached homes, $750,000 — up a whopping $86,000 this year alone and $132,000 in the past year.
The median price for condos came in at $465,000 in April, up only $55,000 since the beginning of the year, and $80,000 from a year ago, according to the Bay Area Real Estate Market Newsletter by Richard Calhoun, broker owner of Creekside Realty in San Jose.
[snip]
“People come here from all over the world, not just all over the country. There’s an explosion in first time home buyers, baby boomers buying their second and third homes or smaller houses, immigrants, people going in together to buy homes. There are very favorable demographic trends, coupled with low interest rates and a finite number of homes,” Moles said.
Published: May 6, 2005
Recently I found this piece. Boy, it really brought back memories. <tears well up> I’m sorry. I’m all verklempt. Talk amongst yourselves. I’ll give you a topic. Facebook is neither a face nor a book. Discuss.
July 5th, 2009 at 7:50 am
You get what you pay for. In this case, had you bought near the peak, you’d get grief for paying those high prices.
July 5th, 2009 at 8:00 am
.
“It’s crazy,” says Mark Burns, a Coldwell Banker agent in Cupertino.
Translation:
It’s a hyperinflating housing bubble.
.
July 5th, 2009 at 8:04 pm
That was from 2005. If you put $0 down and bought then, you’d still be up about $250K. Those who waited for the bubble to pop in 2009 are still waiting. The “craziness” continues for the RBA.
July 5th, 2009 at 8:41 pm
damn. for a second there, i started hyperventilating, thinking the bubble is back. =(
July 5th, 2009 at 9:58 pm
RE’s soulmates:
“I don’t agree it’s a bubble that’s going to burst, but I can’t see this rate of appreciation continuing. Entry level housing in the 750,000 range? That’s scary. Even our affordable condo prices are scary,” said Badagliacco.
At whatever pressure prices rise or fall, says Bob Moles, chairman of Intero Real Estate Services, the Silicon Valley market will always be an attractive home buying market.
July 5th, 2009 at 10:26 pm
Always. Just like Detroit.
July 5th, 2009 at 11:02 pm
Guys,
The jury is in. We’re into July already, and predictions of RBA crash never materialized. Go check any of the key RBA zip codes, and you’d be hard pressed to find any property selling at discounted prices. With the economy recovering, a crash is just not going to happen. Whenever a house is listed at an attractive price, it gets snatched up right away. This market has low tolerance for value pricing.
July 6th, 2009 at 12:18 am
Whenever a house is listed at an attractive price, it gets snatched up right away.
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Operative word is “attractive price”. It does not mean discounted price. For example, steve showed us this RBA property on last Thrusday. That wasn’t listed with “attractive price”. That’s why the seller had to give $150K discount.
But wait a minute, it’s July. RealEstater should be talking about SP/LP of Spring season – just like he did last year and continued it till November. Afterall, overbidding is everywhere in RBA.
Hmmmm, it seems 2009 is lot different from 2008.
July 6th, 2009 at 12:23 am
RE’s soulmates:
—–
nomadic,
Are they average tech guys too?
July 6th, 2009 at 12:24 am
Pralay, it just looks like a consummate troll to me:
“The jury is in” => but what mysterious sources does the jury consist of?
“predictions of RBA crash never materialized” => but where are the supporting figures?
“any of the key RBA zip codes” => better than Real RBA zip codes, introducing Key RBA zip codes!
“you’d be hard pressed to find any property” => if you find one, it’s just that you were hard pressed, not that RealEstater was wrong!
“selling at discounted prices.” => because discounts (i.e. price reductions) NEVER HAPPEN IN THE BAY AREA! AH AH AH!!!
July 6th, 2009 at 12:38 am
“any of the key RBA zip codes” => better than Real RBA zip codes, introducing Key RBA zip codes!
——
LOL! I overlooked that key part. Yes, key RBA zipcodes. And key zipcodes have key properties. And rest of the properties (which are not key properties in key RBA zipcodes) have issues – like powerline, busy street, in crowded school district, don’t have prestige etc.
July 6th, 2009 at 12:40 am
“you’d be hard pressed to find any property” => if you find one, it’s just that you were hard pressed, not that RealEstater was wrong!
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And if you find a property, it got to be located underneath invisible powerlines or on busy streets.
July 6th, 2009 at 8:51 am
We’re into July already, and predictions of RBA crash never materialized.
Gentlemen, the window has closed. Any crash submitted after June 30, 2009 will not be accepted.
July 6th, 2009 at 9:16 pm
DreamT,
Why argue for argument’s sake? You already admitted several times that you agree with my position. In other words, you’re just trying to fool the rentards. That’s trolling if you ask me.
July 6th, 2009 at 9:17 pm
Pralay,
Have you found that one house yet?
Are you ready for your neighborhood report next month?
July 6th, 2009 at 11:30 pm
RE – Agreeing with your position? Aren’t you giving yourself too much credit? This might work with your manager, but you’ll have to do better on burbed. How about you start by answering all points on #10?
July 7th, 2009 at 1:04 am
Aren’t you giving yourself too much credit?
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LOL!
July 7th, 2009 at 1:15 am
How about you start by answering all points on #10?
——
He answered everything in past.