February 25, 2014

San Francisco Real Bay Area beats New York for most expensive housing

Hello.

For years, this site and its fine readers have yearned for the day that the San Francisco Real Bay Area would eclipse New York for most expensive housing. It has been a dream that we have all pined for. There were good times, there were bad times, but for better or for worse we stuck together in the hopes of realizing this dream.

I present to you, this:

Here’s How Much Money You Must Earn To Buy A Home In 25 Big US Cities

  1. CLEVELAND: You’d have to earn at least $19,435 to buy an average home. (All they have is the Rock and Roll Hall of Fame. Big whoop.)

  2. CINCINNATI: You’d have to earn at least $22,227 to buy an average home. (Jerry Springer was mayor.)

  3. ST. LOUIS: You’d have to earn at least $22,398 to buy an average home. (Arch this!)

  4. ATLANTA: You’d have to earn at least $24,391 to buy an average home. (Because everyone is a peach picker.)

  5. TAMPA: You’d have to earn at least $24,651 to buy an average home. (It’s not Orlando!)

  6. ORLANDO: You’d have to earn at least $28,298 to buy an average home. (It’s not Miami!)

  7. SAN ANTONIO: You’d have to earn at least $29,305 to buy an average home. (Riverwalk? Really?)

  8. DALLAS: You’d have to earn at least $29,751 to buy an average home. (Meh. Oil.)

  9. HOUSTON: You’d have to earn at least $31,299 to buy an average home. (Galleria is meh.)

  10. CHICAGO: You’d have to earn at least $32,389 to buy an average home. (Too much wind.)

  11. PHOENIX: You’d have to earn at least $32,812 to buy an average home. (Arizona.)

  12. MINNEAPOLIS: You’d have to earn at least $33,800 to buy an average home. (Cold.)

  13. PHILADELPHIA: You’d have to earn at least $36,836 to buy an average home. (Everyone is angry.)

  14. BALTIMORE: You’d have to earn at least $41,155 to buy an average home. (Too many crime shows.)

  15. SACRAMENTO: You’d have to earn at least $42,832 to buy an average home. (Sacramento.)

  16. MIAMI: You’d have to earn at least $43,918 to buy an average home. (Too much cocaine.)

  17. PORTLAND (OR): You’d have to earn at least $45,872 to buy an average home. (Sometimes I just want a twinkie)

  18. DENVER: You’d have to earn at least $48,123 to buy an average home. (Air is too thin.)

  19. SEATTLE: You’d have to earn at least $59,130 to buy an average home. (Too much flannel.)

  20. WASHINGTON, D.C.: You’d have to earn at least $62,810 to buy an average home. (D.C.)

  21. BOSTON: You’d have to earn at least $63,673 to buy an average home. (Not enough smart people compared to the Real Bay Area.)

  22. NEW YORK CITY: You’d have to earn at least $66,167 to buy an average home. (Not Real Bay Area.)

  23. LOS ANGELES: You’d have to earn at least $72,127 to buy an average home. (Too much traffic… until the Bay Area beats LA)

  24. SAN DIEGO: You’d have to earn at least $81,570 to buy an average home. (Too far south.)

  25. SAN FRANCISCO :You’d have to earn at least $115,510 to buy an average home. (The best place in the world.)

That’s right everyone! You need to make 75% more money in San Francisco Real Bay Area, to be able to afford a home compared to New York City.

We.

Have.

Won.

I knew this could happen, and it did. <sheds a tear>

Now that this has happened, what should Burbed’s future direction hold… I mean… how should Burbed pivot?

Comments (25) -- Posted by: burbed @ 5:09 am






February 22, 2014

Low Income Housing… Marin Style

Thanks very much to Burbed reader Barbara for a look at what’s below median income in Mill Valley.

140221-tamalpais-redfin14 Tamalpais Commons Ln
Mill Valley, CA 94941
$328,555

HOA Dues: $308/mo.
0 Beds
1 Baths
400 Sq. Ft.
$821 / Sq. Ft.
Built: 2010
Lot Size: 401 Sq. Ft.
On Redfin: 5 days
Status: Active
HOA Dues: $308/month
Style: Contemporary
Community: Mill Valley
MLS#: 21403124
Property Type: Residential, Attached, Condominium/Coop/Other
Stories: 1
County: Marin

Welcome to Tamalpais Commons, a mixed-use ‘Build It Green’ luxury home development in central Mill Valley. This affordable studio unit is available to low-income buyers who earn $64,890 or less in gross income. The studio features southeast facing windows, maple floors, a full bath, a small balcony, a stacked washer/dryer, a range, dishwasher, and oven. This is an accessible unit and all appliances meet ADA guidelines.

Here’s Barbara on this Econobox:

Thought this might be worthy of burbed – $821/sq foot affordable housing

Yes, but it’s $821 a square foot affordable housing with really shiny floors.  And don’t forget the three hundred bucks for HOA fees on top of your $1317 a month mortgage!

Comments (3) -- Posted by: madhaus @ 7:01 am

February 8, 2014

Fixer Upper in Palo Alto – Just $1.85 million!

Oh, frabjous day! Well, what are you waiting for?

140207-oberlin-redfin2114 OBERLIN St
Palo Alto, CA 94306
$1,895,000

2 Beds
2 Baths
896 Sq. Ft.
$2,115 / Sq. Ft.
Built: 1932
Lot Size: 6,250 Sq. Ft.
On Redfin: 12 days
Property Type: Detached Single Family
Stories: 1
County: Santa Clara
Style: Cottage/Bungalow
Community: College
MLS#: 81402493

RARE OPPORTUNITY IN COLLEGE TERRACE! 2 COTTAGES IN ORIGINAL CONDITION ON THE PROPERTY (BUILT IN 1932). Each Cottage has one bedroom and one bathroom. LOT SIZE 6,250 sq ft per City of Palo Alto Parcel Map and RealQuest(Lot Width/Depth: 50 X 125). Two one-car garages.

140207-oberlin-drivewayTwo one-car garages! Now THAT is a rare opportunity.

What’s even rarer is a peek inside either cottage.  No such luck.  The agent figures both of those puppies have a big date with the bulldozer.  It’s enough to make you lament for the poor average millionaires who will have to share the block with another billionaire running roughshod all over them.

Comments (26) -- Posted by: madhaus @ 7:02 am

February 1, 2014

I Can Haz Stock Optionz?

Here’s a piece of investment and career advice: If your job doesn’t give you a piece of equity in the company you’re working for, it’s time to move on.

You Need Equity To Live In Silicon Valley

140131-stanford-memeMay 22, 2013 – Andy Rachleff Wealthfront

The other day we were modeling our typical client’s spending when we realized something disturbing – an average Bay Area-based young couple has to own equity in a business if they hope to send their kids to a good university and be able to retire well.

Investing well alone can’t get you there.

Our analysis found you need to work for at least one company where your equity stake can generate at least a few hundred thousand dollars after tax to make your economics work in the Bay Area.

The problem is the hole that opens up in a typical couple’s budget when they are in their late 30s. Three big pressures converge then: the mortgage on your expensive Bay Area home, and the dueling needs to fund your retirement and your kids’ college early so that you take advantage of compounding.

That’s why we say: You need equity to live in Silicon Valley.

And we say, you need even more equity to live in The Real Silicon Valley.  Then again, you could always rent AND send your kids to Community College and Cal State AND move to Arkansas for your Golden Years.

Basically this is another one of those “We make $250,000 a year and we feel sooooooo poooooor” pieces. Please all join in this First World Problems Pity Party because in lieu of another crap house for your disapproval.

Comments (9) -- Posted by: madhaus @ 7:06 am