May 28, 2014

What is the minimum salary to buy a house in San Francisco?

You Must Make At Least $137,129 A Year To Afford A Home In San Francisco

You need make at least $137,129 a year (before taxes) to afford a home in the Fog City, which according to a new report is the most expensive city in the country for home buyers.

Coming in a distant second place is San Diego, where you need to bring home $98,534 a year to afford the principal, interest, taxes and insurance of a median-priced home, the measure used to make the calculations by HSH Associates, the mortgage-tracker that published the report.

New York City scored third place — perhaps surprisingly, because of its notoriously high rents. You "only" (hahaha!) have to make a salary of $89,788 a year to afford a mid-level apartment.

The widening gap between rich and poor in San Francisco just keeps getting worse. A recent report ranked income inequality in the city on par with developing countries including Rwanda.

This poses a real dilemma for us in the Real Bay Area. Now that we’ve set the bar so high, how we do we drive this even further?

I have a feeling that if we all work together, we can drive this minimum to a nice even $200,000.

What will you be doing to make this happen?

Click here to post a comment -- Posted by: burbed @ 5:19 am






May 26, 2014

No wonder California is called “The Golden State”

I hope you’re enjoy this Memorial Day!

As a community of people obsessed homes, we should also remember those houses that are still underwater.

Obviously, there are none in the Real Bay Area though…

Rent or Buy? The Math Is Changing

Billy Gasparino and Jenna Dillon-Gasparino were savvy enough to wait out the housing boom of a decade ago as renters. Not until 2010, well into the bust, did they buy a house in the Venice neighborhood of Los Angeles, less than a mile from the beach, for $810,000.

Only four years later, the couple see new signs of excess in the housing market and have decided to go back to renting. They are close to a deal to sell their house – for $1.35 million, a cool 67 percent gain.

Is it any wonder that California is called? Every house you touch turns to gold. And we all know that gold always goes up in value!

Since the start of 2011, prices have risen 33 percent in the San Francisco area, 30 percent in Miami, 24 percent in Los Angeles — and even more in some of the most desirable neighborhoods within those areas.

In the San Francisco Bay Area, home of the sharpest recent price increases, the sale price of a home is about 20 times what it would cost to rent a home of the same size for a year. That ratio, based on an analysis of data from Zillow, is the same as in 2003, when the San Francisco real estate market had yet to become an out-of-control bubble but was well on its way there.

That’s right! Based on data… DATA…there’s still plenty of upside for the homes in Silicon Valley.

But wait.. there’s more!

When low mortgage rates are taken into account, buying a home in San Francisco looks somewhat more attractive — but with a 10 percent down payment and prevailing interest rates, buying a home is 6 percent more expensive than renting a place of the same size, the same premium for buying as there was during the dot-com boom in 1999. Just two years ago, buying in the San Francisco area was 24 percent cheaper than renting an equivalent place.

There you have it! The NY Times says now is a great time to buy a home in San Francisco.

“If you thought home values in the Bay Area or Southern California were such that we might see another housing correction, that radically starts to advantage rental housing,” said Stan Humphries, Zillow’s chief economist, who argues that current prices are reasonably well justified, while acknowledging that prices are high enough to leave buyers exposed.

Even the Chief Economist at Zillow agrees!

This time it’s different. The economics have changed. The paradigm has shifted. House prices simply cannot go down.

I’m surprised you haven’t gone and picked up 6 houses over the weekend!

Comments (8) -- Posted by: burbed @ 5:00 am

May 19, 2014

Redwood City house with secret treasure?

358 POPLAR Ave
Redwood City, CA 94061
$699,000 Price 
2 Beds 
1 Baths  1,110 Sq. Ft.
$630 / Sq. Ft.
Built: 1946 Lot Size: 5,616 Sq. Ft. On Redfin: 26 days Status: Active

20140513a

Cozy and efficient home. Need some TLC and updating to make this home really shine again. Large lot with potential for home expansion/addition. Excellent open floor plan with hard wood flooring and wood burning fire place. Convenient location. Close to shopping and restaurants. Easy access to highways.

Easy access to highways indeed!

20140513b

But let’s look at some of the latter photos:

20140513c

Huh. Notice the barred windows, the carefully concealed crawl space.

But wait… there’s more!

20140513d

Do you spy what I spy? Let’s go in for a closer look!

20140513h

Whoa. What is this! Is there buried treasure underneath? Is that what makes this home so special? What could possibly be under there? Pre-ipo shares of GOOG? AAPL?

I think you had better buy this house soon before Nicholas Cage does!

Comments (7) -- Posted by: burbed @ 5:12 am

May 12, 2014

This house has a supra lock box

1355 TORRANCE Ave
Sunnyvale, CA 94089
$750,000 Price 
3 Beds 
2 Baths 
1,000 Sq. Ft.
$750 / Sq. Ft.
Built: 1956 Lot Size: 5,500 Sq. Ft. On Redfin: 24 days Status: Active

20140511a

Supra lock box on Tuesday 4/22/14

People always ask me: How do you know if a house is good?

Well, there’s a few ways. First, knock on the house – is there a dull hollow sound? Oh wait, that’s something else…

Frankly, I look at two things:

1. What type of car is in the driveway?

2. What kind of lock box is used?

This listing, shockingly, answers both.

There appears to be a sweet, sweet, sweet, corvette in the driveway. And it’s held back by a metal gate. This is definitely a sign of greatness. Just sitting in the car, behind the gate, you can pretend you are Joe Biden. Just like this!

Another sign? The lock box. What kind of lock box does the house use? This uses a supra! A supra!

If the realtor didn’t care, then they probably would’ve used another brand of lock box – but the fact that only the best was used means that this is a good house. A great house. I mean, just look at all the photos of… this… uh… house.

Comments (10) -- Posted by: burbed @ 5:00 am

May 5, 2014

Fixer upper of the year in Sunnyvale.

764 KILKENNY Ct
Sunnyvale, CA 94087
$699,950
Price 
3
Beds 
1.5
Baths  1,152 Sq. Ft.
$608 / Sq. Ft.
Built: 1958 Lot Size: 5,488 Sq. Ft. On Redfin: 2 days Status: Active
Active

20140427a

Fixer Upper of the Year located in a Million dollar Neighborhood only minutes to Cupertino Village Shopping Center, Vallco Shopping Mall, Ortega and Raynor Parks, new Apple Headquarters and Top Cupertino Schools:Collins Elementary/Cupertiono Middle/Fremont High School. This home is truly a Diamond in the Rough!

Thanks to Burbed reader M.L. for this find. This is what M.L. had to say:

“Diamond in the rough” – I don’t know why they didn’t just say “bring yer bulldozer.”

Surely you must be kidding. What could possibly be so bad about this home?

20140427b

Oh.

20140427d

Um.

20140427e

Is that a pencil sharpener?

20140427f

What?

2040427k

But hey it’s got hard wood floors!

Yeah this house has some rough edges, but that’s why it’s a diamond in the rough. A little elbow grease here and there, and definitely some bleach will have this house in brand spanking condition in no time at all!

Isn’t this a great opportunity?

Comments (9) -- Posted by: burbed @ 5:06 am