August 13, 2014

Tears of joy: San Francisco versus Manhattan versus Brooklyn and more

http://time.com/money/3063930/the-15-most-expensive-cities-for-millennials/

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When it comes to least affordable counties to buy a house, four of NYC’s five boroughs take up almost a third of the list, with Manhattan (New York County), Brooklyn (Kings Country), the Bronx (Bronx County), and Queens (Queens Country), each “earning” a spot.

The West Coast isn’t off the hook, either. Beating out Manhattan for the dubious honor of most expensive city for young people is San Francisco. Buying a median-priced three-bedroom house—$950,000 as of this April— in the City by the Bay will cost median income earners more than 78% of their wages.

I really can’t help but have tears of joy every time I see this chart.

For so long, all of us worked together to ensure that the Real Bay Area would one day defeat our arch nemesis, Manhattan, to ensure that we were the most expensive place to buy real estate.

And now the news is spreading far and wide that we’ve done this.

San Francisco beats Manhattan (aka New York County), Brooklyn (aka Kings County), Queens, and (I’m guessing) Staten Island. All 5 boroughs. A sweep. One city crushes another city.

Sure, we still need to beat Tokyo and London. But this is a fantastic start.

And there’s more. By being more expensive than NY, we will attract attention as being expensive – this will help prices soar even further as panic buying sets in.

Watch out Tokyo and London – you’re next.

In the meantime, take that New York and Manhattan! We’re #1! We’re #1! And more people know it than ever now!

What will you be doing to help us beat those cities?

Comments (9) -- Posted by: burbed @ 5:12 am

9 Responses to “Tears of joy: San Francisco versus Manhattan versus Brooklyn and more”

  1. Alberto Says:

    …ok…I’m condamned to rent forever..and I work for one of the best companies in the Bay Area… :(

  2. 2million$shack Says:

    Time to go to a start up with a solid business plan and get stock options. Sadly, working for a one of the large cap “best” companies in SF or the RBA means you’ll be either commuting or renting forever unless you are a C level exec.

  3. Alberto Says:

    I guess that’s the right plan. However, I still think there will be a correction pretty soon, in particular at the expenses of those “solid” startups….

  4. 2million$shack Says:

    Yes, probably a correction coming. Prices are looking pretty irrational at this point. Maybe best to wait till the next business cycle but I do think for non C level execs startups with equity are the most profitable way to go around here.

  5. Alberto Says:

    I agree, but it is nothing more than what’s for everything else: higher the risk, higher the payback…

  6. Bob Says:

    Current data suggests that in most areas the values have exceeded the 2007 peak but July was a bit slow though inventory still at low levels. Across the board Marin Single Family Homes active, pending and sold inventories decreased in July…
    http://www.marinhomelistings.com/Communities/Monthly-Market-Report/Marin-Market-Snapshot-July-31-2014

  7. burbed Says:

    This correction will be to get us out of the recession and into a bull market, right?

  8. 2million$shack Says:

    Haha burbed. Yep, the bull market is coming and all those $2m tear downs will be $4m in no time.

  9. waiting_for_the_bull Says:

    Oh really? I felt the money quote from the article is this one: “What’s also notable are the cities not on this list. Hubs like Boston, San Antonio, Chicago, Houston, and San Jose are nowhere to be found. That doesn’t mean they’re cheap, but their prices might be more manageable than most people realize.”
    In other words, the market may still have ways to go in the real Silicon Valley.


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