April 27, 2015

Rent in the San Francisco Bay Area is worse than Manhattan! YES!!!

San Francisco Tops Forbes’ 2015 List Of Worst Cities For Renters

04-Manhattan03-SJ02-OAK01-SF

I don’t know about you, but this is music to my ears.

It absolutely makes sense that the cost of living in San Francisco, Oakland, and San Jose should be more painful (which isn’t always the same as $ amount) than our arch nemesis, Manhattan.

After all, we have easy access avocados. Have you ever eaten guac in Manhattan? No. Because it doesn’t exist.

And, of course, we have tech – which is disrupting paradigms in ways New York could only imagine.

Unfortunately, Manhattan is still way ahead in some areas – for example, the recent $100M condo that sold.

How can San Francisco compete with that? (I think we’re only at $28M or $49M.)

The difficult reality to accept is that it is still too affordable to live here in the SF Bay Area. This is not acceptable. We might have the best guac, but we won’t be world class until we do something about this.

People – what are you doing to help rectify this situation?

Comments (33) -- Posted by: burbed @ 5:12 am






April 20, 2015

Home prices up 31% in Redwood City, 40% in Mountain View – Congrats!!

MedianHomePrice

 

Congrats to the Real Bay Area cities whose median sold home price went up greater than 30%!

Now, let’s dissect the data. Obviously Hillsborough and Atherton went up by 40% because everyday a new millionaire is minted (billionaires are only minted on Thursdays.)

Mountain View is kind of obvious because of Google, Google, Google, and Global Beads at 345 Castro Street.

But Redwood City? Damn!

The last time Redwood City soared like this was back in 2006… when dead people were getting mortgages. But this time it’s different. The paradigm has shifted. There’s Facebook next door and a Philz.

And look at the difference it has made to the schools according to Great Schools:

RWC-Schools

Oh. Uh. Yeah.

Well whatever. Nothing can stop us now. It’s only a matter of time before even Redwood City will beat our mortal enemy Manhattan in price per square foot. (I hear they’re already whimpering in fear.)

Let’s look at how house prices will look in 5 years based on the current growth levels (and as always, past performance is indicative of future results):

MountainViewHomeForecast

Yep, that’s right. You heard it first. I’m calling Redwood City at $4.3M and Mountain View at $4.7M in 2019. Nothing can stop us now!

What are your forecasts for 2019?

Comments (16) -- Posted by: burbed @ 6:40 am