August 27, 2014

Everyone’s making $291,497 in Silicon Valley

These tech worker wages will astound you
Posted on Thursday, August 21 at 1:28pm | By Kathleen Pender

The average annual wage for high-tech workers in San Francisco rose to $156,518 in 2013, up almost 19 percent from the year before. That ranked the city No. 1 for high-tech wage growth out of 34 markets nationwide, according to Bureau of Labor Statistics data crunched by JLL, a commercial real estate services firm.

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The more astonishing statistic: The average tech wage on the mid-Peninsula (San Mateo County) last year was $291,497. Although that was down about 5 percent from 2012, it was still — by far — the highest average tech wage in the nation, surpassing Silicon Valley (Santa Clara County) by almost $100,000.

Ok, I skimmed this article. There’s a lot of blah, blah, blah. Blah blah blah. My takeaway was that the average person in San Mateo makes almost $300,000.

This puts San Mateo at the top of the Real Bay Area.

Using the Silicon Valley rule of thumb that your home should be 10x your income that means soon the average home will be $3M!

Congratulations on all you San Mateans!! You are now the Real, Real Bay Area.

Comments (8) -- Posted by: burbed @ 5:39 am






August 25, 2014

This Palo Alto home sold for $1.3M. You won’t believe what it is next to.

2411 MIDDLEFIELD Rd
Palo Alto, CA 94301
$1,300,000
3 Beds 
1.5 Baths  1,414 Sq. Ft.
$919 / Sq. Ft.
Built: 1947 Lot Size: 6,380 Sq. Ft. Sold On: Aug 22, 2014 Status: Sold

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Looking for a project? Opportunity for total remodel or new construction * Midtown location * Easy access to freeway * Large lot *

Thanks to Burbed reader RE for pointing this out a few weeks back.

“Looking for a project?” Isn’t everyone in the Real Bay Area since we’re all entrepreneurs? Now this is a project!

The insides have all the makings of a $1.3M house:

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Purple cabinets? Check. A range that looks like it is sliding away? Check. A refrigerator that’s… uh… there? Check.

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Bathroom with a shower? Vintage! Adds more value! Check.

Great. Lots of award winning features.

Now, what’s this about easy access to freeway?

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Well, being at the corner of Middlefield and Oregon Expressway, you really can’t quibble with that claim. I mean, it really is close to the freeway.

But being that Middlefield is perpetually backed up, just how would you even leave your driveway?

I guess it doesn’t matter because… well… this house is sold. I hope you act faster next time!

Comments (10) -- Posted by: burbed @ 5:59 am

August 20, 2014

Big data Wednesday – Median Home Price to Median Income ratio

Last week we highlighted how awesome and fantastic it is that San Francisco (aka the Real Bay Area) finally crushed Manhattan and New York in terms of how expensive housing has become.

So, for some data – and using some newer, brighter, colors.

image

Hmm… looks like there’s still some improvement here. It looks like the South Bay really needs to step up its game to ensure that the Price/Income ratio beats that of New York metro!

image

Hm, it looks like the blue line is sagging below the redline. That means housing is still probably too cheap. We need it to look more like the good ol’ days of 2003-2007!

image

Yeah, some room for improvement here as well!

Ok people, let’s get to work on driving up these prices!

Click here to post a comment -- Posted by: burbed @ 5:36 am

August 18, 2014

House in Cambrian Park with free street art

3224 KILO Ave
San Jose, CA 95124
$820,000 Price 
4 Beds 
3 Baths  1,860 Sq. Ft.
$441 / Sq. Ft.
Built: 1954 Lot Size: 5,100 Sq. Ft. On Redfin: 4 days Status: Active

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Bank Owned Property!!!Great Cambrian home in a very popular location. Excellent Schools. Hot tub in the back yard. Double pane windows. Very bright inside. Spacious living room. Laminate hard wood floor at the living room and the hallway. Large kitchen with breakfast room. All three bathrooms are remodeled. The garage is converted to a room without a permit. Two of the bedrooms have walking closets

Here’s what Burbed reader TF had to say:

Not sure if this is a real listing or not. the price is absurd for this crappy neighborhood (good, schools, though). Love the black spraypaint used to cover the graffiti on the yellow garage. Conversion of the one car garage was unpermitted, of course. Maybe the laminate flooring will bring in multiple offers over asking price?

I believe that’s known as street art. In fact, it might have been the kind of street art that leads to multi-million dollar riches like David Choe.

Sadly, it’s been painted over. Maybe if you buy the home, the owner will help you find the artist!

It appears that there may be some street art in along the walls/floors inside the house as well:

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Ooh. So edgey! So gritty! You could totally host a bunch of hackers here, crushing the next disruptive innovation.

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Huh. Maybe someone’s been hacking here already.

In any case, to answer your implied question TF – yes I do believe this is a real listing. In fact, it’s a real opportunity for you to strike it rich!

Comments (4) -- Posted by: burbed @ 5:27 am

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

August 11, 2014

Milpitas house with potential garage

222 AUTREY St
Milpitas, CA 95035
$549,000 Price 
3 Beds 
1 Baths  1,122 Sq. Ft.
$489 / Sq. Ft.
Built: 1958 Lot Size: 5,922 Sq. Ft. On Redfin: 16 days Status: Active
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This home has potential garage has been converted/with out warranty, no permits for additional, bedrooms Please don’t disturb tenants This is a Short Sale shows well.

Here at Burbed, sometimes it feels like we’ve just about everything.

And then there’s this.

The photo. Was this from a VHS tape shot while driving by? Why is it so blue? And… uh… why?

How does this house have a potential garage? Shouldn’t that be obvious?

But you know what?

This is exactly the kind of disruptive innovation we look for here in the Real Bay Area.

You had no choice but to stop and look at this listing – because it is the Purple Cow.

What will you do with this innovative listing?

Comments (9) -- Posted by: burbed @ 5:02 am

August 6, 2014

Is now the best time to buy, ever?

The Real Bay Area is all about data. Big data!

So here’s some big data!

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Green line continues to be below the blue line.

Is now the best time to buy? Ever?

Where are all the math/finance nerds?

Comments (11) -- Posted by: burbed @ 5:38 am

August 4, 2014

San Bruno house great for both of your families

828 4TH Ave
San Bruno, CA 94066
$868,888 Price 
5 Beds 
3 Baths  1,358 Sq. Ft.
$640 / Sq. Ft.
Built: 1934 Lot Size: 5,000 Sq. Ft. On Redfin: 50 days Status: Active
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JUST REDUCED BY $20,000 –Two Homes on one lot- Detached . One car garage- deep driveway-plenty of parking-large lot. Ideal for people who have two families. A good investment. GREAT POTENTIAL– CHECK OUT NEIGHBORHOOD IMPROVEMENTS, ALSO CLOSE TO NEW CALTRAN STATION ON SAN BRUNO AVE

Thanks to Burbed reader Mr_Handy for this find!

Here’s what he had to say:

“Ideal for people who have two families.”  I dunno about you guys, but I don’t want my wife and my mistress living that near each other. :D

I dunno, Mr_Handy. Have you thought about the potential for residuals from a reality TV show – and the merch that might go along with it? I’m thinking “Big Love – San Bruno”

Also, once again, let’s not forget the plenty of parking situation. You could operate your own airport car park here! More income streams!

This seems like a huge potential for people who want to make money.

Can you think of any other ways to make money from this house?

Comments (4) -- Posted by: burbed @ 5:34 am

July 28, 2014

This one will not last! … in San Carlos

2508 EATON Ave
San Carlos, CA 94062
$729,750 Price 
3 Beds 
2 Baths  1,590 Sq. Ft.
$459 / Sq. Ft.
Built: 1949 Lot Size: 4,500 Sq. Ft. On Redfin: 2 days Status: Active
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INVESTOR OPPORTUNITY! Loads of upside potential. Needs updating and foundation repairs. Located in the Carmelita Manor neighborhood with well cared for and high-end homes. Easy freeway access for commuting to Silicon Valley or San Francisco. Act fast! This one will not last!

There’s a saying that you should buy the worst house in a good neighborhood.

Is that this house?

Could you actually update this house and repair its foundations? Or will you need to tear it down and rebuild? That’d be another $500k-$600k.

Is that what they mean by this one will not last? If there’s a big puff of air, will this immediately fall over?

That said, if you do tear down this house, you should at least salvage this:

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Check out that yellow faucet. Now if that’s doesn’t make this house, I don’t know what would.

So, are you going to buy this, you smart “investor”, you?

Comments (13) -- Posted by: burbed @ 5:57 am

July 23, 2014

San Francisco median home prices are $1 million! Congrats!

For the First Time, San Francisco Is a Million Dollar City

Median home prices in SF hit record high

Median home prices in San Francisco broke a new record, for the first time ever topping $1 million. That’s the first time that the nominal median—the figure at which half of all sales are above and half below—broke the seven figure barrier in the Bay Area. The year-over-year change in nominal median sales prices for the city was 13.3%.

Part of the jump comes from an influx of cash buyers, including what real estate agents are calling "Google kids," or folks with hefty stock compensation looking to get into real estate. There’s also an influx of investors from outside the United States, particularly China and the rest of Asian, who see San Francisco as a strong investment. The flip side—limited supply. The Chron quotes one real estate expert as saying, "The number of new units pales in comparison to the number of new jobs in San Francisco."

The cost of renting an apartment continued to increase, with a jump of 5.6% in the first quarter of the year to an average of $2,158. Without the addition of 2,171 units of housing in San Francisco, and many more in the region as a whole, over the last year, that increase would have been even higher. Just look at Oakland, which added no new apartment buildings at all in the last year, and saw its average rents jump 10.6% in the first quarter of 2014.

Congrats everyone! Working together we did it! $1M!

We have surpassed our arch-nemesis of Manhattan which is only $972k!

Quick! Everyone use uber to the nearest bar and break open the champagne!

Any predictions for next year? Will it be $2M or $3M?

Comments (3) -- Posted by: burbed @ 5:26 am