Prices will go up far there are people who gonna pay these prices. Why they want to pay them is a different question.
FANGs can indeed afford it. But peoples expectations have increased on how big of a house they deserve. And I dont necessarily blame them. It is not wrong to expect that a million dollar home doesnt look like a shack.
San Ramon area especially Windemere is indeed a much better place for families with lots of green spaces, well planned roads, bigger houses than fremont and 10 rated schools. With the current pricing, its gonna be the next Mission area of Fremont. People living there don’t wanna go anywhere, hence super low inventory and That probably justifies the pricing there.
What happens to these prices once offices reopen :)
I dont think sale prices will get impacted. But rental prices will spike for sure.
Why? commute for 3-4 hours (daily) at least 3 days will become hectic slowly, and doesn’t justify the price.
Salesforce will reopen in few months , similarly Cisco etc. google,fb,amazon and Apple are not wfh friendly. So not sure if it make sense to commute 3-4 days to south bay from east bay.
How is that possible? How can they assume that Bay Area counties will allow them? Is there some new covid guidance issued by CA that I missed?
Salesforce - life will never be the same as pre-covid even for non-wfh friendly companies. They have realised their mistake and know that remote work is the future. They will be much more flexible and thats the rationale behind spike in sales in area further east from bay.
House price increase lines up with stock price increases. What do y’all techies expect? Everyone in the Bay Area is making money hand over first and you expect housing prices to stay the same? Y’all expect to buy homes with all cash like it’s normal?
Dont forget the IPOs every year
people who complain should post redfin link so I can actually see what the house look like
Stock market insanity starts to affect tiny housing market with reduced supply. How many people in Bay Area do you think became millionaires during last 6 - 9 months ? How many more will become during next 6-9 months ?
Seems like Gilroy is a better option if you're working in south bay.
FWIW I've seen three homes close at 400k+ over list price along the peninsula these past two months.
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How are sale prices from last year considered 'comps'? Doesnt comp stand for comparable? How can one compare with a home sold last year? The problem is more with the so called comps than the actual home.
No similar sales in that neighborhood since last 6 months, people love their homes there. Its a great neighborhood with walking distance to several trails and excellent schools.
But you said a home sold there last year for 1.4M. And this was the height of covid, so it was actually sold lower than it would have without covid. So if we assume it should have been 1.5M, you can expect a 10% year over year increase. So 1.65M is expected. So the buyers only overbid by 80k.