This home just sold for 3.55 million when the expected rent would be 4.5k/month. That is a 65:1 price to rent ratio. Property taxes + maintenance + insurance costs more per year than just to rent a house similiar to this. This home also sold for 245k in 1995. I get that people have the money here for this, but why buy it lol? I grew up in Cupertino and my parents bought in the 90s for 400k and the Zestimate for it is now 4.3 million. Craziness. My parents are thinking abt selling and retiring in luxury in South Florida while someone else holds the bag đ. https://www.zillow.com/homedetails/10272-Menhart-Ln-Cupertino-CA-95014/19643999_zpid/ #housing #bayarea #cupertino #santaclara #costofliving
It's the rhetoric that house is an investment and not a liability, which is not always the case unless your outlook is over decades I suppose.
I mean this price to rent ratio is nearing the highest in the world. Similiar to Hong Kong at 70:1. It isn't realistic for a home like this to 10x again like it did for my parents.
It can go up if companies hire A LOT of people and lots of condos are built for them. Then houses will be few in between luxury items. Does it look like weâre heading in that direction?
Those who are buying today are probably counting on similar appreciation your parents are reaping
So they are expecting 40 million...? đ
Probably 90k to 3.5m so yes. Past performance isn't indicative of future though
I would sell. There is nothing great about Cupertino in your old age that adds value
Yep, parents have the right idea. Canât imagine living in such a small space.
Well my parents were never rich, just upper middle class. Hardware engineering manager + math teacher. They were never in the market for McMansions or huge homes in Santa Clara or San mateo counties. My direct neighbors growing up were a fire chief/nurse and marketing manager/SAHM. Cupertino historically was a very middle class town...
Well, doesnât Cupertino also limit zoning for small lot and multifamily? Perhaps Apple can be persuaded to establish a new campus far away where land is cheaper.
The sad part is there is no diversity left now in the Bay Area. Teachers and fire fighters that are young and have a new perspective are all priced out. The children only know how to deal with Asian kids.
Yea I can see that. There is way less sense for community and less vibrancy in terms of events here than in the past. It's very much become a corporate work-centric area w/o a community oriented culture. In a way all these towns are kinda no diff than corporate housing at this point except you pay for it to be close to your company. Kind of like how people on military bases live with their family on houses on the base đ.
I might be wrong but I think the average immigrant from Asia doesnât give a fock about how much âcultureâ theyâre surrounded by.
Tbh this one didnât sell for a crazy price as some others. There are 1500-1700sq feet dumps that sold over 3.2M near lynbrook. Donât know why Asians are so obsessed with these schools.
The schools kinda suck. I went to Monta Vista and it isn't a fun place at all to go to high school. Even if you were obsessed w/ these schools, couldn't you just rent?
Parents donât send their kids to mvhs so they can have fun, but so their kids can go to Google like OP. Theyâve succeeded. Why not rent? Renting becomes very inconvenient once you get older, youâll often find yourself having to move every one or two years. Itâs just inconvenient and an unstable environment that you donât want to put your family in.
There is no way someone will rent that for 4.5k. Itâs easily 6-7k to rent. The home was built in 2021 so it being sold for 245k in 1995 does not mean anything
I mean this home is one example. My childhood home has went up 10x and you could find tons of other examples like that. I'm seeing tons of houses of similar value going for 5-6k rent online.
You know nothing about real estate nor the rental market in cupertino, itâs obvious
Okay explain then snowflake?
I also never claimed to be an expert đ.
Some people place an insane dollar amount on the emotional aspects of buying. Basically as if the home purchase defines their level of success in life...
Beautiful house though
For Cupertino standards ig. Kinda mediocre/average in general tho.
Yeah could probably get it for 300k elsewhere