RE in SF Bay Area is rediculous

I know, I misspelled ridiculous.
If I only had a property or two, I could retire.
And I thought I cheated my brother when I sold him one of my houses, which he still has, in San Jose for $118K in 1981.

Bay Area home prices hit new record

Thu Mar 17,11:01 AM ET Technology - SiliconValley.com


MEDIAN PRICE OF $569,000 IS NEARLY 20 PERCENT HIGHER THAN A YEAR AGO

By Sue McAllister, Mercury News

For all those waiting for any home price ``bubble'' to explode: It hasn't happened yet.


Prices of Bay Area houses rose nearly 20 percent over the 12 month period ending in February, reaching a new record median price of $569,000 paid for existing single-family houses.


Santa Clara County also posted a new record, with a median house price last month of $632,000. That's up 20.4 percent from February 2004, according to DataQuick Information Systems, which compiled the figures from public records of completed sales.


Condo prices also rose steeply over the past 12 months. The median price paid for condos in Santa Clara County was $411,000, up 19.1 percent. For the nine-county Bay Area, the median condo price was $427,000.


Sales volume rose very slightly in February compared to a year earlier. A total of 7,463 new and resale houses and condos sold in the nine counties last month, up 0.7 percent.


``We're somewhat surprised that sales are as strong as they are,'' said John Karevoll, an analyst with DataQuick. ``We all were hearing about the lack of supply, and we thought they'd come in lower. And frankly, we thought the weather would be a bigger factor.'' Karevoll was referring to the heavy rains of late December and January. Sales initiated then typically are represented in the February closed-sales data.


``If there was indeed deferred activity because of that weather, we're probably looking at a strong March and April,'' he said.


Prices paid for resale houses across the Bay Area rose substantially in February compared to a year earlier. Sales volume decreased slightly for the Bay Area as a whole, but was up in some counties compared to February 2004.


Chg. from Median Chg. from
County No. sold Feb. 04 price Feb. 04
Alameda 934 -5.0% $542,000 20.4%
Contra Costa 941 3.3% $490,000 21.3%
San Francisco 246 6.0% $701,000 14.0%
San Mateo 423 0.7% $711,000 16.0%
Santa Clara 1,232 -3.4% $632,000 20.4%
Santa Cruz 170 -2.9% $720,000 30.9%
Bay Area total 4,905 -0.4% $569,000 19.5%
Santa Clara Cty. condos 455 -1.3% $411,000 19.1%
Bay Area condos 1,457 -7.0% $427,000 18.9%
Santa Cruz County is not included in Bay Area totals. Data is based on completed sales of existing single-family houses as recorded by counties in February 2005.


SourceataQuick Information Systems


MERCURY NEWS

I'm happy I moved out of there.

Originally Posted by Mr. Sparkle

I'm happy I moved out of there.

I'm choking. I sold my house in Palo Alto for $175K because I found a job in SoCa. My low ball estimate now is $1.25M.

Originally Posted by Dave 330i

I'm choking. I sold my house in Palo Alto for $175K because I found a job in SoCa. My low ball estimate now is $1.25M.

We sold our house in San Jose about 32 months ago. We would have made an extra $150-200k at most if we would have stayed. And we would still be living in that POS house. Glad we don't live there anymore.

Originally Posted by Mr. Sparkle

I'm happy I moved out of there.

A lot of people are selling and moving out of there. But there seems to be plenty of people to back-fill. My employer considered a transfer to Jerkley a few years ago. I told them to go stick it. Whenever they have an opening, they have the hardest of times filling such openings unless locals already there are being considered. No outsiders will come. Not good.

Hey you forgot the North Bay.

Marin 256 251 -2.00% $641K $760K 18.60%
Sonoma 557 523 -6.10% $390K $501K 28.50%


So what do I do with the "windfall"? I don't want to leave the area. It kind of makes moving up a bit harder to swallow.

Originally Posted by Mr. Sparkle

I'm happy I moved out of there.

Originally Posted by dadtorbn

Hey you forgot the North Bay.

Marin 256 251 -2.00% $641K $760K 18.60%
Sonoma 557 523 -6.10% $390K $501K 28.50%


So what do I do with the "windfall"? I don't want to leave the area. It kind of makes moving up a bit harder to swallow.

You know the drill out here, dude. You either move north or east (especially east), if you want to realize your gain. That's the way it goes.

Originally Posted by Patrick330i

You know the drill out here, dude. You either move north or east (especially east), if you want to realize your gain. That's the way it goes.

Is Livermore getting higher now ?? Just curious

Originally Posted by dadtorbn

Hey you forgot the North Bay.

Marin 256 251 -2.00% $641K $760K 18.60%
Sonoma 557 523 -6.10% $390K $501K 28.50%


So what do I do with the "windfall"? I don't want to leave the area. It kind of makes moving up a bit harder to swallow.

Don't try to predict the ceiling. Sell, sell, sell, now!

Originally Posted by BMW4phillygirl

You don't have to sell to realize the gains - refi and buy another house... that's how the rich keep getting richer... Never sit on equity - make it work for you...

True, but I know of people who have sold out here, moved back east, and bought a new place free and clear.

Originally Posted by flashinthepan

Is Livermore getting higher now ?? Just curious

WAY EAST as in the deserts/basin, etc.

Originally Posted by Patrick330i

WAY EAST as in the deserts/basin, etc.

Gotcha...

But back appx 12 years ago...peep's were moving towards Livermore for a bargain...I would think even Livermore is shyrocketing ??

Here in Oregon I will say West Linn & Lake Oswego are doing quite well too.

Double edged sword.

Originally Posted by BMW4phillygirl

They're short-sighted people... and that's why they'll never get ahead... What's the point of being free and clear of a mortgage? It just means you're not making your money work for you...

What? How about using that money elsewhere? I don't follow you. Some people also retire earlier. They aren't as aggressive when it comes to investments, so selling and making the escape is safe for some people.

Originally Posted by flashinthepan

Gotcha...

But back appx 12 years ago...peep's were moving towards Livermore for a bargain...I would think even Livermore is shyrocketing ??

Here in Oregon I will say West Linn & Lake Oswego are doing quite well too.

Double edged sword.

Truth be told, I don't know sh*t about Livermore!

Originally Posted by flashinthepan

Is Livermore getting higher now ?? Just curious

Yes it is. Still a slightly better value than Dublin/Pleasanton, but not much. Lot of new high-end houses being built lately too.

Originally Posted by BMW4phillygirl

Yeah, maybe "some" people... but let's face it - I think most people are cashing out and are underestimating just how much they'll need to live off of for the rest of their lives. I don't think "most" people see the big picture and understand what they're losing by selling now... But, that's just my opinion..

Well, your opinion sucks. j/k. If you can sell out, move to another market, buy a house free and clear, and maintain a similar lifestyle (read net income), then you are good to go, imo. THE drawback is that you could be priced out of the market and not be able to move back. This has happened to many people over the years in CA who have left. You want to come back? Wait until you are 55 and contact Leisure World!

Originally Posted by Bigerr19

Yes it is. Still a slightly better value than Dublin/Pleasanton, but not much. Lot of new high-end houses being built lately too.

Pleasanton was a nice area as I remember

Originally Posted by flashinthepan

Pleasanton was a nice area as I remember

It's a ****hole. The whole stinkin' East Bay is a ****hole. That's why you moved to Oregon so you could hang out with all those meth cookers in your neighborhood.

Don't mind me, I am just being an ass - been one of those days.

Originally Posted by BMW4phillygirl

I'll say... PMS'ing again?

Nah, I was eating fruit and granola in Washington State today. Hmmm...so tasty.

Originally Posted by Patrick330i

It's a ****hole. The whole stinkin' East Bay is a ****hole. That's why you moved to Oregon so you could hang out with all those meth cookers in your neighborhood.

Don't mind me, I am just being an ass - been one of those days.

I dont miss East Bay, your correct...

The meth people tend to hang out in the slums & hotels etc etc....
Very rare in Lake Oswego - West Linn.

North Portland - East Portland....welcome to Meth paradise !!!

Originally Posted by BMW4phillygirl

They're short-sighted people... and that's why they'll never get ahead... What's the point of being free and clear of a mortgage? It just means you're not making your money work for you...

You've got a point.
But it also means you've got an extra $3K/month or whatever your mortgage would have been, to play or invest. So it's kind of working, in small amounts. But safer, since it's cash in your hands.
If you refi, and the RE crashes, now you've got 2 huge mortgages to deal with.

Originally Posted by JetBlack330i

You've got a point.
But it also means you've got an extra $3K/month or whatever your mortgage would have been, to play or invest. So it's kind of working, in small amounts. But safer, since it's cash in your hands.
If you refi, and the RE crashes, now you've got 2 huge mortgages to deal with.

Remember the California RE bubble ?

It burst for about 8 years...




Just being a brat...

Originally Posted by BMW4phillygirl

You need to go argue with someone...

Check your PMs, beyotch. OMG, did I say that? I am so sorry.

Originally Posted by Patrick330i

Truth be told, I don't know sh*t about Livermore!

It's cheaper there. Everyone gets a high dose of radiation from the Lawrence Livermore Rad Lab.