California home for sale gets 122 offers in 3 hours

As long-time homeowners in the San Francisco Bay Area, I can say that although there are small periods of recession, overall the trend continues upwards.

It's basic math in this geographical area - there are limited areas where SFHs can be built. Indeed, the push in most cities - the SFBA is a conglomeration of small- to-mid-sized cities co-existing uneasily with one another - is to increase density to better utilize the properties already developed.

On the good side of that: more people are buying into the idea of allowing the permitting of ADUs*. Another is the very slow thawing of the anti-manufactured housing bias of city permit depts. We saw two go up recently: a senior housing development and an affordable housing building. Both were manufactured housing and definitely demonstrated that considerable time is saved in construction. I'd guess at least a 35% cost savings, which is considerable in our high-labor market.

* Accessory Dwelling Units (ADUs) have been known by many names: granny flats, in-law units, backyard cottages, secondary units, etc.

The developers who may take a bath on profits are the ones who were throwing up urban condos as fast as possible, everywhere they could. A lot of Gen X and Y workers have ditched renting houses, condos, and apartments for buying a suburban SFH with more space.

If you work at home - especially if you have kids! - you need a separate office with a door that can be shut, LOL.

Rental prices had been getting ridiculous, so this shift to suburban SFHs would mean they will go back to their traditional (for the SFBA) higher than the national average, but no longer 3-4x as much as a mortgage would be for the equivalent space.

2% inflation, when it comes (not "if") - would be below historical norms. Inflation has averaged 3% per year over the last 100 yrs. It should ALWAYS be taken into consideration, especially if one is retired. In 25 yrs or so one's income's buying power is halved.
 
As long-time homeowners in the San Francisco Bay Area, I can say that although there are small periods of recession, overall the trend continues upwards.

It's basic math in this geographical area - there are limited areas where SFHs can be built. Indeed, the push in most cities - the SFBA is a conglomeration of small- to-mid-sized cities co-existing uneasily with one another - is to increase density to better utilize the properties already developed.

On the good side of that: more people are buying into the idea of allowing the permitting of ADUs*. Another is the very slow thawing of the anti-manufactured housing bias of city permit depts. We saw two go up recently: a senior housing development and an affordable housing building. Both were manufactured housing and definitely demonstrated that considerable time is saved in construction. I'd guess at least a 35% cost savings, which is considerable in our high-labor market.

* Accessory Dwelling Units (ADUs) have been known by many names: granny flats, in-law units, backyard cottages, secondary units, etc.

The developers who may take a bath on profits are the ones who were throwing up urban condos as fast as possible, everywhere they could. A lot of Gen X and Y workers have ditched renting houses, condos, and apartments for buying a suburban SFH with more space.

If you work at home - especially if you have kids! - you need a separate office with a door that can be shut, LOL.

Rental prices had been getting ridiculous, so this shift to suburban SFHs would mean they will go back to their traditional (for the SFBA) higher than the national average, but no longer 3-4x as much as a mortgage would be for the equivalent space.

2% inflation, when it comes (not "if") - would be below historical norms. Inflation has averaged 3% per year over the last 100 yrs. It should ALWAYS be taken into consideration, especially if one is retired. In 25 yrs or so one's income's buying power is halved.

We're down here in the Silicon Valley and regularly pass by a building site on 280 in San Jose near the 7th St offramp. The building to the south of the freeway has gone up amazingly quickly. The other day we saw them lifting pre-fab modules into place for the building. It's very interesting. It reminded me of the cabins I've seen them install in cruise ships when they build new ones these days.
 
This is kinda off topic, apologies, but something Lethe said reminded me of it: what I've noticed more and more lately, at least in this part of the state, is the nicer, fancier, roomier apartment complexes are getting turned into condos. Which is usually hard on any existing tenants who are suddenly informed that they'll either have to come up with the price for their 1-time apartment/now-condo or move out. Something to keep in mind if you're apartment hunting.
 
We're down here in the Silicon Valley and regularly pass by a building site on 280 in San Jose near the 7th St offramp. The building to the south of the freeway has gone up amazingly quickly. The other day we saw them lifting pre-fab modules into place for the building. It's very interesting. It reminded me of the cabins I've seen them install in cruise ships when they build new ones these days.
Sounds good. Will they be earthquake-proof, though?
 
Sounds good. Will they be earthquake-proof, though?

I don't really know but I would guess they would be because each seems to be a separate module so one could make each very strong to withstand earthquakes. I know from experience that San Jose building codes are strictly enforced and it seems the inspection team would be looking for code violations especially if this is a new method of construction here.
 
Just checked Zillow and it says our house went up 13% in one month!!! I know this is just an estimate, but really? My husband wondered what they were smoking. Then I checked and there are NO houses for sale in our zip code, none in our former neighborhood which is 10 miles away and only a couple in the next town.
 
I just listened to an hour long program on Friday (CBC Radio - The Current) related to the housing crisis here in Canada, and it was eye-opening to say the least.

I won't violate forum guidelines as to getting political with this post, but as Canadians, we can thank our fearless leaders for unaffordable housing.

https://www.cbc.ca/radio/thecurrent/the-current-for-march-30-2021-living-conditions-1.5969479

As the established homeowners that hubby and I are, I seen Red when the suggestion was made to start dinging homeowners with a Capital Gains Tax at sale time.
Boy oh boy! I'm pretty glad I live in an apartment for the last 3 years. I am out of this rat-race madness regarding bidding on houses but I am sorry for young people getting married. I think this is all a bubble and bubbles always burst! By the way, thanks for the info on "The Current". I intend to read the entire transcript.
 
Boy oh boy! I'm pretty glad I live in an apartment for the last 3 years. I am out of this rat-race madness regarding bidding on houses but I am sorry for young people getting married. I think this is all a bubble and bubbles always burst! By the way, thanks for the info on "The Current". I intend to read the entire transcript.
Good Monday morning to you, Packer.

Yes, it's an ugly prospect for Millennials (Gen Y'ers).

The ire I felt when the suggestion was made as to applying capital gains! The nerve!

Our country (for the longest time) has allowed foreigners to buy real estate up like there was no tomorrow, yet those that bought and sold based solely on investment return, weren't subjected to capital gains, and they made millions... yet lets look at hitting the working class with capital gains, the ones who have scraped, scratched, and clawed their way through life from day one to get ahead what little they could. Sickening!

If our governing parties were for the people, Canucks would be taken care of first, everyone else last. Native Canucks like you and I deserve first dibs on everything and all, long before anyone else outside of our country.

As for the link I posted, it's in audio form as well. If you have any trouble pulling up the audio, let me know and I'll help walk you through it.
 
My next door neighbor has been working on his house for months, getting it updated to put it on the market.

He has put selling it on hold, however, as he can't find another house for sale in the area he wants to move into. Absolutely nothing.
I believe this; it's the same here: you can probably get a buyer for your house in 3 days or fewer but would have to move out of state. (And the state next to ours which is the prettiest, best weather, slightly-lower prices, etc. has gotten fed up with people from our state moving there; they've got signs posted up along the roads saying so.)
 
I believe this; it's the same here: you can probably get a buyer for your house in 3 days or fewer but would have to move out of state. (And the state next to ours which is the prettiest, best weather, slightly-lower prices, etc. has gotten fed up with people from our state moving there; they've got signs posted up along the roads saying so.)
Which state is that?
 
Which state is that?
It's Oregon. There've been several articles in the last couple of years, written in both Calif. and Ore. publications, and I of course can't lay my hands on the most recent one from late last year, but I remember it quoting a guy who moved to Ore. when he retired from his job in Silicon Valley and getting all kinds of comments and "the cold shoulder" when he told Oregonians where he was from and had decided he was going to let his native-born Texas accent come back & just tell 'em he was from Texas and leave it at that. It's not all Oregonians that react that way but apparently enough that articles have been written about it. And I suspect that a lot of the Calif. transplants may be from the wealthier parts of Calif. and I suppose any place will be wary of wealthy "immigre's."
 
It's Oregon. There've been several articles in the last couple of years, written in both Calif. and Ore. publications, and I of course can't lay my hands on the most recent one from late last year, but I remember it quoting a guy who moved to Ore. when he retired from his job in Silicon Valley and getting all kinds of comments and "the cold shoulder" when he told Oregonians where he was from and had decided he was going to let his native-born Texas accent come back & just tell 'em he was from Texas and leave it at that. It's not all Oregonians that react that way but apparently enough that articles have been written about it. And I suspect that a lot of the Calif. transplants may be from the wealthier parts of Calif. and I suppose any place will be wary of wealthy "immigre's."
Yes, the Oregon residents refer to Californians moving in as "Californication".
 
I sent this to one of my best friends who lives in Cali and lo and behold, she said this house is in her daughters' neighborhood. I would love to see inside to see what the big deal is because it sure doesn't look like much on the outside.

@WhatInThe I like the house in the video you posted.
 

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