Bay Area Real Estate Market

Quote from Turlo:

Don't forget no income taxes.

Your right about waterfront property being very expensive.
The nicest parts of south florida rank among the most expensive.
However outside of the areas that Donald Trump, the Kennedys, and the other old and new money billionaires have their homes, you can go 5 miles away from the water and still find nice houses (middle to upper middle class standard) for a reasonable price.
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If you are worried about taxes, goto New Hampshire. Zero state income tax and zero sales tax. None of that tangible, intangible stuff of FL. NH ranks dead last among all 50 states in per capita tax.

Living in NH was great during the Internet bubble years. :)
 
I bought a Berkeley Hills House with a great view of S.F.
for 445k in early 1998. Sold in mid 2000 for about 700k.
It last changed hands at 915k. Probably would sell today
at 1m. Oh well, "Always said it had a million dollar view"
 
Quote from mattjclark:

I live in Mill Valley and have a wonderful little apartment (600 sf)that costs me $1000 a month. I've thought very long and hard about purchasing a place (even put in a couple bids) because everyone around me is making tons of money.


Here's my biggest issue: A condo the same size as my apartment would sell for about $420,000 in Mill Valley. If you add in the HOA's, Taxes and Ins and take out the tax effects that would mean that my apartment would cost about $1900-2000 a month (maybe a little more)


This thing is a house of cards
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It seems to me if you don't own already in this market (me), it really pays not to buy in now. Chasing this hot stuff only makes you vulnerable when they inevitably turn off the money tap, and the first thing to suffer will be housing. Rental market, esp high-end stuff is really soft right now and I can get a fantastic place here (San Juan islands) for a lot less than a mortgage. Just mho.
 
Quote from bro59:

It seems to me if you don't own already in this market (me), it really pays not to buy in now. Chasing this hot stuff only makes you vulnerable when they inevitably turn off the money tap, and the first thing to suffer will be housing. Rental market, esp high-end stuff is really soft right now and I can get a fantastic place here (San Juan islands) for a lot less than a mortgage. Just mho.
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Very good words, my thoughts exactly.

There is so much red hot stupid money chasing things these days, real estate, oil, stocks (look at the run of MAMA or MAGS) things are going to get very ugly when the music stops. And the music WILL stop.

"Greenspan might be wise to take a lesson out of the Fed’s monetary policy history books by remembering the words of wisdom of former Fed Chairman William McChesney Martin, who ran our central bank for an unmatched 19 years from 1951 to 1970. Chairman Martin touted that a central banker’s duty is “to take away the punch bowl when the party gets going."

Instead Greenspan has taken away the punchbowl and replaced it with a bowl loaded with jet fuel laced with crack. The chart of the CRB (attached) shows this parabolic rise with too much easy money chasing too few assets. As you can see historically, parabolic rises like the one we are in currently always end badly. This one is no different, and the current rise is starting to look like the all time bonehead manuver Fed. Chairman Miller made in the 1978-80 mess. The population will wonder what the hell hit them, just like they did then....
 

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Where have you been?

It's nice to see that you are still following my posts as vigorously as ever, even the same old ones in the Real Estate Section!

For awhile there, I thought that Hapaboi was actually impersonating you . . . so many aliases, so little time!

:D
 
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