<p>Nrcsb4, for those of us with kids in nyc and who don’t own a place, those kind of links are a bummer. :)</p>
<p>^^^^I would think it would be! What amazed me when I first started paying attention to Manhattan real estate was that in addition to these crazy prices to buy apartments or condos, there are also SUBSTANTIAL monthly HOA dues (I think they are called something else, but you get my drift). And some places will still sock you with additional assessments if something needs to be repaired.</p>
<p>Yes…that is right…</p>
<p>Saw some of the places DS and fiancee were looking at. Smalll places, BIG prices. </p>
<p>Jym626- welcome to California. Or at least most anything within an hour of the coast.</p>
<p>It’s ridiculous. And that comes from someone familiar with NE pricing. </p>
<p>Its ridiculous if you restrict yourself into an area that is not affordable, but as I posted before you can get a house in state of CA for less than 70K.</p>
<p>Artloversplus- I doubt many of us want to live in a part of Ca that has housing for 70k. Jym626 S and future DIL would want to live at least somewhat close to where they work.</p>
<p>They would not be looking in an area if they couldn’t afford it (they are pre-qualified). They keep getting outbid by a small percent. As I said, 5-8 offers on each house. They are not in a hurry. They will find something eventually. That said, the prices are RIDICULOUS . We did a lot of driving when we were there. Saw houses in remote areas that perhaps would sell for a relatively small amount. Not in an area they want or the kind of house they want. </p>
<p>Cross posted with mom60 who is exactly correct. Ds2 did a lot of driving to family events in SF and east bay. Made him appreciate living closer to work. He would NOT want to do that commute every day, even if he used BART or the bus. He can bike to work if he wants. Where he lives is $$$$ too, but he has no interest in buying. None. </p>
<p>Jym626, are these places that have multiple cash bids priced a little below market to start a frenzy?</p>
<p>I cant say for sure, but this seems to be the approach for these houses. And when the houses are already $$$$$$, its hared to believe they are below market! There was one that for sure was priced “comparatively” low, but all (that one and others ) seem to go for significantly over asking, no matter what asking price is.</p>
<p>I don’t know by how much your son is missing out. Has he come close?</p>
<p>My uncle died. The house was priced below market in SF. Maybe $1.2 mil? Not sure. Sold for $1.5 mil. I dont know the details but at $1.5 mil, there had to be plenty of bids.</p>
<p>My sister got in a bidding war north of SF. I asked if there were comparable houses on the market that were cheaper. If you paid xxx, could you find a better deal elsewhere? She said no. So she paid up and bought the house. The house has probably appreciated 4 percent in the year since she bought the place.</p>
<p>A friend’s daughter bought a place in the Inner Richmond in SF for 1.2 mil. Financial crisis hit. The daughter ran into financial troubles. Father kept telling her to sell it. She did for $1 mil. </p>
<p>Should have kept it. Probably $1.5 mil now. </p>
<p>Hard to figure out the market here.</p>
<p>Don’t those numbers for a little house just blow you away? Well I guess not if you live there, but to an outsider it seems just NUTS.</p>
<p>Real estate prices around here have been blowing me away since the late 1970’s. My wife just became pregnant. I came home for work. My wife said, "Hi. I made a list of homes for sale. I saw 10 homes. Narrowed the list down to 3. Choose 1 of the 3. I did. That is why I am a homeowner. Otherwise, I would not be a homeowner. The numbers rarely make sense around here. </p>
<p>My wife’s aunt lives in a multi million dollar house in Marin. She said she is middle class. I was sitting in her living room. Looking out the windows where I can see SF bay and downtown SF. I said, “You are not middle class. Look at this place”.</p>
<p>She said, “I don’t have much of an income. My income is middle class”.
Welcome to Nor Cal.
She has owned her home for over 50 years.
It is a teardown.
Worth a few million. </p>
<p>I used to watch hgtv. You can get a lot more house for your money elsewhere. People come from London, and Hong Kong and think the SF bay area housing market is a bargain.</p>
<p>A tale of 2 cities: my kids know folks in SF and DC.
Bought in the same month, for roughly the same price.
Condo in walkable, trendy SF neighborhood -~720sq. ft. 1 BR, 1 Ba, 1 parking space contrasted with suburbian 3500 sq. ft 5 BR, 4 Ba, 2 car garage house on 1/2 acre INSIDE the beltway in NoVa.</p>
<p>I found myself watching “property virgins”. “property brothers” and “flip or flop” a week or so ago. Those shows are addictive!</p>
<p>Mominva, I did not realize the price differences were that large. Is DC more expensive than its suburbs?</p>
<p>Where are these places in California where you can buy a house or condo for $70K? </p>
<p>Maybe one of those old trailers off the mountain roads? Saw a few beaters on the road – nothing I’d want to live in, but someone must.</p>