real estate craziness Around Town, posted by hoops, a resident of the Mohr Park neighborhood, on Mar 15, 2013 at 7:15 pm
Here we go again.I was struck by the ad I am looking at now on this page....1529 sq ft 4 br 2 bath 650,000.Wow what a bargain!Once again we are venturing into insanity for the housing costs in Pleasanton.Think about it.Small rooms and probably 20 or more years old.650,000 dollars.Does it have an ocean view???
Posted by dublinmike, a resident of Dublin, on Mar 15, 2013 at 7:30 pm dublinmike is a member (registered user) of PleasantonWeekly.com
There is a major problem in the Bay Area. Low inventory, high demand. Investor groups gobbled up the cheap homes. Silicon Valley worker have moved up to Pleasanton. Pleasanton, Livermore and Dublin want to provide for more high-tech employment and that attracts people wanting to live in the Tri-Valley.
It all adds up to increasing home prices. Only relief is to build out more homes. We live in another south bay and peninsula environment. As a life-long resident of the valley and of the east bay, I speak with authority.
Posted by hoops, a resident of the Mohr Park neighborhood, on Mar 16, 2013 at 9:58 am
I understand all about supply and demand.The problem is when the investors buy everything cash and deny regular people looking to buy a home at a decent price.Of course they can still buy the home from the investor if he is flipping it,but of course for a lot more money.Money rules the world as always.The investors rationalize it all saying they are putting people to work fixing up these homes,but who exactly are they putting to work?Lets be real here.Cheap labor to maximize their profits.So the bottom line is majority of the work is not done by licensed contractors and the reality is it simply makes it much more difficult for someone to afford a house.So that 1529 ft house costs 650,000 instead of 550,000,even if it is just a normal resale.The investors create the shortage.
Posted by Jason, a resident of the Pleasanton Meadows neighborhood, on Mar 16, 2013 at 8:19 pm
Home prices are still below what they were in 2005. And yes, there is an exodus of private sector jobs out of CA. The Bay Area, fueled by Silicon Valley, is significantly outperforming the state as a whole. We have the second worst credit rating of any state and our recent bond issue didn't go so well.
Yet folks are concerned that home prices are too high as the "rich" continue to get richer. A record number of billionaires in the U.S. in 2012. So how's that redistribution of wealth thing working out?
Posted by Mike, a resident of the Charter Oaks neighborhood, on Mar 18, 2013 at 4:44 pm
The redistribution of my wealth seems to be moving forward at an alarming rate. Stuck here in the state I was born in for another 5 years, then I'm gone. My house will sell to the highest bidder no matter what country they are from or purpose they have for it.