SIGforum
Crazy stupid Real-estate prices in the SF Bay Area.
May 23, 2024, 06:56 PM
PR64Crazy stupid Real-estate prices in the SF Bay Area.
I lost both of my parents in the last year and a half.
We are liquidating the estate amongst the 5 siblings.
We just sold a 1,038 sq foot 3 bedroom 1 bath house in Livermore for $945k. The house was built in the 50’s.
It sold in a day with three offers over asking price.
I’m sure glad I’m not trying to get into a house with today’s market…
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Get your guns b4 the Dems take them away
Sig P-229
Sig P-220 Combat
May 23, 2024, 06:59 PM
12131No surprise there. Many years ago, when SF was still a nice place to visit, I visited my cousin who had a rat hole of a house, 1 BR 1 B, and it was something like $250k.
Q
May 23, 2024, 07:13 PM
OttoSigI thought about buying a camper and doing my GI bill there.
$5k a month for 3 years, and I only have to attend one class is person!
I likely wont suffer CA for 3 years but it's tempting.
10 years to retirement! Just waiting! May 23, 2024, 07:22 PM
RogueJSKIt's not just San Francisco. House prices are crazy just about everywhere. Even here in Arkansas.
I bought my brand new construction house in July 2020 for $220k at 2% interest.
Not quite 4 years later, it's currently worth around $360k. And with interest rates more like 7.5%.
I literally couldn't afford to buy my own house today, less than 4 years after I bought it. My mortgage payment alone (not even counting insurance/taxes/escrow) would be about $2500. It's currently a bit over $800ish.
Insanity.
May 23, 2024, 07:33 PM
Green HighlanderMedian house price in greater Boston is expected to hit $1M this year.
"You know, Scotland has its own martial arts. Yeah, it's called Fuck You. It's mostly just head butting and then kicking people when they're on the ground." - Charlie MacKenzie (Mike Myers in "So I Married an Axe Murderer")
May 23, 2024, 07:42 PM
MikeGLIIn 1989 my mother bought a house in east Orlando for $99k. Same year, my aunt bought a house of equal size/equal class neighborhood/price in Sunnyvale, CA.
In 2014, aunt sold house in Sunnyvale for $2M. My mother still owns her house and the current value is $450k.
NRA Life Member
Steak: Rare. Coffee: Black. Bourbon: Neat. May 23, 2024, 07:43 PM
nhracecraftIf you've got a 'spare' house, it a great time to sell it!
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If Some is Good, and More is Better.....then Too Much, is Just Enough !!
Trump 47....Making America Great Again!
"May Almighty God bless the United States of America" - parabellum 7/26/20
Live Free or Die!
May 23, 2024, 07:54 PM
BytesI haven't followed CA real estate prices for a few years. Honestly I am surprised it didn't go for more. I am happy for you and your siblings that it went fast.
I agree with getting into a house these days. My wife and I are very concerned about our grand children getting into a house. Our kids did it but dang, real estate is nuts.
May 23, 2024, 08:19 PM
sigcrazy7quote:
Originally posted by MikeGLI:
In 1989 my mother bought a house in east Orlando for $99k.
(Snip)
My mother still owns her house and the current value is $450k.
I’m quoting your post only because it illustrates my point.
We need to stop comparing real estate values using deflated dollars. Your mother’s $450,000 house in 2024 is worth $250,000 1989 dollars. So it has gone up in value 150%, which is significant, but it isn’t as dramatic as it first appears. Furthermore, the government considers the taxable amount as $351,000, absent the exemption for a primary residence. So real estate investments will be taxed as if the inflation rate was 0%, while a good portion of your increase is simply a reflection of the dollar’s drop in worth, which government caused, and taxes.
Just goes to show what a bunch of thieves the government is. If your basis is calculated from 1989 dollars, then your gain should also be calculate from the same basis dollar. It’s absolutely criminal, and illustrates why the government loves inflation.
Demand not that events should happen as you wish; but wish them to happen as they do happen, and you will go on well. -Epictetus May 23, 2024, 08:28 PM
12131quote:
There's a reason it's 2 mil. Plenty of land around it to build / rebuild.
Q
May 23, 2024, 08:33 PM
nhracecraft^^^That pool is in desperate need of a rifle range!
____________________________________________________________
If Some is Good, and More is Better.....then Too Much, is Just Enough !!
Trump 47....Making America Great Again!
"May Almighty God bless the United States of America" - parabellum 7/26/20
Live Free or Die!
May 23, 2024, 08:35 PM
Skins2881quote:
Originally posted by sigcrazy7:
quote:
Originally posted by MikeGLI:
In 1989 my mother bought a house in east Orlando for $99k.
(Snip)
My mother still owns her house and the current value is $450k.
I’m quoting your post only because it illustrates my point.
We need to stop comparing real estate values using deflated dollars. Your mother’s $450,000 house in 2024 is worth $250,000 1989 dollars. So it has gone up in value 150%, which is significant, but it isn’t as dramatic as it first appears. Furthermore, the government considers the taxable amount as $351,000, absent the exemption for a primary residence. So real estate investments will be taxed as if the inflation rate was 0%, while a good portion of your increase is simply a reflection of the dollar’s drop in worth, which government caused, and taxes.
Just goes to show what a bunch of thieves the government is. If your basis is calculated from 1989 dollars, then your gain should also be calculate from the same basis dollar. It’s absolutely criminal, and illustrates why the government loves inflation.
$99k @ 6% for 35 years.
Jesse
Sic Semper Tyrannis May 23, 2024, 08:38 PM
Skins2881quote:
Originally posted by 12131:
quote:
There's a reason it's 2 mil. Plenty of land around it to build / rebuild.
I look at it and think, utilities/water/sewer in place I'll drop a $200k modular home, or a double wide on it and enjoy the land.
Jesse
Sic Semper Tyrannis May 23, 2024, 09:01 PM
ElToroPat, sorry about your folks. That home was over by the high school ?
We sold our place 3 years ago next month in Livermore for 995k 3/2 1120 feet fully remodeled inside all rooms, kitchen and baths. Near Hageman Park. Zillow says it’s worth 1.165.
The bay tea market is indeed bonkers. Trying to get my folks in San Jose to cash it all out and move closer to me or my bro in TX.
May 23, 2024, 09:16 PM
PR64quote:
Originally posted by ElToro:
Pat, sorry about your folks. That home was over by the high school ?
We sold our place 3 years ago next month in Livermore for 995k 3/2 1120 feet fully remodeled inside all rooms, kitchen and baths. Near Hageman Park. Zillow says it’s worth 1.165.
The bay tea market is indeed bonkers. Trying to get my folks in San Jose to cash it all out and move closer to me or my bro in TX.
Yes it was a block away from Livermore High.
We didn't renovate anything except new paint, carpet and kitchen flooring.
The house was an income rental for 50 years for my parents.
There was no way we were going to keep renting it and split the rent 5 ways. Too much of a headache for a little monthly income...
Thanks for your condolences.
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Get your guns b4 the Dems take them away
Sig P-229
Sig P-220 Combat
May 23, 2024, 11:29 PM
kkinaquote:
Originally posted by 12131:
quote:
There's a reason it's 2 mil. Plenty of land around it to build / rebuild.
Yes, also all the permits are already in place from the previous structure.
