CA median home value hits 813k up 34% y-o-y

GDS

https://www.bloomberg.com/news/articles/2021-05-17/california-home-prices-shoot-past-800-000-for-the-first-time

Thank god there's no inflation.

RaceBannon

In our shitty little HOA where we rent, tract homes are now approaching an 800K listing price. A 3 hour slog commute from LA in non pandemic times. The point of these outland areas was good schools and big homes at a low price so the two dads don't mind spending their lives in a car every day driving to and from work.

Should be 300-400K at todays rate.

As an aside and I know nobody wants to think about it but in 2005 leading to the big short in 06 and 07 homes around here were hitting 500-600K

Became available as bank owns and at auction for 300-400K and it began again

Saw an article that Phoenix is exploding with million dollar homes now as values race to the sky.

Would have been a good flip market the last 3 years or so

Like many here I am nails at spotting trends after they happen

whlinder

Hearing stories here in NoVa of people losing bids for 200K over asking, with 300-400K winning. On homes in the >800K range

Just what I'm hearing, don't twist.

Edwin_Bambino

Yea it’s sick that I make decent money but live in the bay so am relatively speaking comparatively still a poor and will never be able to own a decent house within an hour of San Francisco. Fuck this bullshit I’m moving to Phoenix.

RaceBannon

http://twitter.com/mr_bellis/status/1395383004965523456?s=19

YellowSnow

RaceBannon said:

In our shitty little HOA where we rent, tract homes are now approaching an 800K listing price. A 3 hour slog commute from LA in non pandemic times. The point of these outland areas was good schools and big homes at a low price so the two dads don't mind spending their lives in a car every day driving to and from work.

Should be 300-400K at todays rate.

As an aside and I know nobody wants to think about it but in 2005 leading to the big short in 06 and 07 homes around here were hitting 500-600K

Became available as bank owns and at auction for 300-400K and it began again

Saw an article that Phoenix is exploding with million dollar homes now as values race to the sky.

Would have been a good flip market the last 3 years or so

Like many here I am nails at spotting trends after they happen

People commute from Temecula to LA ? I always thought it was San Diego or bust from there.

BearsWiin

But I was told that everybody is leaving

RaceBannon

Why not both?

We work from Bakersfield to El Centro

haie

BearsWiin said:

But I was told that everybody is leaving

Beautiful weather is intoxicating. People will take years off of their lives via stressful careers for such a thing.

I've been here in Maui and the infrastructure is a joke. Parts of it looks like central Oregon fucking wasteland stuff even. But the 🌈 and beaches and warm weather appears to overcome all of that for people.

I'm not judging, people should do what tf they want to.

RoadDawg55

I read the house in Training Day is in the market for 1.1 million. The house is shitty and by Dodger Stadium. That isn’t a very nice or desirable area to most people.

DerekJohnson

RoadDawg55 said:

I read the house in Training Day is in the market for 1.1 million. The house is shitty and by Dodger Stadium. That isn’t a very nice or desirable area to most people.

ntxduck

RoadDawg55 said:

I read the house in Training Day is in the market for 1.1 million. The house is shitty and by Dodger Stadium. That isn’t a very nice or desirable area to most people.

The house where they kill Scott Glenn and steal his stash?

BearsWiin

haie said:

BearsWiin said:

But I was told that everybody is leaving

Beautiful weather is intoxicating. People will take years off of their lives via stressful careers for such a thing.

I've been here in Maui and the infrastructure is a joke. Parts of it looks like central Oregon fucking wasteland stuff even. But the 🌈 and beaches and warm weather appears to overcome all of that for people.

I'm not judging, people should do what tf they want to.

I had lunch in Wailuku last month, pretty gritty in places

I love Maui but I'd go stir crazy if I lived there

ntxduck

haie said:

BearsWiin said:

But I was told that everybody is leaving

Beautiful weather is intoxicating. People will take years off of their lives via stressful careers for such a thing.

I've been here in Maui and the infrastructure is a joke. Parts of it looks like central Oregon fucking wasteland stuff even. But the 🌈 and beaches and warm weather appears to overcome all of that for people.

I'm not judging, people should do what tf they want to.

I thought it was pretty well known that outside of the main tourist spots Hawaii was borderline 3rd world

godawgst

In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.

His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere.

1to392831weretaken

godawgst said:

In Thurston county, have a family member who is a very successful real estate agent. He is telling of properties where not only you have to be 50k over on a 450 ask, but then have escalators for another 60-75k if you want to get the property. Average time on the market last several months has been 4 days for properties to sell.

His belief is this is one year away from crashing ala 2008. Last straw will be 14 million people currently in places that have not paid mortgage/rent b/c of the Virus that will be moving on to somewhere.

That's really the only thing that can kill it. I've been waiting for the foreclosure moratorium (IOW "the other shoe") to drop. On the other hand, I'm reading that investors are buying up properties. It's possible that the foreclosures will be snapped up by institutional investors and the whole madness will continue.

YellowSnow

ntxduck said:

haie said:

BearsWiin said:

But I was told that everybody is leaving

Beautiful weather is intoxicating. People will take years off of their lives via stressful careers for such a thing.

I've been here in Maui and the infrastructure is a joke. Parts of it looks like central Oregon fucking wasteland stuff even. But the 🌈 and beaches and warm weather appears to overcome all of that for people.

I'm not judging, people should do what tf they want to.

I thought it was pretty well known that outside of the main tourist spots Hawaii was borderline 3rd world

Definitely some time of the lowest standard of living I’ve driven through in the US are parts of HI. Makes @Swaye ’s trailer on the Rez look like the Ritz.

YellowSnow

RaceBannon said:

Why not both?

We work from Bakersfield to El Centro

I don’t know If El Centro or Bakersfield is the armpit of California. It’s pretty close.

Fishpo31

YellowSnow said:

RaceBannon said:

Why not both?

We work from Bakersfield to El Centro

I don’t know If El Centro or Bakersfield is the armpit of California. It’s pretty close.

"We" have two armpits, why not California?...abundance gif

RoadDawg55

YellowSnow said:

RaceBannon said:

Why not both?

We work from Bakersfield to El Centro

I don’t know If El Centro or Bakersfield is the armpit of California. It’s pretty close.

Bakersfield is a shithole. The aroma in Tacoma has nothing on Bakersfield’s stench of cow shit.

Pitchfork51

I'm quite pleased I've been saving. When the shit crashes I'm poised for a nice pickup