Just offered for a friend on a run down SFR in fremont's nile district.
37286 3rd St. Fremont
List price: $750K
His offer: $869K
This house (1500 sf) needs complete rehab, and is right next to a school.
Here is the response from the listing agent.
Offers received in total, 28.
3 offers over 1 million dollars
3 offers 950-1 million
2 offers 900-950
13 offers 850-900
3 offers 800-850
3 offers 750-800
1 offer under 750
Mass exodus from CA? Are you kidding me?
@David Song Preach!!!!!!!!!!!!
@David Song I have friends in Oakland experiencing similar bidding wars. Rents may have fallen but people are prioritizing more space in East bay and single family homes.
I literally just made a post about the Miami Mayor billboard in San Fran. Miami may be clean across the country, but it could be the next frontier. (Maestro cue, "Bienvenidos a Miami" by Will Smith!)
If any of our Bay area (or anywhere in the country) need info on Miami - feel free to connect. I post a lot too :)
@Daniel Machado The bidding war in hayward, union city, fremont, and some other east bay cities are going beyond my belief. The demand exceeded supply by a large margin. At the lower end of the price range, over bidding by at least 100K is normal. On the peninsula, some cities have no supply at all (e.g. foster city). All houses are sold within 1-2 weeks.
Rents may have come down in SF city, and some peninsula areas, but prices are going to break record this year. For those gurus predicting a crash due to forebearance, that is unlikely to materialize.
Yes, the exodus is real. I went to a local U-haul to install a hitch on my car and there were only three trucks for rent on their lot. And even those three were already reserved. I asked them where are all of the rental truck, they said they all were taken by people leaving the state and left in other states. It takes some time to bring them back. I don't think though that the people who are leaving would be among those taking part in these bidding wars with over a mil. offers. Even my relatives left for NC. And they would be literally the last people to leave this state, like 100%.
Whether the "exodus" is real or not, with the overpopulation of the Bay Area, I still think the supply-demand is still high. That being said, do any of you guys recommend holding or selling?
There is no mass exodus! Most have simply moved from one Bay Area locale to another. That’s why you see the bidding wars in suburban communities.
One of my SF tenants in pacific heights who just hit IPO gold is moving to a new construction community in Fremont. He is paying $2.4m for the place. I listed my place out and got an overwhelming response mostly from out of state people moving in. It was crazy!
As for the Miami, Austin blah and blah, that’s more noise vs action. My Austin buddies have been in contact with me and have stated desire to move back one day. They also know that the longer they wait the harder it will become to afford a roof in the bay.
To me Miami’ looks like the most desperate guy at the party and those billboards are super weird. Everyone criticizes SF but everyone wants to be SF lol!!!