Bidding war in SF east bay area

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Bidding war in SF east bay area

David Song
Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes

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?

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Cherisse B.
Member since 2020 · 27 posts · 27 votes
5y

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!)

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  • Michelle Apple
    Member since 2021 · 8 posts · 2 votes
    5y

    Yes my husband and I want to leave the state because of home prices.  The sad part about those homes in Cali for that price are not all that and a bag of chips.  Add that to the income tax and give me break.  I'm not that desperate to live in earthquake fire land.

    1Reply
  • Justin Thorpe
    Member since 2020 · 437 posts · 675 votes
    5y

    Survey finds that the reported exodus of tech companies from San Francisco's Bay Area is 'greatly exaggerated' (yahoo.com)

    hmm! So now clickbait articles are swinging the other way clearly. I am personally not a fan of such articles no matter what they say. They say because they want to see ad revenue. But lets put it bluntly, there was NEVER an exodus. A handful of folks moved out and a good number moved in. I cant see how that was an exodus and for us who are long term investors in the SF bay area we never saw much of that at all. Fact is living in SF BA or CA in general not only offers a terrific quality of life an access to amazing career and economic opportunities but it also offers a huge "option value". What that means is you can use your SF BA Real estate currency to buy anywhere you want to move to and still come out ahead in a significant fashion. The reverse is unfortunately not possible. Of course people in "destination" cities picked up heavily on 'exodus articles' and distributing them all over. 

    4Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    ha ha 
    Elon Musk is not leaving California
    Those tech company is not leaving CA as the number of engineers per squarefeet is only available in CA

    Yes there's movement, but movement from San Francisco to surrounding city that's more beautiful: Fremont, Dublin,San Ramon,Brentwood, Mt House.

    Especially for hardworking immigrant, it's extremely hard to leaving the bay area.

    2Reply
  • Justin Thorpe
    Member since 2020 · 437 posts · 675 votes
    5y

    I think as this year progresses, people will be surprised at the vibrancy of the bay area and how it will be an even bigger force than it was pre-pandemic. Is that all a good thing? Not so sure. Sure we asset owners will benefit. No doubt. But I worry about congestion, hyper competition for resources etc. But that seems inevitable. Personally, I am an advocate of balanced growth. It is heartening to see people talking about tech in Miami for example even if the city has no track record of tech but the fact is the local government is trying to get people in. I hope it works out well. I am also optimistic about Austin and Dallas and very excited about Atlanta as well. I think people underestimate the potential of NYC as a tech hub. In 5 years, there will be a massive tech presence in Manhattan just going by the amount of commercial real estate that is being purchased by big tech companies. So clearly a lot of potential ahead. 

    1Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    I think the biggest fallacy is when people comparing Bay Area to Austin or Ohio or Boise Idaho. They're incomparable. A tech-driven city needs to be compared with another tech city. A college town needs to be compared with a college town. Bay Area can only be compared with another city in the world that has tech and research macro/micro-economy, let's say Singapore or Bangalore India or even Shanghai. They typically have the same configuration and problem. These are will create a winner or loser. The one that loses maybe those who apparently are not inside the circle of tech or industry that's supporting tech circles. The city creates a temporary solution that supposes to band-aid the issue, for example, the city of San Jose is coming with the ADU initiative. What people can't do within the tech-centric city is expecting one that's not having a good job/career but wants 1 acre house with lot of debts. That's just unrealistic. These cities are created and built for the most sophisticated hard worker.

    Basically one need to work in Bay area and stop complaining.

    2Reply
  • Bruce Lynn
    Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    5y

    @Carlos Ptriawan   

    At an event last week, SpaceX and Tesla CEO Elon Musk revealed that he had recently moved to Texas and rapidly relocating his California-based business empire to the Lone Star State. ... In October, he quietly merged his charitable arm (Musk Foundation), founded in 2001 in California, with a newly created entity in Austin.Dec 15, 2020
    from observer.com

    1Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    It's all good Bruce. It makes wealth redistributed equally to another market as well. 
    This one is interesting also:
    https://www.latimes.com/busine...

    Maybe Elon Musk needs to move to Indonesia as he bought all nickel resources from that country ha ha :)

    0Reply
  • Brian LarsonPro Member
    Investor · San Jose, CA · Member since 2018 · 313 posts · 230 votes
    5y

    Maybe Elon and others will rethink those moves given the recent power issues.  Just sayin'

    1Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    Other than Tesla, other E/V company also located in Bay Area. Take a look at Xpeng, Li Auto, or Nio. You want to charge your EV ? Chargepoint is a Bay Area company. Even future battery innovation, company such as Quantumscape (this is the biggest thing in EV) has HQ in Bay Area. What most people don't know, some of those engineers for that EV industry actually come from entirely different industries. Eg: many engineers for the EV industry come from networking-side engineering. So there's this cross-collaboration in the Bay area and only possible here. It's actually unthinkable to think that the Nasa guy will work to write software for Facebook, as an example. So the industry-wise bay area is extremely healthy. The next thing that Elon will have if he leaves the bay area is the recruitment and team collaboration to deliver the product.

    0Reply
  • Joseph Spear
    Rental Property Investor · Oakland, CA · Member since 2021 · 22 posts · 61 votes
    5y
    Originally posted by @Justin Thorpe:

    Survey finds that the reported exodus of tech companies from San Francisco's Bay Area is 'greatly exaggerated' (yahoo.com) Fact is living in SF BA or CA in general not only offers a terrific quality of life an access to amazing career and economic opportunities but it also offers a huge "option value". What that means is you can use your SF BA Real estate currency to buy anywhere you want to move to and still come out ahead in a significant fashion. The reverse is unfortunately not possible. Of course people in "destination" cities picked up heavily on 'exodus articles' and distributing them all over. 

     Yeah, the headline, "Vast majority of people in the Bay Area are staying put, because income and quality of life are hard to match in other parts of the country", doesn't make for very intriguing click-bait.

    The option value you speak of is something that has always been a huge selling point to me too. If you're doing well enough in the Bay Area to save and invest money, that percentage you save is worth more in every other part of the world (other than more expensive, destination locales). That means you can spend more on vacations, investments, purchases, retirement, whatever. Plus, there's always an exit available to a less expensive destination, if you want it. That is a comforting fact, to know that there is a soft landing out there if you need it.

    2Reply
  • David Song
    OP
    Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes
    5y

    This is the graph of the difference between sale price and list price for Single Family Homes sold in Hayward, CA, from Feb 1, 2021 to March 6, 2021.

    One house was sold almost 300K over asking.

    Out of total 68 transactions, 5 sold under asking, and the rest sold above asking, with an average of $69903 over asking.

    Understanding that this final transaction data will be not compiled and made available to the public probably in another 2 months, we would like to review those first hand data and correlate those numbers with our in field observation and feelings about the RE market.

    The detailed tabluation is shown below, with street address and other detailed information.

    Status Street Address (Full) List Price Sale Price Age Sq Ft Total Lot Size Listing Date Sale Date Close Date DOM Zip Code Original List Price Year Built Lot Size MLS Number Sale-List
    Sold 27740 E 11Th St 579000 600000 63 770 3320 1/11/2021 0:00 2/3/2021 0:00 2/19/2021 0:00 23 94544 579000 1958 3320 40933902 21000
    Sold 1629 C St 625000 625000 74 1276 7500 7/30/2020 0:00 1/26/2021 0:00 3/5/2021 0:00 29 94541 650000 1947 7500 BE40914491 0
    Sold 870 Leonardo Way 525000 630000 70 1070 5000 2/12/2021 0:00 2/22/2021 0:00 2/26/2021 0:00 10 94541 525000 1951 5000 BE40937652 105000
    Sold 28562 Rochelle Avenue 569000 632000 66 1115 5730 1/27/2021 0:00 2/3/2021 0:00 2/18/2021 0:00 7 94544 569000 1955 5730 CC40935749 63000
    Sold 27057 Lemay Way 650000 680000 65 1210 6365 2/13/2021 0:00 2/14/2021 0:00 3/2/2021 0:00 1 94544 650000 1956 6365 BE40937752 30000
    Sold 22192 Main St 649000 690000 126 969 6644 11/5/2020 0:00 1/13/2021 0:00 2/9/2021 0:00 39 94541 699000 1895 6644 BE40926930 41000
    Sold 1324 D Street 674900 695000 99 964 7998 1/21/2021 0:00 1/27/2021 0:00 2/26/2021 0:00 6 94541 674900 1922 7998 BE40935043 20100
    Sold 27738 Melbourne Ave 698888 700000 66 1000 5000 1/8/2021 0:00 1/15/2021 0:00 3/1/2021 0:00 7 94545 698888 1955 5000 BE40933663 1112
    Sold 23953 2nd St 699000 700000 74 1140 5286 12/13/2020 0:00 1/13/2021 0:00 2/11/2021 0:00 21 94541 699000 1947 5286 BE40931895 1000
    Sold 24848 Muir ST 749000 700000 0 1040 5300 11/27/2020 0:00 12/24/2020 0:00 2/10/2021 0:00 27 94544 749000 1951 5300 ME20070480 -49000
    Sold 27511 Bahama Avenue 699888 717000 64 1128 5300 1/3/2021 0:00 1/11/2021 0:00 2/19/2021 0:00 8 94545 699888 1957 5300 BE40933118 17112
    Sold 671 Hampton RD A 639900 720000 0 1340 5705 1/24/2021 0:00 2/3/2021 0:00 3/4/2021 0:00 10 9454 639900 1927 5705 ME20078662 80100
    Sold 26652 Colette St 699132 723000 71 951 5610 1/3/2021 0:00 1/25/2021 0:00 2/17/2021 0:00 21 94544 699132 1950 5610 CC40932729 23868
    Sold 25674 Lewis Dr 699000 725000 70 1411 5500 12/9/2020 0:00 12/17/2020 0:00 2/3/2021 0:00 8 94544 699000 1951 5500 BE40931541 26000
    Sold 322 Lion Street 550000 735000 71 1000 6120 1/10/2021 0:00 1/19/2021 0:00 2/17/2021 0:00 9 94541 550000 1950 6120 BE40933778 185000
    Sold 2363 Catalpa Way 670000 740000 58 1064 6000 1/15/2021 0:00 1/17/2021 0:00 2/19/2021 0:00 2 94545 670000 1963 6000 BE40934479 70000
    Sold 24648 Dale ST 649000 750000 71 1093 5252 1/19/2021 0:00 1/29/2021 0:00 2/26/2021 0:00 10 94544 649000 1950 5252 ML81826377 101000
    Sold 376 Beale Dr 649000 750000 71 1051 5700 12/17/2020 0:00 1/12/2021 0:00 2/9/2021 0:00 26 94544 649000 1950 5700 BE40931969 101000
    Sold 23330 Wilmot CIR 670000 751000 0 1341 1398 1/8/2021 0:00 1/13/2021 0:00 2/2/2021 0:00 5 94545 670000 2017 1398 BA22030593 81000
    Sold 23936 Madeiros Ave 649000 751000 59 964 23994 1/7/2021 0:00 1/19/2021 0:00 2/5/2021 0:00 12 94541 649000 1962 23994 BE40932354 102000
    Sold 271 Elmwood Ln 680000 755000 71 1032 5300 1/21/2021 0:00 1/26/2021 0:00 3/3/2021 0:00 5 94541 680000 1950 5300 BE40934957 75000
    Sold 22644 Linden St 675000 756000 79 1212 5200 12/16/2020 0:00 12/23/2020 0:00 2/4/2021 0:00 7 94541 675000 1942 5200 EB40932163 81000
    Sold 18669 Hunter Ave 649900 760000 70 1156 5022 12/30/2020 0:00 1/8/2021 0:00 2/3/2021 0:00 9 94541 649900 1951 5022 BE40932568 110100
    Sold 28742 Triton St 685000 765000 60 1389 5103 2/2/2021 0:00 2/11/2021 0:00 3/3/2021 0:00 9 94544 685000 1961 5103 BE40935949 80000
    Sold 187 Boardwalk WAY 725000 775000 35 1415 3528 1/14/2021 0:00 1/17/2021 0:00 2/2/2021 0:00 3 94544 725000 1986 3528 ML81825823 50000
    Sold 2044 Depot Rd 739999 781000 0 1244 5040 1/20/2021 0:00 2/2/2021 0:00 3/2/2021 0:00 13 94545 739999 1960 5040 ME20078700 41001
    Sold 1135 D St 780000 800000 95 1734 10000 1/1/2021 0:00 1/1/2021 0:00 2/12/2021 0:00 0 94541 780000 1926 10000 EB40933012 20000
    Sold 22346 Moselle Ct 765000 805000 60 2281 6510 11/11/2020 0:00 11/26/2020 0:00 2/5/2021 0:00 15 94541 765000 1961 6510 BE40928856 40000
    Sold 975 Major Ave 699000 810000 70 1368 5335 1/30/2021 0:00 2/5/2021 0:00 3/2/2021 0:00 6 94542 699000 1951 5335 BE40936057 111000
    Sold 22164 Moselle CT 699999 815000 35 1292 8373 1/8/2021 0:00 1/11/2021 0:00 2/5/2021 0:00 3 94541 699999 1986 8373 ML81825050 115001
    Sold 26483 Montana Way 699950 820000 67 1722 8400 1/22/2021 0:00 1/28/2021 0:00 2/19/2021 0:00 6 94544 699950 1954 8400 BE40935198 120050
    Sold 17154 Esteban St 698000 830000 73 1549 5115 1/23/2021 0:00 1/31/2021 0:00 2/25/2021 0:00 8 94541 698000 1948 5115 BE40935374 132000
    Sold 25869 Westview Way 875950 850000 0 1493 4487 11/9/2020 0:00 1/10/2021 0:00 2/26/2021 0:00 62 94542 975000 1940 4487 ME20066962 -25950
    Sold 26091 Dodge Ave 749500 865000 61 1661 5850 1/15/2021 0:00 1/27/2021 0:00 2/26/2021 0:00 11 94545 749500 1960 5850 BE40934367 115500
    Sold 26583 Voltaire ST 799000 865000 40 1604 5108 11/25/2020 0:00 12/11/2020 0:00 2/3/2021 0:00 16 94544 799000 1980 5108 ML81821428 66000
    Sold 26706 Underwood Ave 788000 872000 67 1231 5415 2/4/2021 0:00 2/8/2021 0:00 3/5/2021 0:00 4 94544 788000 1954 5415 BE40936685 84000
    Sold 562 Ravenna Way 859000 875000 13 1792 1959 2/16/2021 0:00 2/16/2021 0:00 2/18/2021 0:00 0 94545 859000 2008 1959 BE40937898 16000
    Sold 1824 Dahill Ln 799000 880000 62 2118 6159 2/4/2021 0:00 2/12/2021 0:00 2/22/2021 0:00 8 94541 799000 1959 6159 BE40936615 81000
    Sold 545 Sequoia Rd 748000 902000 70 1539 6750 1/8/2021 0:00 1/16/2021 0:00 2/24/2021 0:00 8 94541 748000 1951 6750 BE40933702 154000
    Sold 2318 Tahiti ST 778000 910000 62 1780 5310 1/10/2021 0:00 1/19/2021 0:00 2/23/2021 0:00 9 94545 778000 1959 5310 ML81825259 132000
    Sold 28010 Dobbel Ave 759950 920000 43 1808 6832 1/5/2021 0:00 1/14/2021 0:00 2/18/2021 0:00 9 94542 759950 1978 6832 BE40932883 160050
    Sold 26748 Peterman Ave 824999 935000 64 1238 6050 1/21/2021 0:00 2/2/2021 0:00 2/26/2021 0:00 12 94545 824999 1957 6050 BE40935076 110001
    Sold 3114 Freestone Pl 849000 940000 4 1995 1677 2/2/2021 0:00 2/2/2021 0:00 2/26/2021 0:00 0 94541 849000 2017 1677 EB40935945 91000
    Sold 2509 Kirkwood Dr 849000 940000 47 1820 5406 1/27/2021 0:00 1/29/2021 0:00 3/3/2021 0:00 2 94545 849000 1974 5406 EB40935683 91000
    Sold 1538 Glenn St 825000 943888 5 1888 2530 1/7/2021 0:00 1/13/2021 0:00 2/1/2021 0:00 6 94545 825000 2016 2530 BE40933483 118888
    Sold 21896 Vallejo St 950000 950000 101 1680 13200 12/7/2020 0:00 12/28/2020 0:00 2/11/2021 0:00 21 94541 849000 1920 13200 CC40931275 0
    Sold 2921 Ralston Way 899000 960000 38 1913 6186 1/5/2021 0:00 1/13/2021 0:00 3/4/2021 0:00 8 94541 899000 1983 6186 EB40933264 61000
    Sold 31378 Chicoine Avenue 799950 960000 65 1788 6441 12/28/2020 0:00 1/8/2021 0:00 2/5/2021 0:00 11 94544 799950 1956 6441 BE40932727 160050
    Sold 1536 Sylvia ST 869888 960888 6 1888 2783 1/14/2021 0:00 1/18/2021 0:00 2/10/2021 0:00 4 94545 869888 2015 2783 ML81825830 91000
    Sold 553 Mildred PL 995999 970000 66 1609 5100 1/20/2021 0:00 2/10/2021 0:00 3/4/2021 0:00 21 94544 995999 1955 5100 ML81826484 -25999
    Sold 2436 Homer LN 909000 971000 9 1687 2227 1/9/2021 0:00 1/15/2021 0:00 2/12/2021 0:00 6 94545 909000 2012 2227 ML81825167 62000
    Sold 24862 Eden Ave 849000 975000 29 1532 4110 1/17/2021 0:00 1/20/2021 0:00 2/10/2021 0:00 3 94545 849000 1992 4110 BE40934596 126000
    Sold 24401 Chandler RD 980000 980000 42 2249 5298 1/31/2021 0:00 1/31/2021 0:00 2/26/2021 0:00 0 94545 980000 1979 5298 ML81827890 0
    Sold 27962 Dobbel Ave 999777 1025000 41 1808 9168 12/3/2020 0:00 1/16/2021 0:00 2/18/2021 0:00 44 94542 999777 1980 9168 BE40930968 25223
    Sold 2040 Nina Ct 899000 1075000 57 2214 8520 1/13/2021 0:00 1/15/2021 0:00 2/12/2021 0:00 2 94541 899000 1964 8520 BE40933859 176000
    Sold 21012 Montgomery AVE 1200000 1100000 0 2790 6500 12/7/2020 0:00 12/21/2020 0:00 2/9/2021 0:00 14 94541 1200000 1930 6500 ME20072133 -100000
    Sold 22582 Norwood Dr 995000 1115000 61 2371 6000 1/19/2021 0:00 1/25/2021 0:00 2/19/2021 0:00 6 94541 995000 1960 6000 BE40934727 120000
    Sold 23915 Madeiros Ave 949000 1130000 73 1766 19588 1/22/2021 0:00 1/28/2021 0:00 2/8/2021 0:00 6 94541 949000 1948 19588 CC40934740 181000
    Sold 29201 Eden Shores Dr 838000 1130000 17 1822 5253 1/20/2021 0:00 1/27/2021 0:00 3/4/2021 0:00 7 94545 838000 2004 5253 BE40934872 292000
    Sold 29832 Cantera DR 1251000 1300000 3 2701 5450 1/8/2021 0:00 1/11/2021 0:00 2/22/2021 0:00 3 94544 1251000 2018 5450 ML81825132 49000
    Sold 139 Grove Way 1300000 1300000 82 1720 8000 12/27/2020 0:00 12/28/2020 0:00 2/19/2021 0:00 1 94541 1300000 1939 8000 BE40932710 0
    Sold 236 BENMORE DRIVE 1350000 1375000 1 2790 3380 1/15/2021 0:00 1/26/2021 0:00 3/3/2021 0:00 11 94552-0000 1350000 2020 3380 CC40934109 25000
    Sold 52 Carrick Dr 1299000 1400000 13 3307 7049 11/15/2020 0:00 11/23/2020 0:00 2/4/2021 0:00 8 94542 1299000 2008 7049 BE40928694 101000
    Sold 2734 Driftwood St 1310888 1450000 17 3031 6000 1/20/2021 0:00 1/27/2021 0:00 2/19/2021 0:00 7 94545 1310888 2004 6000 BE40934882 139112
    Sold 6 Sonas PL 1598000 1580000 7 4142 7700 2/3/2021 0:00 2/3/2021 0:00 2/3/2021 0:00 0 94542 1598000 2014 7700 ML81828570 -18000
    Sold 17 Harkness Cir 1800000 1800000 2 2965 5129 2/4/2021 0:00 2/4/2021 0:00 2/4/2021 0:00 0 94542 1800000 2019 5129 BE40936571 0
    Sold 35 Stirling Way 1799888 1900000 5 4117 7515 1/14/2021 0:00 1/18/2021 0:00 2/26/2021 0:00 4 94542 1799888 2016 7515 BE40934242 100112
    Sold 26974 Halifax Pl 1999998 2000000 43 3196 80024 12/21/2020 0:00 1/3/2021 0:00 2/11/2021 0:00 13 94542 1999998 1978 80024 CC40932496 2
    69903.43
    1Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    Yes. That's actually especially true in the expensive markets but still affordable markets including Bay Area. It's sometimes hard to mention to folks outside CA that regular household income in the area is 150-250k and the affordability index to housing in this area is still 33%. 

    Good thing about having property and become landlord in bay area is you almost don't need those 401k,retirement planning or 529 (okay you need it but you don't depend on it for kid's fund) ha ha ...

    0Reply
  • David Song
    OP
    Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes
    5y

    @Carlos Ptriawan people in Ohio can only dream about this kind of appreciation. LOL.

    4Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    Per Cathie Wood's ARKK Innovation strategies, these are the tech revolution area for next 10 years:

    Deep Learning ( Nvidia, Google,FB)
    Re-invention of data center (Cisco, Junipers)
    Virtual Worlds (Microsoft,Apple)
    Digital Wallets (Square, Paypal)
    Bitcoin (paypal/Visa)
    EV (Tsla/Nio/Xpeng/QuantumScape,Blink,Chargepoint)
    Automation (Apple, google, everybody)
    Autonomous Ride Hailing (Uber)
    Delivery Drones (Amazon)
    Orbital Aerospace (Nasa,Lockheed,Spacex)
    3D printing(HP)
    Long read sequeincing (Genentech)
    Medical Robotics (Intuitive Surgical)
    Cell and Gene Therapy ( many startups)

    All these companies has HQ and research facility in Bay Area. They all need more massive engineers , researches and PhDs. They need housing. They need office, construction, food, retail industry. 

    3Reply
  • Mary M.
    Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    5y

    I have not read this entire thread, but I am a CA native (born in Oakland, worked at Wired and other startups) I  left in 2015 when we all thought prices could not really get much higher (ha!) ....  I wanted to get away from crazy housing prices, go to where there was more rain, more options to buy an affordable house and where I could invest and "retire"......  to do it  I sold a 3,000 sq ft warehouse on Bryant bet 2nd/3rd and moved to Oregon.  I LOVE it here ...  green grass, rain, not so frenetic, etc.   

    My dad used to say that they are not making more land, so RE investments - esp in SF is usually a smart move  and that RE is always a long view game...

    Anyway, my opinion, FWIW, is that CA and the bay area will continue being very desirable....  it is a world class city and people know that. 

    For all those that think we are nuts - we are, but until you live it you wont understand :)   I do miss CA, but  those folks who said you cant go back is right - my CA $$ went far here, but I wont ever be able to go back and buy anywhere near what I sold. 

    1Reply
  • David Song
    OP
    Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes
    5y

    @Carlos Ptriawan

    That is a very important point. All those leading edge research and development is happening right here in bay area. People outside will have a hard time understanding this phenomenon. 

    The future of America and the world will be invented here in the bay area.

    0Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    5y

    America's competitiveness depends on Bay Area which is innovation. That's primarily what's left after manufacturing move to China and the service industry move to Asia.

    1Reply
  • Angela Wayne
    Los Angeles, CA · Member since 2018 · 3 posts · 1 vote
    5y

    How did the house in $760k range pass the appraisal contingency and got sold over $1million? It’s $200k more than the appraisal. 
    In this hot market, can a house pass appraisal contingency and get sold way over appraisal value?

    0Reply
  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    5y

    That is crazy. Here in my market for homes 100K-250K last year were going 5/10K over. This year people are going 30K-40K+ over. Prices aren't as high compared to there but people are willing to go over 15%/20% over list price. The national shortage of homes is crazy. Very curious to see what the next year has in store. 

    0Reply
  • Sam Shirazi
    Member since 2021 · 17 posts · 3 votes
    5y

    I live in Bay Area, bought a house in east bay back in late 2018 for 1.25 million and paid like 80K over asking back then. I had buyers remorse for 6 months and once in a while worried when the next crash would happen..fast forward last month 2021 similar home 30 yards from my place sold for 1.51 million all cash !!!!....feels great but the worries never go away lol

    1Reply
  • David Song
    OP
    Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes
    5y
    Originally posted by @Angela Wayne:

    How did the house in $760k range pass the appraisal contingency and got sold over $1million? It’s $200k more than the appraisal. 
    In this hot market, can a house pass appraisal contingency and get sold way over appraisal value?

    It’s likely an all cash offer, no loan, no inspection contingencies. 

    0Reply
  • David Song
    OP
    Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes
    5y
    Originally posted by @Sam Shirazi:

    I live in Bay Area, bought a house in east bay back in late 2018 for 1.25 million and paid like 80K over asking back then. I had buyers remorse for 6 months and once in a while worried when the next crash would happen..fast forward last month 2021 similar home 30 yards from my place sold for 1.51 million all cash !!!!....feels great but the worries never go away lol

     2018 was a bad time to buy. 2019 price softened a little, but now the price is surging. You should be fine now.

    0Reply
  • Michael Robbins
    Property Manager · Henderson, NV · Member since 2018 · 501 posts · 317 votes
    5y

    I am in Las Vegas NV and many of our buyer clients are from CA.  We also have the bidding wars going on over here.  

    0Reply
  • Chris Schu
    las vegas, NV · Member since 2016 · 14 posts · 7 votes
    5y

    ...and they also need to make a profit to be considered a "going concern" in order to attract investment capital.

    Didn't anyone learn from the mass exodus of companies from

    CA that is still occuring?

    I've got one name for ya: Elon Musk.

    Smart move on his part leaving CA.

    Hasn't even been in office three months and Beijing Biden

    is pushing for a massive corporate income tax hike.

    Good luck!

    P.S.

    CA is becoming more and more like Hawaii, the rich and poor dominate...middles class is disappearing.

    0Reply
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