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More absurdity from Fantasy Land, aka Silicon Valley Real Estate

Discussion in 'Off the Topic Forum' started by Blue Oaks, Mar 2, 2018.

  1. Blue Oaks

    Blue Oaks ArboristSite Guru

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  2. Duce

    Duce Addicted to ArboristSite

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    Wish I owned the whole street full!:happybanana:
     
  3. stihlaficionado

    stihlaficionado God of ArboristSite

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  4. Oldengr

    Oldengr Addicted to ArboristSite

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    The really interesting part of this is there are a lot of people in that area that can and will pay that much for it.
     
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  5. Blue Oaks

    Blue Oaks ArboristSite Guru

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    I agree 100%. The buyer apparently paid cash. It was likely a contractor who is going to tear it down and put a huge house on the property, but it could have been a private party who are going to hire the contractor. I seriously doubt anyone would pay $2M to live in the 848 sq/ft.

    It really is a fantasy land in terms of economic opportunity though. With Google, Facebook, Netflix, Apple, etc. right here there's literally hundreds of thousands of people making a lot of money.
     
  6. 1Alpha1

    1Alpha1 100% USDA certified abnormality-free.

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    Depends on who's looking for me.....and why.
    I just got back from a doctor appt. I was looking at a real estate mag in the waiting room.

    One listing had 160 acres of land, the house was almost 4K sq. ft, 5 bedrooms, 4 baths, pool / sauna, chef's kitchen, a couple of out bldgs. to incl. a barn, and it was fully furnished. Plenty of color pics and they were nice. Very nice modern looking place.

    Listing price was $2M.
     
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  7. Blue Oaks

    Blue Oaks ArboristSite Guru

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  8. 1Alpha1

    1Alpha1 100% USDA certified abnormality-free.

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    Depends on who's looking for me.....and why.
    Yup.....when it comes to real estate, it really does boil down to location, location, location.

    I made the mistake of showing that particular listing I mentioned to my wife. She was impressed! So much so, I could hear the gears in her head begin to spin. I said no way in Hell are we going to start over on a new mortgage at this stage in our lives.

    We are totally debt-free and have been for well over 8 years. All we have are utility bills, and that's the way it's going to remain. :rock2:
     
  9. BC WetCoast

    BC WetCoast Addicted to ArboristSite

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    It's crazy here in Vancouver as well. I've seen 30 year old, nice houses as tear downs, easily in the 1.4-2 mill range. The new house would be in 3.5 mill range.
    We're being heavily influxed with Mainland Chinese money. They've got all the scams to beat the currency transfer regulations.
     
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  10. Conquistador3

    Conquistador3 Le Comte de Frou Frou

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    I have an acquaintance who moved for work to San Francisco proper a few years back. He regularly sends updates about the Bay Area housing market: apparently between higher ARM payments, changes in tax refunds, less Hot Asian Money and plain insane prices being their own cure things have reached a plateau. If shares start a slow slide to readjust themselves (say, -40% in five years) things will get even more interesting as many high income people in Insanity Valley get partially paid in stock options.

    To see what happens to insane markets one only has to look at London proper. There are plenty of houses and apartments for sale in the poshest parts of the city (Mayfair, Belgravia, Chelsea etc): prices haven't tanked yet because owners aren't in a big hurry to sell but I've heard the words "aspirational pricing" thrown around a lot for these ultra-high end properties.
    Real estate people have tried spinning the usual Brexit boogeyman but owners of these properties are from Belarus, Malaysia, China, Russia, Thailand etc and could not care less about the locals' petty squabbles. They bought real estate in an ultra-prime market to park their money abroad and because investment grade fixed yield has been dead for years now. Some of them are trying to get out at what they feel is the top of the market, while others are cashing out to move their assets to either more liquid means or back home.

    I am honestly surprised our garrulous media have mostly ignored how the Chinese government is making an example of Anbang: the whole firm has been nationalized and the owner "disappeared", no doubt in a prison cell awaiting either a show trial or the firing squad (the two are not mutually exclusive). Anbang, an enormous insurance company, was the poster child for China's shopping spree abroad, especially in the real estate sector and was picked (there are literally dozens of apples every bit as rotten as they were) to make a point. After all it was Mao Zedong who said: "To hit one to educate a hundred".
    This doesn't mean that Hot Asian Money will dry up overnight, but that getting that money to Silicon Valley, Vancouver, Sydney or elsewhere and park it into a massively overpriced house will be subject to the Party's goodwill.
     
  11. Groundman One

    Groundman One Star Gazer

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    My sister moved back to Montreal from California last year because of some kind of political thing in the US. I don't follow US politics so I can't imagine what it was. In any case, she put her house up for sale and had more than twenty offers in two-days and every single offer was over the asking price.

    Nuts!
     
  12. yooper

    yooper Tree Freak

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    Wow, and here in the U.P. I'm having trouble getting rid of 86 acres of mixed hardwood hunting land for under seventy grand.
     
  13. Groundman One

    Groundman One Star Gazer

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    That would be worth several hundred-thousand around here.

    Good luck with that. :)
     
  14. Buckshot00

    Buckshot00 00

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    Really. lol :rolleyes:
     
  15. grizz55chev

    grizz55chev Tree Freak

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    image.jpg Im Only 2 1/2 hrs from San Jose, got 2 1/2 Acres with a view from our 2 bed, 2 bath, I’ll let it go for half a mil., cash!
     
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  16. stihlaficionado

    stihlaficionado God of ArboristSite

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    Seattle is like that too, as well as Portland.

    My wife's ex had a bidding war for their Seattle home & walked away w/ more than enough money to buy outright an upscale home in Tuscon, Az. plus a brand new Ford Ranch King or whatever the hell they're called
     
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  17. Groundman One

    Groundman One Star Gazer

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    She's an artist. Very highly trained. It was to be expected. ;)
     
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  18. Groundman One

    Groundman One Star Gazer

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    Nice.

    Best maneuver I've ever seen was my buddy moving to Costa Rica. Drove down in a CJ-7 towing a Harley. He ended up trading everything for a couple of acres with a small house and beat up old Land Cruiser. He has oranges and lemons and bananas and coffee growing on his own land.

    Pa-Ra-Dise! :havingarest:
     
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  19. stihl sawing

    stihl sawing MAD DOG

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    I'm gonna save that one, my sister lived close to there and moved to Springfield a couple years ago. she had a small house and it sold for 650.000. Yard was so small i could piss across it. she could have bought a mansion and several acres here with that.
     
  20. stihlaficionado

    stihlaficionado God of ArboristSite

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    Virtually all of Cali is like that

    My sister has been in Cali since the early 60s. Her 1400 sq ft home 30 miles north of San L. Obispo
    is on the tax rolls at a touch over $500K:dizzy:

    1400 sq ft here would be in the range of $100K to $125K
     
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