[quote=bearishgurl]flu, this is a GREAT discussion which I need to get back to later, but let me ask you, “Are you aware of ANY YEAR where SF County real estate took a nosedive in value?”
I was just looking at SM County on realtor.com a couple of weeks ago and noticed that nice 1950’s-60’s houses (1600+ sf) with a view (some had a “peek” ocean view) in Pacifica and San Mateo had asking prices in the $500 – $750 range. They were mostly located adjacent to protected habitats and state parks.
I haven’t really studied Mtn. View and would be interested to hear exactly what (and where) your friend is buying a 1600 sf home for $1.1M that is NOT within SF County, west Palo Alto or situated inside a covenant.
Of, course SF and SM County don’t have any new tracts, flu! The land there ran out long ago. I believe that’s why their populace is so “solvent.” They didn’t take out questionable financing to buy brand new construction that had questionable underlying value.
I think Alameda County, by now, would be close to running out of land. If there’s any left at all that was buildable, wouldn’t it have to be east of Livermore?
Just drove thru Gilroy this summer. Got off the fwy and even drove around a little. There’s plenty of land still left in the “garlic capital” but didn’t see any building going on. It’s just a lo-o-o-o-ong slow commute up the 101 from there. Totally not worth commuting from just to live in something *new.*[/quote]
Actually in SF, there was about a 5-6 month window when prime property did decline I think roughly in 2008..But there were a lot of people that also overpaid. I’m pretty sure areas like Pacific Heights and Nob Hill though, are doing alright.
SF RE is pretty interesting because rules are so pro-renters…Often, some for sales read “for sale…(home detail)… Currently, tenant occupied….” Because I believe if it’s currently tenant occupied, you can’t simply just not renew their lease (the entire SF rent control/pro rental rules) I heard about folks not knowing, buying place, and end up having to pay the current tenant to move out after escrow. Oops.
