I have been looking for a home in Berkeley Ca. for my mom who is losing the house she has rented for the past 50 years. And the market is INSANE!
Little tiny stucko homes built 90 to 100 years ago,(2 bd, 1bath) are listing around 500K in (average to bad neighborhoods), and the sales prices are being bid up beyond asking prices. It is remenicent of the year 2005.
Buyers lining up at open houses to make offers. REO’s at or above market. Selling agents not accepting offers until “next Thursday”. And Berkeley has about a 1.75% property tax rate.
I calculate payments on a 500K property with (20% down and 5% loan rate) plus taxes to be $2,870/month for a property that rents for $1500 – $1800 tops.
I have seen a number of O.K. houses go to contract for well above asking price, and well beyond any economic (rental) value. Berkeley is a great city, but the “pent-up” demand is unreal.
[quote=esmith]And yet people will tell you that San Diego is overpriced…[/quote]
Yea I can tell you North L.A. area has dropped but it will still cost you 300K for a 1000 sqf “L” shaped shoe box built in the 50’s or early 60’s, maybe you can get a real hosed up one in the low two’s in San Fernando/Simi or Valencia valley’s.
Oh and that 300K price is for one with no yard, probably on a busy street or next to a Rail road track. if it had a nice sized yard or was somehow zoned commercial it goes up to 500-1000K fairly fast.
It goes up somewhat dramatically for anything nice after that.
So yea SD is a relative bargain compared to most of L.A. unless you get to Palmdale/Lancaster , then it gets really cheap but not many would think about that area on this board.
[quote=esmith]And yet people will tell you that San Diego is overpriced…[/quote]
Yea I can tell you North L.A. area has dropped but it will still cost you 300K for a 1000 sqf “L” shaped shoe box built in the 50’s or early 60’s, maybe you can get a real hosed up one in the low two’s in San Fernando/Simi or Valencia valley’s.
Oh and that 300K price is for one with no yard, probably on a busy street or next to a Rail road track. if it had a nice sized yard or was somehow zoned commercial it goes up to 500-1000K fairly fast.
It goes up somewhat dramatically for anything nice after that.
So yea SD is a relative bargain compared to most of L.A. unless you get to Palmdale/Lancaster , then it gets really cheap but not many would think about that area on this board.
[quote=esmith]And yet people will tell you that San Diego is overpriced…[/quote]
Yea I can tell you North L.A. area has dropped but it will still cost you 300K for a 1000 sqf “L” shaped shoe box built in the 50’s or early 60’s, maybe you can get a real hosed up one in the low two’s in San Fernando/Simi or Valencia valley’s.
Oh and that 300K price is for one with no yard, probably on a busy street or next to a Rail road track. if it had a nice sized yard or was somehow zoned commercial it goes up to 500-1000K fairly fast.
It goes up somewhat dramatically for anything nice after that.
So yea SD is a relative bargain compared to most of L.A. unless you get to Palmdale/Lancaster , then it gets really cheap but not many would think about that area on this board.
[quote=esmith]And yet people will tell you that San Diego is overpriced…[/quote]
Yea I can tell you North L.A. area has dropped but it will still cost you 300K for a 1000 sqf “L” shaped shoe box built in the 50’s or early 60’s, maybe you can get a real hosed up one in the low two’s in San Fernando/Simi or Valencia valley’s.
Oh and that 300K price is for one with no yard, probably on a busy street or next to a Rail road track. if it had a nice sized yard or was somehow zoned commercial it goes up to 500-1000K fairly fast.
It goes up somewhat dramatically for anything nice after that.
So yea SD is a relative bargain compared to most of L.A. unless you get to Palmdale/Lancaster , then it gets really cheap but not many would think about that area on this board.
