Been out of bay area for few years and now we’re looking to come back.
We unfortunately sold our house in mtv before we left, so we didn’t get the crazy gain in 2022~2023, but we got the jist of it. Now, it looks like it went up like crazy, plummet down like crazy, then caught back up again.
Given that we’re looking to work a few more years in Bay Area before retiring, is now still a good time to buy? Our work will be between Menlo Park ~ Sunnyvale, so that’s where we’re looking. Sunnyvale no longer seems like a bargain even from Palo Alto standard. (wtf happened…)
Shoot, look at San Jose. When my niece bought in at 1.5-1.6M about 2 years ago, we thought that seemed awfully high for a rancher down there, but not anymore.
It means SF is declining. We knew that many years ago.
Tech is dominated by Mag7, HQ of most of them are located in South Bay. South Bay is also where many semi companies HQ… their stocks have been on for many months. Austin neighborhoods serving semi companies are also doing very well eg.
SF was in decline but now it’s slowly rebounding. Sunnyvale and MTV are outperforming not just PA but also Peninsula like San Mateo and Burlingame.
The stock market rally so far has been extremely narrow. Just the super big techs but they are not hiring much. Still hearing the tech job market is pretty dead. There has been no notable IPO’s and most SaaS names are still sleeping. When the rally broadens out and we get hot IPO’s again we will see PA and SF RE catch up.
Nvidia lottery money is supporting the entire Sunnyvale RE market it’s not even funny.
Thanks all. Looks like BA RE market is doing ok-ish, while MTV/SVL corridor has been going up like crazy. What’s odd is, Cupertino prices haven’t been up that much even though it’s right near SVL.
Also, within 94087, the southern blocks (bordering cupertino, feeding into CU schools) have been more expensive areas compared to blocks near El Camino (cherry chase etc), but now the trend looks backward. (cherry chase going over 3.5mil… holy shit…)
At these prices, I wonder if we should instead look at RWC, San Carlos / Belmont instead.
Casually look through the prices, relative pricing as per what I have known.
Descending price per sqft…
Cupertino, West Valley, Cherry Chase, Mountain View.
Prices have peaked in Apr-Jun, cooling now.
What could be happening? From the map, it looks like there’s a train track a block away, but is that track even in service today? I thought the Dumbarton line burned down decades ago…
Those could be easements for Water or Power company with buried utilities. If you dont mind that, there can be some benefits like no back side neighbor.
FYI, there seems to be an explosion in inventory in South Bay (SJ, Cambrian, Aladen) and up in peninsula (RWC ~ San Mateo). I noticed Redfin being super slow for past few days and it may be due to sheer # of data being pulled in one viewport.
I do see some cancellations up in Menlo Park~Mountain view, but those all have reasons (right next to train track, major highway/road etc).
There are some off market homes that are wishing to skip renovation / staging, but just ~100k shy of what would’ve been sale price, so not really a bargain.
There is very low inventory in Palo Alto area and things are still selling with over 5 - 10% of asking. Different data point, we recently had couple of kids transfer to PAUSD elementary school where they moved from Pleasanton area. RTO is likely the reason for these families.
for many months. Austin neighborhoods serving semi companies are also doing very well eg.
