Current Real estate reality in mountain house - Multiple Bids,$100k over list price!

Taking this thread from covid and providing you the reality how mountain house homes are going !

In that case, you do not understand the reality now.

If any one doubts this reality, go ahead, bid and win a home at Mountain House, you will know what I describe here.

Here is the real case for few of my friends looking for SFH at Mountain House.

They bid the home list price $750k, seller received 25 offers, highest offer winner paid $850k to get the home.

So far, 3 friends bid more than 8 homes and all went above list price with multiple bids for all homes.

Then, they approached new builders (big builders - brand new homes), they said all 300 waiting list is already filled and not taking any more applications for waiting list.

Okay, I reminded many people, this is stock economy. Unless stocks are going down, there is no way Bay Area real estate going down !

It is a surprise for me to hear such RE Boom in MH.

We finally got an offer on my Discovery Bay house. Much more desirable area, water front. Selling at lot value. Tear down price


Why are you selling? With WFH perimeter of bay area are getting wild offers, bidding.

If Trump wins (which IMO likely), stocks will go sky high, and bay area will reflect it.

Whatever revised forecast says the economical impact of Covid is less than 2008 level. We are unlikely to face big recession now.

For investment or personal use? Trying to understand if people feel they don’t need to live in core Bay Area any more since they can work remotely.

My friends, those who bid are for primary home seekers, single earners, unable to bid locally. Since Mountain house/Tracy are low cost, WFH results multiple bidding. These people are assured at least next 12 months WFH.

One person finally took rental home until he gets his own home. The rents went down in MH too and rental home seekers are not there.

[edit] One another person informed me that second home primary seekers are there. Those who have primary home in bay area, buying newer good second home in mountain house (at cheap price with low rate) and renting the bay area home.

1 Like

I understand the renters are moving out of area until they need to come back in a year or so. But I still don’t get to primary home buyer in more than 2 hrs drive away. Are they counting on coming back the most 2 days a week? Are they counting on permanent remote opportunity?

In my social / co-wokers, people have moved out from small SF apartment and buy SFH in Oakland and Danville, which I think is reasonable. They are counting on being in the office no more than 3 days a week.

1 Like

They take advantage of low mortgage rate, beautiful new homes, selling all stock options and renting old primary home locking low property tax and nice cash flow.

For example: if I rent my current primary, I can get easy $4250, which exceeds my PITI as I bought in 2011. Appreciation holds long term as long as rental.

I may get new primary same mortgage almost same size in MH, no need to go office next one year until COVID medicine is there.

People bought old homes in Bay Area during 2008-2012 , it is attractive to rent old homes and move to MH for newer homes

Checkout the new development at Bethel Island

1 Like

It needs a lot of work. My partners and I don’t want to deal with it. We are selling to a flipper. Too far away for me to tackle. But boating is back and it has a boat house. Highly desirable in Discovery Bay and a 16,000 SF flat lot… great to expand. Put $500k in and get a $1m profit. Great for a pool has lots of palm trees. 1700 4/2… add on another 500sf open up the floor plan, new kitchen baths flooring

1 Like