On top of the extravagant housing costs, the Bay Area faces major problems like how to best support its homeless population and provide adequate transportation options for residents, Singer said. He also said he sees much of what initially appealed to him about San Francisco - like local cafes and restaurants - being displaced by trendy restaurants with “$500 prix fixe menus.”
Singer said he thinks that, besides the weather, some people, especially those in tech, stay in the Bay Area because of FOMO, or fear of missing out. The thought, he said, is that if you’re not in San Francisco, you won’t have the chance to work for top tech companies… That might be true for those just starting their careers… But for someone who has worked at a company for at least a couple of years and has proved to be a “linchpin” for their team, it’s unlikely that the company wouldn’t let them work remotely, Singer said.
“I’m not paying $2 million to live in some boomer’s starter home next to a strip mall,” Singer said of certain houses he looked at south of San Francisco, near San Jose.
@manch is living in a slum since his primary is worth less than that.
According to the Silicon Valley Index, many local tech workers are heading to other burgeoning tech centers like Austin and Portland.
Even with its lucrative tech jobs and some of the best weather in the country, thousands more people have fled the Bay Area’s high housing costs and jammed roads than have moved into the region from other parts of the United States in recent years.
According to new data from the U.S. Census Bureau, the five-county Bay Area lost a net total of nearly 35,400 people between 2013-17, not counting births and new arrivals from other countries.
As a result,
cold in SB,
very hot in NW Sub of Austin,
Redfin is showing that one of Austin’s hottest neighborhoods, Cedar Park has gone down 16% last year where as Cupertino is up 11%. See these screenshots.
@hanera how are your turn over in Austin? My Austin place had a turn-over end of July and finally filled the tenant in Oct. It was vacant for 2 months - my agent says it shows well and got positive feedback, but just didn’t have good qualified applications. Curious on what you are seeing on the ground there. Is rental as hot as purchase/sold?
No turnover. Guess is because my renewal is alway $50-$150 below current market.
Depends on zip code. For example, in my targeted neighborhood in 78613, hardly any inventory and any houses that pop up sold pretty fast. Just checked, only 1 house for sale and 8 rentals. Yield has been dropping (due to price rising faster than rental) so I am compel to move more North. Bought 1 in Crystal Falls of Leander 78641.
Remodeled . I have noticed flipping in Austin could be profitable. Is just not my cup of tea.
I notice many SV companies set up in poor neighborhoods surrounded by very old fixer to near fixer houses. So you can buy fixer cheap, remodel and sell to well paid techies
in Austin’s favor.
. I have noticed flipping in Austin could be profitable. Is just not my cup of tea.
