Ok, new thread (as far as I know…) on ONLY 100% CASH OFFERED WINNING BIDS (as reported…)!!!
Cash buyers have dominated the market for years. Parents buying for their kids, foreign buyers, stock money. Interest rates are not as critical to home prices as they were over 30 years ago.
I think the high end will get hurt. I mean who really needs a $10m house?
Plus the low end that attracts first timers that need low down loads. The rest will muddle thru.
Americans have the highest equity ever. No crappy loans out there. 4m house units deficit. 150m y and z buyers potentially.
Only in 2001 and 2009 have house prices ever declined in the BA.
Celebs. Pro athletes. Successful entrepreneurs. TikTok stars.
The Bay Area has considerably more than most other places.
They don’t need them… they just want them. But look at the crap they buy or build. Michael Jordan can’t sell his 50,000sf joke. Karl Malone couldn’t sell his 20,000sf mansion in Utah. His manager bought it for $3m.
The good news is all the excess is being squeezed out. Than means major haircuts in the value of ego homes that no one needs. I figure a 50% for most.