You did not answer my other question. Are Austin companies paying a salary of 50,000 pa to people/jobs who go from California (or even to those that are created organically in Austin)?
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May be there are, what I met are in IT industry. Mostly semi + some FAAMG.
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Pre-covid, randomly search, probably no more after 30-60% price jump…
3009 Midwood Ln, Round Rock, TX 78681 asking ~$1M. Market price of house should be about the same as tax assessed value.
2002 Colina Cv, Cedar Park, TX 78613 asking ~$950k… from tax history, should be ~$700k+.
the journos/politicians/intellectuals/artists/comedians in California mock the emigration out of California as an exodus of low wage earning people. The powers that be envision California as the socialist dream land where the low wage earner will have all the needs met by the state (through the taxes paid by the middle wage earners). What happens to that dream that low wager earner have to move to capitalism leaning states?
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Does this mean they’ll lower appraisals in white areas or increase them in minority areas? I thought the point of an appraisal was to estimate market value. Now the government is going to encourage over statement of value. This is going to setup the next financial crisis for mortgage bond debt.
It’s almost as if they don’t think school ratings and crime rates contribute to home values. Of course, they already made school ratings more even by de-emphasizing test scores in favor of their woke criteria. De-criminalizing more things will make crime stats more even too. It’s amazing people actually think rigging the stats creates more equality.
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The houses you quote are not in Austin proper, but in surrounding communities. Kind of suburbs I guess.
My impression is that Austin proper (I.e., within Austin City limits) is more expensive. I remember visiting 4-5 years ago and some of the beautiful big houses up in Barton Hills were already million dollar houses. Surely they are even more expensive now
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I am comparing where most of the techies are.
In Bay Area, most of them are in South Bay, suburbs of SF.
In Austin, most of them are in Northern suburbs of Austin.
Downtown of Austin is not cheap… I don’t buy rental in downtown.
Barton Hills is very near Austin downtown. You can’t compare that with houses in South Bay which is very far from SF downtown.
WestLake Hills of Austin compares with Atherton
Barton Hills is kind of somewhere between Atherton and PA.
Border of city limit is not that expensive… true for both SF and Austin.
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Sell your rental in CU and buy rentals in Stockton and Concorde.
A great comparison of how step the 2021 price increase has been:
This 2149 sq ft house in the Ponderosa Park neighborhood of Sunnyvale sold recently for $2,640,000.
And this identical 2149 sq ft house, also in Ponderosa Park neighborhood of Sunnyvale sold in Sept 2020 for $2,060,000.
Price increase in 8 months = $2,640,000 - $2,060,000 = $580,000. Almost 30%.
Everyone is talking about the explosion in price of East Bay, Austin, Seattle etc because of people moving there from Silicon Valley. True enough.
But prices are exploding even here in Silicon Valley too.
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I have completely missed the rise of Sunnyvale. Schools there are mediocre at best. It seems it has risen simply because the traffic on 85 is so unbearably bad. Otherwise why would people not buy in Cupertino school district? Last time I check price is about the same.
They called it tree lined street in Sunnyvale lol. barely one tree. They are living in desert warehouse with traffic pollution from lawrence.
look at San Mateo tree line street. always check street view before visit a place.
https://www.redfin.com/CA/San-Mateo/302-Costa-Rica-Ave-94402/home/695901
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You are a lousy reader. Forum has talked about rise of Sunnyvale moons ago and the reasons for its rise.
60 year old Eichlers are selling in Sunnyvale for $3M LOL
Joseph Eichler would be rolling over in his grave. He intended these houses to be cheap and economical for the working class people. Read Steve Jobs biography by Walter Issacson - Jobs grew up in an Eichler, his father was a machine shop technician and sole breadwinner for the family. They were able to afford to buy an Eichler in Mountain View.
Eichlers are selling for a bit over 3M in south Palo Alto also. These Sunnyvale buyers are overpaying. Could have bought in PA.
I have looked through the two Sunnyvale houses, not apple to apple comparison. I usually don’t like to compare houses because can be a lot of differences, same house at different time is better.
Both have annualized price appreciation since last transaction of 9-10% higher than historical 6-8%.
Here is a more apples-to-apples comparison in the Ortega Park neighborhood of Sunnyvale 94087, which falls into Cupertino school district. Hence the houses here are more expensive on a $/sq ft basis than Ponderosa Park, which falls into Santa Clara school district.
Both these houses in Ortega Park are 1407 sq ft, exact same floor plan and both appear to be near 4-way Stop signs. So, similar traffic etc. They appear to both have been recently remodeled.
One house sold in Oct 2020 for $1,950,000.
The 2nd house sold in May 2021 for $2,500,000.
Again difference is $550,000 or almost 30% in 7 months
Maybe the cost differential between South PA, Mtn View 94040, Sunnyvale 94087, and Cupertino 95014 is narrowing. All houses are selling for upwards of $2.5M, and going increasingly above $3M.
For some reason, rich people are flocking into 94087. Most of the modest looking ranch and Eichler style houses have Teslas, BMWs, Audis, Lexus etc type cars parked in the driveways. Whereas 10-12 years ago, the same houses had Toyotas, Honda’s and Fords parked out front. Guess when the home price is approaching 3M, the owners have the disposable income to buy $100k cars easily. No longer a middle class paradise…
There’s a saying in real estate: buy the cheapest house in the neighborhood. These Sunnyvale peeps paying $3M are doing the opposite. They are buying the most expensive houses in their hoods. Whereas in PA $3M is just rock bottom entry level price. I’d much rather pay $3M in PA than in Sunnyvale.
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The lots in Sunnyvale are big. 7K to 9K sq feet. so Land wise it is not expensive.
5K lots homes in San Mateo selling close to $2M and the school ranking is lower.
2200 sq foot sold for $3.1M in San Mateo. atleast they have trees.
https://www.redfin.com/CA/San-Mateo/630-Parrott-Dr-94402/home/2011110
2200 sqfoot sold for $3.3M.
https://www.realtor.com/realestateandhomes-detail/411-W-25th-Ave_San-Mateo_CA_94403_M18937-00467