It’s already been happening. Newark has been spiking a ton lately. Even like 1 or 2 years ago, 1M+ would have been rare, now it’s the norm.
It’s the price/sq ft I’m surprised with.
Newark city is also planning a massive redevelopment of downtown on Thornton. I know someone who are trying to build a condo community on 1 acre parcel on Thornton and city is giving them all kinds of requirements so that the new downtown look and flow is aligned for their project.
At 900 per sft,Newark is very high compar3d to Fremont . People clearly dont care about schools
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Ardenwood also is going into that 1.3 above range. I saw a 1900 sft sold for 1.45M in that area.
The lines between good and bad schools are ever so blurred
Let’s wait a few more months and make sure this is not an anomaly but a trend.
Dang… new rules now(I hope not)
& I was thinking this house in Fremont(all 3 good schools) might be overpriced…
https://www.redfin.com/CA/Fremont/34640-Gladstone-Pl-94555/home/1130231
Right…let’s wait ujntil my flip is sold. Keep the high prices in newark up lol
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I am very puzzled still.
IT’s a trend. FB.
Congrats! Buy and hold or Flip?
Edit: NVM, you answered it already.
FYI— I was going to flip my new purchase but, now that I think about it, better to convert it into a rental. More profitable that way and you know how hard it is to get a house these days…
Agree @wuqijun, it is so hard to get a home. But I was thinking Newark may not be a best buy and hold. There is some in law action as well, so sho uld thiink more about it.
All the wholesale deals my agent brought to me, I didn’t think it was a good price but the market price proved me wrong.
There is no deal anymore in the South Bay. Even a small tiny little fixer cost millions. For example, this one (I looked at it and just couldn’t do it at that price)…
And this one off market:
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True, I regret selling one home last year. Better to hold as rental and flip when you have substantial price increase !
Now, you are coming to appreciation side instead of cash flow side ! What we need is just +ve cash flow to hold, but good appreciation to gain !
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South Bay has horrible cash flow indeed but appreciation potential trumps all.
@wuqijun do you see this cycle going for 2-3 yrs? Correction is due as we all know
We are at the end of the boom cycle when buy and hold a south bay property , correct? CC county is fine as it cash flows
What kind of cycle? I believe there will be a correction eventually but nobody knows when. So even though it might be due, doesn’t mean it will happen anytime soon.
Also, real estate rise and fall together. South Bay and cc county will not go in opposite directions.
Agree but sbay is appreciation play where as cc is cash flow wth some appreciation.
In your sbay home a lot of capital is tied up unless you are very certain appreciation keeps coming in short term. If you hit a recession from left field you’re stuck for 5-10 yrs isn’t it?
It is a gamble to a large extent. However, I think it is better to side with the upside than the downside. I have good cash flow from the east bay so can use that to offset South Bay.
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Not a gamble. Those know those areas, they understood how it is going to be. 10 years (2008-2011) before my realtor told me to buy Sunnyvale or mountain view. She was telling “These area are changing fast” and will appreciate faster. She had multiple multiplexes in Sunnyvale.