The cooling Silicon Valley real estate market


#82

I am old enough to remember @notabene saying he won’t move back to South Bay… :thinking:


#83

Just got off the phone with the Sotheby’s agent marketing my mom’s home in Stanford. In April he saw 15-20 groups through open houses in Stanford, Palo Alto, Woodside, and Portola Valley. Now it’s 2-3 groups. He attributes it to the tech stock downturn and interest rate rise. The Stanford situation is a bit unique; on the one hand it’s limited to Stanford buyers who can get preferred interest rates through the university bank. On the other hand Stanford is doing a housing lottery which ends Nov. 30; that may be depressing things for now. But even he has been taken aback by the speed and magnitude of deteriorating market conditions in his area. With regards to Stanford those faculty who think they might get a crack at off-campus homes are eager. The new Stanford ground lease agreements are a nightmare and appreciation on campus is much lower than surrounding areas.


#84

won’t or can’t :cold_sweat:


#85

It means many folks are over-extended. Prices can tumble in a flash… very steady for a long time with sellers resisting to lower price and then avalanche.


#86

Rubbing it in? :cry:

It’s ok, I’ll just grow a beer belly and start wearing shorts and Google T-shirts all year long. And bike to work. Or drive a Prius. And shop at Costco. Get the $2 hotdog while I’m there.

:sob:


#87

Any specific reasons that prompted you to move?

For me, Traffic is a nightmare now and commute has gone up 20 minutes each way , so I am contemplating what to do next.


#88

You’re not a real Costco shopper! It’s only $1.50 for a hot dog and drink.


#89

I am also old enough to remember you saying you don’t plan on having kids. Any news on that front? :smile:


#90

Before only I was commuting down to South Bay, but now my wife also found a gig down there. We love sf, but its probably cheaper to live near work and rent a hotel up in sf every other weekend. :slight_smile:


#91

Still standing tall on that front. We both love our jobs too much.


#92


#93

Connecticut is the biggest failure since 2007. Its GDP today is lower than 2007.

It increased tax twice since but total tax revenue still declined. Will it become another Detroit?

I think Connecticut is a warning to California. One party rule can have surprising effects.

The “distress” in its housing market might be specific to its economy and policy, probably not a warning for national housing market.

https://yaledailynews.com/blog/2018/09/18/connecticut-economy-still-lags-behind-region/


#94

Come on, Cali is the 5th biggest economy in the world!!! We don’t have to worry too much.


#95

You are right! Just checked prices on a property for sale in USA in Silicon Valley area…


#96

Has been horrible since day light saving changes, I am hoping it will go down. Which area do you commute to?


#97

Economy has peaked and the recession is coming. Your commute may get better in 2-3 years


#98

My wife’s commute fo North san Jose/237 has gone up substantially and she very rarely can work from home. Her commute is up 20 minutes each way.

I am less affected, since I can work from home quite a bit. I go across 84.


#99

You guys are pretty similar to us too. My wife had to go 237 & Mathilda and I go across 84.


#100

How many are working in fremont campus now?


#101