No more than 50% of people will be able to work from home. Only the jobs that need a desk, chair, and an internet connection can be performed remotely. All other will still need a proper workstation.
I thought I am the only one who worries more than I should. I have a company it seems.
I am short term bearish on CA but longer-term neutral or mildly bullish. CA is going through a cyclical crisis if you will. Most of the problem seems rooted in the politics of the state, that can be and will be fixed, hopefully, but it will takes its due course (a generation?). I am not worried about the loss of demand for housing in the Bay Area. Bay Area will always have demand for an appropriately sized house in a good neighborhood But, there may not be excessive demand like we experienced in last two decades (2000-2018). The population of the state is peaking out according to my opinion. The population drives demands for rentals and purchases. But, I am not seeing a demand vanishing. Keep your bay area property because it is generating +ve cash flow. (Think of it as earning for itself). You share another trait of mine - a dislike for the stock market. But, I have learned a lot in this group. Some members here have years of experience as successful investors. Just follow them. I am also learning to an investor. The threat to the landlords in CA is from government interference in the free markets. But, since you already have some experience and your home seems like in a good area, you will be OK.
I went shopping today. Dragged my wife to look at a $3.6m house in Eldorado Hills. The most expensive on the market. 7500 SF about $500/SF. Double the average price/SF but amazing quality and views. Overpriced but also over the top. Rich Chinese seller. Bought with inflated Chinese stock money new in 2015. Used only 2 months a year looks brand new. I am hoping to steal it. But it has an offer(assuming a low ball). Stopped by another house that had two offers in escrow. Buyers are out there. No steals yet.
No that house was priced right. 7,000 SF homes sell for around $1.8m. The 7,500 house I looked at was 3.6m. If it was $1.8-$2m I would buy it. With $750 k for 2900 SF on a 10k lot as a comp, my farm is looking good.
I have a 5/3 main house and a barn with 2 units. Total SF 5500sf plus pool vineyard orchards and pastures. Much more value than suburban tract houses.
May just do some remodeling . Nice having 5 usable acres. Only 15 min away from Serrano.
I drove by once and from the public road you only see a gate with a long enough driveway (1/8 mile with a bend). The problem is that this driveway is shared with another property (104 Holiday Dr). I would not say this is a dealbreaker, but definitely an issue.
Esp with the neighbor having more land and likely the better view.
Anyway, since you said half off… this one may sell at 50% off the original asking
Lots of super highend homes are now half off. Even in the BA. They are not trendy. Look at Zuckman and his cheap PA house. The trend has been going down since 2015. Some LA houses have had $100m price drops.
My dream house was paid for with Chinese funny money right before the Shanghai stock market crashed. The owner paid $3.2m . Now the property is worth a lot less. Let’s see what happens. He already bought a much cheaper house in the same area. Even he knows his house is over priced. Price just dropped $400k. I will wait and watch. Plenty of other deals, won’t hold my breath.
Here is a cool house for a cheap price.
Isolation on a mountaintop. Good for social distancing
It is indeed the 2nd home of a tech company’s founder/owner; his primary is in Los Gatos.
Not sure why you brought “commutable” up… it’s not meant to be owned by a worker bee.
There were some sales between 5m and 9.4m in the neighborhood, each basically over $1000/sqft.
This one had 4900sqft and sold for 9.4m, obviously much less land:
I was in a luxury home in Kent in England in 1965. A 500 year old Tudor mansion. It had been owned by the King of Siam. He had installed a toilet in the attic so that he could shit above everyone else and no one could shit on him.
I see a few of you is rich enough and old enough to want to live in a luxury home. My definition of luxury is where I can afford many servants and house maids