Now this is ridiculous: $782,000 over asking for a house in Sunnyvale

Mercury News ^ | 9/12/17 | Richard Scheinin

[NohSpinZone]

A house in Sunnyvale just sold for close to $800,000 over its listing price.

Your eyes do not deceive you: The four-bed, two-bath house — less than 2,000 square feet — listed for $1,688,000 and sold for $2,470,000.

[Nifster]

Just ask Stockton

[Axenolith]

The assessed value rises on sale here but the annual increase is minuscule due to the only rational long term thing done here which was proposition 13.

[ptsal]

The sellers are probably moving to Colorado.

[morphing libertarian]

why is 625 the biggest loan they can obtain. are you an appraiser in that area?

[2001convSVT]

$2,470,000 for a 2,000’ house, how can anyone afford to live their?

[Be Free]

"Supply and demand plus location location location"

... and a willing buyer and willing seller. Seems crazy to me, but there are still a ton of dot-com millionaires out there with more money than they can spend, so they splurge. Probably exercised stock-options or sold appreciated stock and paid cash.

As they say, you can't take it with you!

[smokingfrog]

location - location - location

37.366401, -122.034110

[NohSpinZone]

I think the poster meant that the maximum jumbo conforming loan is around $625K - actually closer to $635K. Banks will lend more money but the interest rates go up steeply for anything above conforming.

[tumblindice]

"Not surprising. Sunnyvale rocks."

[Catmom]

...or San Berdoo.

[mlo]

"Ha...and the 10% annual (and increasing) property tax."

Property taxes in California aren't that high and are capped between sales.

[Oatka]

A lot of this money is coming from overseas, from countries where that money could be seized at any time.

Some years ago, Mexico converted all the dollar bank accounts held by their nationals to pesos, devalued it something like 4 to 1. Then, if they wanted, they could convert back to dollars at the new rate. No wonder people either put it in the mattress or in U.S. real estate.

[mlo]

"It must be a very hot spot indeed. That house looks like it’s worth about 200 grand at the most. More like 150."

It's Sunnyvale, the heart of Silicon Valley. Property is nuts there.

[ctdonath2]

“That house looks like it’s worth about 200 grand at the most. More like 150.”

At that price, they’re buying for the land, not the house.

[morphing libertarian]

and that amount will be determined by an appraisal not the list price.

I agree with another poster. If this is Chinese money it could be cash.

[ctdonath2]

Listing: https://www.redfin.com/CA/Sunnyvale/1129-Prunelle-Ct-94087/home/1376492

[Nifster]

Yup

[Huskrrrr]

I live near Sunnyvale. They’re building McCondos everywhere in the bay area, not many houses.. Houses, especially those located in good school districts are in high demand. That being said, that price tag seems ridiculous.

[Oatka]

This guy tried. :-)

[ctdonath2]

Houses nearby recently sold in the vicinity of $2M.