Posted on 09/12/2017 2:22:13 PM PDT by 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.
(Excerpt) Read more at mercurynews.com ...
No wonder the crooks running this state can get away with all their socialist/commie shenanigans. There is always plenty of suckers with lots of money to feed the beast.
Now if a house like that was in Camden...
For a Chinese kleptocrat looking for a US landing pad for his kid or mistress, $2.4 million for a trendy area like “Silicon Valley” is a steal.
There are instances where people are purchasing houses in the area and aren’t living in them. A lot of this money is coming from overseas, from countries where that money could be seized at any time. Investing in California real estate, even in an overpriced market, is considered a safer bet than leaving the money in their homeland.
It must be a very hot spot indeed. That house looks like it’s worth about 200 grand at the most. More like 150.
Californicates are crazy.
Ha...and the 10% annual (and increasing) property tax.
What’s worse is the mortgage company lending money on this house.
And the Mortgage Backed Securities that are filled with loans like this.
Ah Well. 2008 can’t ever happen again, right??
/sarc
I don’t make that assumption. There’s plenty of US money in Silicon Valley. Wait till they tear it demand build for another 2 mill.
No one will fund that loan. It will have to be a large cash sale.
Do they pay cash or do they take out a loan?
The maximum jumbo loan is $625,000.
When California crashes it will be one for the ages, and take generations to recover.
The biggest loan they can attain is $625,000. These type of purchases are typically cash.
demand=down and
That’s exactly what I thought. Same thing happened in Vancouver, BC. Increasing housing prices forced out the locals.
A rich demon who doesn’t want to stray far from the Hellmouth?
Oh wait, that is Sunnydale, not vale.
Nevermind.
/buffythevampierslayer
Hot properties like this usually get multiple bids and counter-bids. The sellers have the pick of the litter and the all-cash offers usually are favored. I would not be surprised at all if this was an all-cash purchase with a fast close including waiving all contingencies. As someone on the this thread pointed out, the new owners are probably looking to do a tear-down and rebuild.
I lived around the corner from there in 1981. I thought the prices were crazy then.
Is there a gold mine in the basement or somethin’?
Supply and demand plus location location location
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