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
Do they pay cash or do they take out a loan?
When California crashes it will be one for the ages, and take generations to recover.
A rich demon who doesn’t want to stray far from the Hellmouth?
Oh wait, that is Sunnydale, not vale.
Nevermind.
/buffythevampierslayer
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
The sellers are probably moving to Colorado.
$2,470,000 for a 2,000’ house, how can anyone afford to live their?
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.
They could have mine for half the price. 4K square feet, ten stall oak barn with apartment and shop, 72 acres of pasture, woods and row crop. Includes a quarter mile of undisturbed Confederate earthworks and two box deer stands.
there are MANY Communist Chinese desperate to hide some $$$ overseas, and since they know Chinese people in Cali...a LOT of the corrupt factory manager and drug money comes to Cali
you are looking at a simple tract home which sold for between $6,000 and maybe $60,000 depending on its year of construction (95% of the houses sold in those years)
from the criminal or communist Chinese perspective,
it is better to overpay if necessary, than NOT to hide some money outside the PRC
call it ‘capitalist diversification to reduce portfolio risk” .. ha ha... those commies learn FAST, ha ha ha
meanwhile, working American engineers with advanced degrees have to commute up to 120 miles each way each day, to find housing they can afford (IF they can get jobs in Silly-Con Valley, where over half the jobs in many factories are given to Communist Chinese, Indian, and other foreign import workers)
It is a free market.
If the buyer really-really wanted that particular house and was willing and could afford to pay for it, fine.