Posted on 04/26/2021 5:21:08 PM PDT by nickcarraway
The hopeful homeowners showed up in droves, queuing on the sidewalk in front of Santa Clara real estate development Nuevo Homes and settling into their makeshift campsites for the night. Then, they waited.
The scene resembled some sort of bizarre Black Friday sale with a line of people stretching down the block, many of them lingering there for hours.
The doorbuster deal in question? The chance to buy a newly built townhouse, 18 of which were listed for sale on Saturday morning at a fixed price of $1.2 million, reports NBC Bay Area. The properties were constructed by SummerHill Homes, which has completed more than 70 developments in the last 40 years, according to its website. Nuevo is among its most recent projects, debuting 331 homes as well as 20,000 square feet of retail and restaurant space in Sept. 2019.
“It’s really hard to get a house in Silicon Valley,” real estate agent Nancy Reynolds told NBC Bay Area, adding that she took turns waiting in the line overnight with her clients. “And probably most people in line know which lot they want.”
Another realtor, Jeremy Naval, said he had been at the development since Wednesday. The general consensus among those vying for one of the townhouses was that it was easier to wait in line for hours than to engage in a bidding war.
“My client just really, really wanted to be the first one, so I promised him. I said, ‘Whatever I have to do to get you the first one, I’ll do it,’” Naval told NBC Bay Area.
As of Sunday morning, over 240 homes at Nuevo have been sold, encompassing more than 70% of the development.
What job do these people have and what does it pay that you are willing to spend 1.2m on a home?? I really want to know what kind of bread these people are pulling down for what work??
Insane people used to be provided free rent and grub in the asylum.
Those greedy kepitalists now charge them for their basic human rights of shelter and nutrition.
Shocking!
The builder in my Prescott Valley AZ neighborhood have people sleeping in their cars waiting to buy lots for homes that won’t be finished until early 2022. And existing homes sell in less than a week at above listed prices.
houses in the denver area sell above asking in 24 hours. 500k gets you a starter home in need of updating/remodeling. It’s crazy
houses in the denver area sell above asking in 24 hours. 500k gets you a starter home in need of updating/remodeling. It’s crazy
A starter in the Quad City area (Prescott, Prescott Valley, Chino Valley, and Dewey) starts at around $325k. Typically you get lots of square footage and/or acreage for the price.
This area is ground zero for conservatives in Arizona.
My daughter and s-i-l had jobs near there. Their rent was $3200 for 1 BR apartment on 7th floor. It is a nice area but crazy real-estate prices. Salaries are also high.
Funny story when my daughter interviewed for a job there. She was making $45k in Washington state. They offered her the job in silicon valley and asked if she would accept $75k salary. My daughter was shocked and was speechless for a minute. So they asked her if she would accept $78k. She accepted LOL.
Lots of areas have their Real Estate market way up or way up and going nuts. Lake cabin small homes at Lake of the Ozarks have gone up 70% in 18 months. There are bidding wars for small and large homes on the lake with docks. Second or third tier are up 20% or better but Lake front homes are untouchable. Bidding wars, homes selling in less than a week, offers with automatic escalation clauses and the like.
Used to be a hidden bargain area but now it’s pricey. Two years ago there might be 400 lakefront properties in 1200 miles of shoreline for sale in April. Today is here are 62 and 20 are over a million. Houses that went for 650k three years ago sell for over a million now.
Buyers see the inflation coming.
Thanks for the info—interesting how markets vary wildly in real estate...of course the old rule applies—the goal is to buy low and sell high.
;-)
Yeah, the Cali real estate bubble is going to break soon. It just can’t last much longer. My dad’s old 70s rancher in Huntington Beach just sold for almost a million and my dad paid 1/4 that for it just 25 years prior.
I’m in the Bay Area, and I’d be willing to wager that if you obtained a list of buyers for the development mentioned in this article, it’d read like a Mumbai telephone directory. I’m not bashing anyone, but rather just describing reality on the ground. The typical buyer in a new-home, new-tract Silicon-Valley development is an imported Indian software engineer or electrical engineer with a spouse and 2.3 kids.
Some 1,200sg/ft., no privacy, no yard, gotta walk up and down stairs in a small space. A crammed lot. For $1.2 million you can buy 4 to 6 homes most anywhere else.
When your making 500K, that’s what you can afford. Why be house poor?
Without the income though.
LOL!!! I’ve been all over the WORLD!
All will end just fine. Biden bucks will bail out everyone.
I’m in the Bay Area, and I’d be willing to wager that if you obtained a list of buyers for the development mentioned in this article, it’d read like a Mumbai telephone directory. I’m not bashing anyone, but rather just describing reality on the ground. The typical buyer in a new-home, new-tract Silicon-Valley development is an imported Indian software engineer or electrical engineer with a spouse and 2.3 kids.
That was my first thought, too. Notice they didn’t interview any buyers. Now why would that be?
https://www.summerhillhomes.com/nuevo/
—
$1.2mil for a 2 bed, 2.5 bath in 1268 sq ft. condo apartment, aka home. Just you and several thousand other people crammed into these mega boxes. A real steal ...
better view here:
https://www.youtube.com/watch?v=PIXlUEWR_8k&t=13s
And all this time you thought they were bums..
Watch the video from the link on post 23 (thanks for that).
Google & Facebook folks. Probably making $250K per year.
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