How many properties are owned by landlords who lease the properties rather than permitting sale?
It sure is sweet to be on the “good” end of this. While I was buying my present house, my Realtor told me of a young, 30-35 year old couple who got out of California to relocate here, and, with the profit they made on their California house, were looking for a 300K house (=550+K in a large metropolitan area) to buy CASH. How would you like to be 35 years old, live in a very nice house, and have ZERO mortgage?
yuk why would anybody want to live there, it is filthy, it is cold in the summer, people let their houses go to hell, it is communist, and it is unbearably expensive
so Obama will have to move some of these people to Red States
If I lived there and had a house, I’d be cashing out.
There are some similar things happening in TX due to the fracking boom.
America’s real estate is being rapidly bid-up by Chinese, who are rolling in dough.
If you want to keep Americas real estate affordable, then stop sending American jobs to China.
China doesn’t allow Americans to buy their real estate. Yet we sell America real estate to Chinese, and sell China our jobs.
Just saying.
Immigration is the largest factor. Leading realtor in heart of SillyCon Valley reports three-quarters of purchases are from communist China, etc. Many for all cash. Very few local folks can afford to buy anymore. How long will the commies let the money leave? Nobody knows. It does buy a lot of influence But the commies used to restrict money from leaving. So they could always do it again. This reality is ( we are told by many Asians) is why so many of them are rushing to get money out of there right now. Go figure?! ( average sale price of 60 year old house in Palo Alto is now 2.5 million dineros)
It’s a big country.
Eventually some of them will get the message.
Unfortunately a lot of the ones that spill out of Cali are liberal dingbats like my niece who helped turn Colorado blue.
The Bay Area is unique in that virtually everywhere that can be built on has been. All the open space is locked away as “green belts”. While other areas in CA were overbuilding in the last decade, the supply has remained static there. So prices never decreased much, and rebounded early.
Please come buy my house.
I’m in the East Bay and I want out of here.
Actually, Fort Collins CO is worse.
1% vacancy on rentals.
Lots of homes are being bought up by speculators and landlords.
Lots of stuff is being built but it won’t come on line for a couple years.
The problem in the Bay area is the extreme environmentalism that prevents anything new from being built. No increased supply, but naturally increasing demand => increasing prices.
As for the Chinese, if you have an excess of dollar bills you are trying to get rid of, you are more likely to buy US denominated assets such as stocks and real estate in the US.
Beat me to it.
I’ve lived in what is ow the oh-so-trendy and hip area of East Nashville for 20 years now and prices are ridiculous. Probably time for e to sell, downsize, get away from the crowds and take a big profit.