California Bay Area Home Prices Peak - Sell Now Before they Fall
Prices on homes For Sale in the Bay Are of California have reached a all time high. Average home in San Francisco is around $1.5 to $2 million and the San Jose area average homes are selling for around $1,000,000.
Now that being said, homes depreciate in value and the land, lot or acreage beneath the homes goes up in value. There are approx. 1+ million people in San Jose alone including suburbs. The average home in San Jose cost not more than $200, 000 to build and if the homes are selling for approx. $1,000,000 dollars then the average lot or piece of dirt these homes is sitting on which is around 5000-6000 square feet is valued at $800,0000 dollars.
The main problem in the Bay Area and other parts of California is foreign investors and or billionaire's from countries around the world have been buying these homes for 10-20 years now. Many of them paying CASH on 1-2-3-4+ homes because they are so filthy rich.
Then they have their children live in these homes and go to our top colleges across the nation or they rent these homes to people working in these areas for $3-4-5 thousand dollars per month.
What's happening now is many born and raised people from California are selling to the foreign investors and leaving because they can no longer afford the taxes, life style and can sell 1 home and buy 2-3 homes in Las Vegas, Reno, Carson City, parts of Texas, New Mexico, Arizona, Utah, Idaho, Oregon, Washington state, etc.
So now the prices across the west coast are being "Jacked" because investors around the world continue to buy and own real estate in America ... will it ever end?
Why would I pay $800,000 for a 6000 square foot lot in San Jose when I can purchase a 1-2 acre lot for $10-20 thousand? Because of all the traffic, high taxes, the only place where there's work? Please there is work across the nation and I would never pay $800K for a piece of dirt that is (less than 1/4 acre) ...
Let's just wait and see what happens, in the future when all these home values take a dump, it never lasts forever. And of course why would any billionaire's care?
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