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Is the Silicon Valley Real Estate Bubble About to Explode? – Vanity Fair
- seattle_spring 10y agoThis article is implying that the impending real estate implosion signal is that mansions are taking 2 weeks to sell instead of one?
- ChuckMcM 10y agoHeh, something like that. Having lived in the Bay Area for 25+ years one can see the signs of a "tech recession"[1] pretty clearly. And one of the signs is a softness in the really expensive houses. That said, a house near by that was listed for $1.75M sold in its first week, not because it had to wait a week (it had offers the first day it was open, my wife and I walked through it) but because the realtor was giving everyone a chance to over bid (more money, fewer contingencies, Etc). So until you've got things on the market for a month (so at least 2 weekends where it has been open for viewing and not sold) you know that the recession isn't in "full swing" yet. When I bought my place in '91 it had been on the market for a year and had three price reductions. That was a more serious recession. [1] That is what folks call a slowdown in hiring/valuations/exits of the "technology" companies.
- applecore 10y agoReal estate slowdowns usually begin at the top. It starts with the $5M+ homes taking longer to sell. Then, it impacts the homes that are affordable to software engineers costing between $2M and $3M.
- seattle_spring 10y ago> homes that are affordable to software engineers costing between $2M and $3M Either I'm out of touch or severely under-compensated.