3 ms·
Even with those caveats the narrative is complex. Some condo prices are dropping, but I'm also seeing some 3BR condos listed (not necessarily selling) for $1.6
by nostrademons 6y ago
Even with those caveats the narrative is complex. Some condo prices are dropping, but I'm also seeing some 3BR condos listed (not necessarily selling) for $1.6-1.7M, which is about $300K over what they were a couple years ago. Also, with the conventional COVID narrative you'd expect that houses in the hills or away from civilization would do better - but many of those houses (some in very prestigious locations like Saratoga or Los Altos Hills) are going for < $2M and sitting on the market for 6-8 months, while prices are rocketing up in Mountain View and it's getting hard to find a SFH for < $2.7M, even if it's on a tiny 6-8K ft^2 lot.
It also looks like both inventory and prices are rising, which is contradictory to standard economic theory but would make sense if we're nearing a market top.
- JMTQp8lwXL 6y agoWouldn't Los Altos Hills be more desirable than Mountain View? Regardless of COVID or not. It's still centrally located, larger homes, larger lots, etc.
- option 6y agopeople who buy real estate in Los Altos Hills are largely unaffected by covid. And they do benefit a lot from stock market rally
- dmode 6y agoI agree with you. Some fundamentals don’t shift dramatically. A condo in Pac Heights or Marina or downtown Palo Alto will continue to hold value compared to a SOMA condo
- usaar333 6y ago> while prices are rocketing up in Mountain View and it's getting hard to find a SFH for < $2.7M, even if it's on a tiny 6-8K ft^2 lot. Well, it's hard to find a home on such a large lot period (size is relative). Newer SFH tend to be built on 2k-3k square feet lot sizes and go for $1.5M to $2M (Mountain View median is $1.8M actually). Prices generally have been going down in Mountain View (https://www.zillow.com/mountain-view-ca/home-values/ https://www.zillow.com/mountain-view-ca/home-values/) and remain considerably below their mid 2018 peak. (And still remain a bad deal relative to renting, but that's another story)
- deleted 6y ago[deleted]
- 1DRACOSEA8 6y agoSize is absolutely not relative. Size in California and the rest of the country is measured in feet. That said, I single out this comment to prove the obvious abuse of the English language.
- deleted 6y ago[deleted]