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(CBS San Francisco)   House near Apple campus smashes real estate record, coming in at $2,358 per square foot. As both buyer and seller were cat owners, we can calculate the cost of the space to place a litter box at just shy of $5K   ( sanfrancisco.cbslocal.com) divider line
    More: Murica, Real estate, modest Sunnyvale home, San Francisco Bay Area, realtor Doug Larson, red-hot housing market, Silicon Valley, real estate record, big sale price  
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1362 clicks; posted to Business » on 05 Mar 2018 at 4:05 PM (19 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



28 Comments     (+0 »)
 
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2018-03-05 03:56:10 PM  
It's the highest price per square foot for a home in Sunnyvale...ever.

Until next week.
 
2018-03-05 04:14:06 PM  
Miss Supply, meet Mr. Demand.  Have a happy courtship!
 
2018-03-05 04:18:44 PM  
Let's see what kind of house $2 million in cash gets you...OOOO!!!! A one-car garage!!! ENCHANTE!!!

You know who invented the phrase "location location location"? Real estate agents, suckers.
 
2018-03-05 04:22:30 PM  
It depends on your definition of close. The Cherry Chase neighborhood is about 5 miles from the Apple campus and the Googleplex, and about 8 miles from the Facebook campus at Sun Quentin. Not exactly walking distance, and the road layout can add significantly to the length of the trip.
 
2018-03-05 04:23:05 PM  
Listed at 1.4M, but offered 2M cash by a 'private buyer?'

Yeah, that doesn't sound money-launderish at all.
 
2018-03-05 04:28:53 PM  

Slackfumasta: Listed at 1.4M, but offered 2M cash by a 'private buyer?'

Yeah, that doesn't sound money-launderish at all.


That wouldn't be unusual (and is a big problem contributing to the housing shortage as these ghost houses are rarely rented out by their foreign investors), though the article said the small house was on a large lot, so the new owner likely plans to tear-down and rebuild, also not unusual.
 
2018-03-05 04:37:04 PM  
My cat's litter box is 2' x 3' so that would be one expensive sand box.
 
2018-03-05 04:50:19 PM  
I guess they aren't going to wait another decade or so before crashing the real estate market again.
 
2018-03-05 05:15:08 PM  
Now they can get a second-mortgage loan!!
 
2018-03-05 05:29:09 PM  
Wow, 848 whole square feet.
 
2018-03-05 06:05:35 PM  

Geotpf: Wow, 848 whole square feet.


Yeah, I wouldn't spend $200,000 on a house that small, let alone $2 million, I don't care WHERE it's farking located.
 
2018-03-05 06:48:03 PM  

bighairyguy: I guess they aren't going to wait another decade or so before crashing the real estate market again.


Lol, no.

Silicon Valley was almost completely unaffected by the overall real estate market downturn.  You could have looked at the Las Vegas and Cupertino real estate markets in 2011 and sworn they existed on different planets.  Apple, Google, Facebook and any number of large Silicon Valley companies would need to take a nosedive to impact the Bay Area.
 
2018-03-05 08:09:03 PM  
I'm kind of curious what the property taxes are like for people that moved into these normal little houses 35 years ago. Is it like rebuying the house every 5 years?
 
2018-03-05 08:35:22 PM  

morg: I'm kind of curious what the property taxes are like for people that moved into these normal little houses 35 years ago. Is it like rebuying the house every 5 years?

Prop 13 means that their property taxes only go up by 1% annually, regardless of property value. It's a major reason why housing prices are so rough there. No one in their right mind would move if they've been in their house for more than 5 years, unless they're leaving the state.
 
2018-03-05 08:57:43 PM  

MrSteve007: morg: I'm kind of curious what the property taxes are like for people that moved into these normal little houses 35 years ago. Is it like rebuying the house every 5 years?
Prop 13 means that their property taxes only go up by 1% annually, regardless of property value. It's a major reason why housing prices are so rough there. No one in their right mind would move if they've been in their house for more than 5 years, unless they're leaving the state.


As a region that doesn't murder it's old people through weather and flu, there's a lot of aging properties that haven't been reassessed in 40-50 years. A bug running through the senior centers could send housing prices down as thousands of fixer uppers hit the market at once.
 
2018-03-05 09:01:16 PM  
A. 100k house on a 1.9m lot
 
2018-03-05 09:08:42 PM  
cars are seen on the street and no parking signs i didn't see. live in a nice motorhome  on the streets even if you have to move it twice a day even though local laws say vehicles must be moved every 3 days. 2+ people live in the nice motorhome  and have one person in it always. move a few minutes away daily if necessary and i didn't see anything about sleeping in vehicles isn't allowed.
 
kab
2018-03-05 09:54:42 PM  
This sort of pricing is caused by OUT OF CONTROL minimum wage increases.
 
2018-03-05 10:59:39 PM  

Geotpf: Miss Supply, meet Mr. Demand.  Have a happy courtship!


Yeah, this was kind of inevitable once they closed the Hellmouth.
 
2018-03-05 11:29:49 PM  
Was in SFO last week and for light plane reading I get the "Homestead" houses for sale magazine. Houses are selling for 20-25% over asking.

1100 sq ft section 8 looking 2BR 2 BA condo asking 1.2 Million

Normal houses on are on the market for days, being a agent would be the easiest job in the world.
 
2018-03-06 12:23:38 AM  

zimbach: Slackfumasta: Listed at 1.4M, but offered 2M cash by a 'private buyer?'

Yeah, that doesn't sound money-launderish at all.

That wouldn't be unusual (and is a big problem contributing to the housing shortage as these ghost houses are rarely rented out by their foreign investors), though the article said the small house was on a large lot, so the new owner likely plans to tear-down and rebuild, also not unusual.


The lot size is 6000 sq ft. With a floor-area-ratio of 45% in Sunnyvale, the max floor area would be 2700 sq. ft. which would tack on another ~1 million in construction costs.
 
2018-03-06 12:28:18 AM  

starlost: cars are seen on the street and no parking signs i didn't see. live in a nice motorhome  on the streets even if you have to move it twice a day even though local laws say vehicles must be moved every 3 days. 2+ people live in the nice motorhome  and have one person in it always. move a few minutes away daily if necessary and i didn't see anything about sleeping in vehicles isn't allowed.


California towns have already caught on to this and changed ordinances accordingly.

//especially SoCal
 
2018-03-06 01:22:39 AM  

nemisonic: starlost: cars are seen on the street and no parking signs i didn't see. live in a nice motorhome  on the streets even if you have to move it twice a day even though local laws say vehicles must be moved every 3 days. 2+ people live in the nice motorhome  and have one person in it always. move a few minutes away daily if necessary and i didn't see anything about sleeping in vehicles isn't allowed.

California towns have already caught on to this and changed ordinances accordingly.

//especially SoCal


There's a street alongside the Target here in Mountain View that basically became an RV hangout.  Over the holiday break they put in a bunch of signs that said no vehicles over 6 feet in height could park there.  It's pretty clear what they meant.
 
2018-03-06 06:13:32 AM  
(MrBubble.jpg)
 
2018-03-06 09:14:07 AM  
For about 1/8 of that, I have a good sized house and garage on 40 acres.

Sure, I'm not anywhere near the Apple campus, but I didn't want to be in the first place, so it all works out.
 
2018-03-06 09:16:10 AM  

Nick Nostril: (MrBubble.jpg)


Nah, unless you're referencing a tech bubble.

The issue is zoning, and California's promise of an acre if land, drive way and front yard, pool, and nothing over three stories.

Look at the housing permits in these cities and you'll see some of lowest issue in the US.  They can't seem to get over the idea that a 1950s idea of a neighborhood can't work when thousands of people with very well paying jobs are looking for housing.
 
2018-03-06 09:59:32 AM  

tootse: zimbach: Slackfumasta: Listed at 1.4M, but offered 2M cash by a 'private buyer?'

Yeah, that doesn't sound money-launderish at all.

That wouldn't be unusual (and is a big problem contributing to the housing shortage as these ghost houses are rarely rented out by their foreign investors), though the article said the small house was on a large lot, so the new owner likely plans to tear-down and rebuild, also not unusual.

The lot size is 6000 sq ft. With a floor-area-ratio of 45% in Sunnyvale, the max floor area would be 2700 sq. ft. which would tack on another ~1 million in construction costs.


$400 a sq?  Dang you putting up Trumpian level of opulence in the house?
 
2018-03-06 12:54:22 PM  

sirrerun: It's the highest price per square foot for a home in Sunnyvale...ever.

Until next week.


appleheads and their money are soon parted.
 
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