My lil' sister (upcoming big shot lawyer) and my mom went up to the bay area/SJ to check out the housing info this week, and they came back reporting that there was a glut of 600+ houses for sale and NOBODY is buying them in SJ.

I hate to say this, but I really wish SoCal's real estate will deflate somewhat. I mean, 250K for a freakin' 1BD/1BA, 25 year old condo?! How about "Starting in the low 500s" for a unit in a "luxurious high rise" building? Who the hell can afford real houses these days when the shittiest houses I have ever seen in Culver City, Torrance, Santa Monica, Arcadia, West LA, and a host of other places I'm willing to entertain housing options in STARTS at $350K.

I'm just ranting, but this really sucks.

 

don't complain man.
here in SF you can't get a parking spot for $250k.
a flat two doors down from me (1.5 bedrooms, 1 bath, shared backyard in a three flat edwardian) in a "transitional neighborhood" (the mission) sold last month for $600k.

 

you would figure then that everyone who lives in the neighborhood is a millionaire, right? I mean, 600K of a house basically mean roughly 6500 a month in mortgage (assuming something like 20% down), and that's A LOT of money. taking the 1/3 formula, I figure you'll need to be earning in the neighborhood of a quarter of a mil a year to qualify.

so people are rich in CA?

 

Damn!!!Stop your whining... I agree. Sacramento vincinity is getting pretty crazy too especially in Folsom where Intel is...