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  1. #1
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    OT: Forced Out - need housing leads

    We know we aren't in a unique situation. We have heard the story dozens of times.

    We moved here 9 years ago and have lived in the same unit the entire time. Unfortunately, the owners sold the house and we have been asked to vacate as the buyers plan on putting family in the unit.

    If anyone has anything available or knows of anything, in the Redwood City/san carlos area it would be appreciated.

    Thank you


    Of course we are scouring craigslist, Zillow and hotpads, but as you know as cyclists we need room for many bikes.




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  2. #2
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    "forced out" would better describe people who grew up here, have family roots and can't afford to stay as opposed to job seekers who flooded the area in the last decade and can't keep up currently. Big difference.

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    Quote Originally Posted by bob-o View Post
    "forced out" would better describe people who grew up here, have family roots and can't afford to stay as opposed to job seekers who flooded the area in the last decade and can't keep up currently. Big difference.
    Understand your point, but why would you assume we can "keep up"? Neither of us are in tech. We moved here for other reasons.

  4. #4
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    Quote Originally Posted by heythorp View Post
    Understand your point, but why would you assume we can "keep up"? Neither of us are in tech. We moved here for other reasons.
    I get the other reasons, just not the complaining of cost of living.

  5. #5
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    Please show me where I complained about the cost of living.

  6. #6
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    Why the F did you start this thread?

  7. #7
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    Ummm need a place to live.

    mt bike community usually extremely pleasant and nice. Not sure how you got your rep.


    but I bet if we met a trail head and had a beer we'd get along.

  8. #8
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    Quote Originally Posted by heythorp View Post
    Not sure how you got your rep.
    Obviously

  9. #9
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    Quote Originally Posted by bob-o View Post
    Obviously
    Best of wishes in 2019. Happy new year.

  10. #10
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    This will not help you heythorp, but I do know of a condo in Larkspur. A few years ago somebody on MTBR posted up a sweet house in Fairfax, up on Scenic (?), anyway, my uncle moved in there and still rents it. Thanks. I just painted a downstairs 3 bed 2 bath in Larkspur, in Spyglass Hill Condo units, above Marin General Hospital. Rent is $3,200 per month and includes 2 parking spots, Pool, and Tennis courts. Carpets are newer and nice, I just repainted the entire unit for the owner, so its very clean. Bathrooms/kitchen are pretty dated, and kind of lame, but again, new paint on bath vanities and kitchen cabinets. I even re-sealed kitchen countertop grout. One of the 3 bedrooms is very small, maybe 10 x 10, but other rooms are good sized (Master bed is large). Really a great situation for a small family. Private Msg me, I will give anybody interested the owners info.
    Last edited by hoolie; 1 Week Ago at 12:28 PM.

  11. #11
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    Quote Originally Posted by heythorp View Post
    Best of wishes in 2019. Happy new year.
    What's up! I changed your thread title since it may have been too cryptic.

    Good luck with the search. You have places right? Just don't want to spend over $3500?
    IPA will save America

  12. #12
    Oaktown Honkey on Strava
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    Good job FC, I thought somebody was constipated

  13. #13
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    What are your requirements?

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  14. #14
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    Quote Originally Posted by bob-o View Post
    Why the F did you start this thread?
    Yo bob, what is your deal? Why the meanness?

  15. #15
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    Do you have ANY renters protections

    be it, City or County renters protections? b/c thing is if so they cant just boot you without compensating you if they plan to occupy the unit...

  16. #16
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    This thread went south really quick for no reason...

    Didnít see the original title, but I saw no evidence of complaining at all. Just a fellow member asking for leads on housing in a market that has less than 1% vacancy and a lot of competition.

    Sorry i cant really offer any leads, but I can tell you that my sister-in-law and family just rented a really nice 3 bedroom house two blocks from the beach above Rio Del Mar for less than 3K a month. Iím sure the commute would be brutal, but I think your going to have to open your search.

    I donít know if your in a position to buy but, but my wife and I finally bought a house 5 years ago in the mountains above Los Gatos for almost half of what it would cost anywhere in the ďSouth BayĒ. We got a small house with detached garage on an acre in the redwoods for less than 500K.

    Time to get creative
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  17. #17
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    ^^^ So you're basically saying you bought a house in paradise!

  18. #18
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    Sounds like an Ellis Act eviction. Sorry to hear about that. The good news is that you should be able to negotiate a financial settlement based on having been there for that long. Not sure what the rules are down there but you should consult one of the many free tennantís rights groups for guidance. Moving Ďfamilyí in is often the only way a landlord has to end a tenancy. Not saying that landlords arenít in a tough spot too, but def look into your rights and end the relationship on good terms. I canít help you with any leads- I rent in the worst city in the world for that endeavor.

  19. #19
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    Hey bob-0, why the neg rep? The constipation comment was referring to the original Thread Title, "Forced Out". I was not referring to you. Lighten up bro! Or else Im going to have to search you out and take you on a mountain bike ride, which WILL be awesome.

  20. #20
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    I wanted to offset the neg rep, but...

    You must spread some Reputation around before giving it to hoolie again.

  21. #21
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    There is a "For Rent" sign down the road from me, want me to inquire? Kings Mountain, 3 miles from Skeggs.

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  22. #22
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    geez
    Last edited by sjmdic1973; 1 Week Ago at 03:13 PM.

  23. #23
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    Dang, it's only been raining for two days and people are getting mean and cranky already.

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  24. #24
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    Best of luck in the hunt. If you are open to East Bay I think there should be some nice options in Walnut Creek or Pleasanton close to Bart, not sure if you work in South Bay or SF.

  25. #25
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    I know of a 4br/3ba for rent in Scotts Valley. Not sure on price but probably ~$4500/mo. PM if interested and I can put you in touch with the owner.

  26. #26
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    Quote Originally Posted by heythorp View Post
    We know we aren't in a unique situation. We have heard the story dozens of times.
    We moved here 9 years ago and have lived in the same unit the entire time. Unfortunately, the owners sold the house and we have been asked to vacate...
    The title should read "priced out" It's a Bay Area vernacular we're all used to hearing.

    Finding affordable rent in an area that you WANT to live in is next to impossible. Most end up settling where for they can afford to stay
    It sucks to have to compromise. Especially if you have kids going to school. Commutes get longer, quality of life takes a hit...

    If you're in a market paying below average rent for that area it's best to be proactive and adjust before being priced out.

    Property managers, landlords are all in the game to make money, here in the hottest market in the US The days of compassionate land owners who rent at undervalue are all but gone from this area

    Best of luck

  27. #27
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    Maybe out of your price range ($4.5k), but mere steps from Water Dog trails!

    https://www.zillow.com/homes/for_ren...51_rect/17_zm/

  28. #28
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    Quote Originally Posted by xtrwin View Post
    Maybe out of your price range ($4.5k), but mere steps from Water Dog trails!

    https://www.zillow.com/homes/for_ren...51_rect/17_zm/

    "The rent's too damn high"

  29. #29
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    Curious, but how the hell can someone afford 4000 a month in rent and be unable to buy their own home? That's about the mortgage on a million dollar note; is there nothing at all available for less than a million anywhere around where you guys live?

    edit - never mind, just checked some of the 'deals' in that area. I can't believe what people will pay for a zip code. How do sellers come up with these numbers, take a reasonable price then randomly add a "1", "2" or "3" in front of it?
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  30. #30
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    Quote Originally Posted by slapheadmofo View Post
    Curious, but how the hell can someone afford 4000 a month in rent and be unable to buy their own home? That's about the mortgage on a million dollar note; is there nothing at all available for less than a million anywhere around where you guys live?

    edit - never mind, just checked some of the 'deals' in that area. I can't believe what people will pay for a zip code. How do sellers come up with these numbers, take a reasonable price then randomly add a "1", "2" or "3" in front of it?
    A very good question. CA housing prices are incredible.

  31. #31
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    Itís pretty simple, there are a lot of people making a lot of money around here.

  32. #32
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    Quote Originally Posted by slapheadmofo View Post
    ...How do sellers come up with these numbers, take a reasonable price then randomly add a "1", "2" or "3" in front of it?
    Comps

  33. #33
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    Today in ATL, after a ride, I paid this much for gas. Reverse sticker shock.


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  34. #34
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    Quote Originally Posted by 5k bike 50cent legs View Post
    Itís pretty simple, there are a lot of people making a lot of money around here.
    What is a lot of money? In my humble opinion, you have to be making a lot of money to afford $4k in rent a month. Well, and still be able to afford all my hobbies. LOL

  35. #35
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    OT: Forced Out - need housing leads

    Quote Originally Posted by rynomx785 View Post
    What is a lot of money? In my humble opinion, you have to be making a lot of money to afford $4k in rent a month. Well, and still be able to afford all my hobbies. LOL
    Iíd say there are quite a few working couples making $500k plus in this area, not counting stock options etc. And a lot of these folks have been the largest beneficiaries of the stock market run up in the past 10 years.

  36. #36
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    Quote Originally Posted by 5k bike 50cent legs View Post
    Iíd say there are quite a few working couples making $500k plus in this area, not counting stock options etc. And a lot of these folks have been the largest beneficiaries of the stock market run up in the past 10 years.

    That's conservative for a lot of people. A lot of these kids around me are raking in $$. I'd say the minimum wage needed for a couple with a kid or 2 to afford a market-rate dump from Santa Clara to SF is above 400k. This is based on no facts, just what I'm seeing. I'd be living along I-5 behind the Taco Bell in Buttonwillow if it weren't for rent-control. Well that's not entirely true as I also have a mortgage on a fixer cabin in another part of the state which has also skyrocketed. Like another poster said if you have kids in good schools, you're pretty much stuck until they go to sleep-away college.

  37. #37
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    Quote Originally Posted by flipnidaho View Post


    Today in ATL, after a ride, I paid this much for gas. Reverse sticker shock.


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    I think the gas prices in CA are worthy of their own thread. But yeah, along with higher rents, higher taxes we also get the privilege of paying more for gas than any other state. Current national average is $2.24 per gal and dropping.

  38. #38
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    Quote Originally Posted by DH40 View Post
    That's conservative for a lot of people. A lot of these kids around me are raking in $$. I'd say the minimum wage needed for a couple with a kid or 2 to afford a market-rate dump from Santa Clara to SF is above 400k. This is based on no facts, just what I'm seeing. I'd be living along I-5 behind the Taco Bell in Buttonwillow if it weren't for rent-control. Well that's not entirely true as I also have a mortgage on a fixer cabin in another part of the state which has also skyrocketed. Like another poster said if you have kids in good schools, you're pretty much stuck until they go to sleep-away college.
    Yeah itís a lot cheaper once they go to college!

  39. #39
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    Quote Originally Posted by slapheadmofo View Post
    Curious, but how the hell can someone afford 4000 a month in rent and be unable to buy their own home? That's about the mortgage on a million dollar note; is there nothing at all available for less than a million anywhere around where you guys live?

    edit - never mind, just checked some of the 'deals' in that area. I can't believe what people will pay for a zip code. How do sellers come up with these numbers, take a reasonable price then randomly add a "1", "2" or "3" in front of it?
    Uggghhh, I lay awake struggling with this every night. $4000 /month only pays a @800k loan which is the bottom of the barrel (worst house in worst neighborhood) in the Bay Area.

  40. #40
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    Quote Originally Posted by 5k bike 50cent legs View Post
    Yeah itís a lot cheaper once they go to college!
    I have a senior and a freshman in HS - almost there!

  41. #41
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    Quote Originally Posted by 5k bike 50cent legs View Post
    Itís pretty simple, there are a lot of people making a lot of money around here.
    Making it is one thing, pissing it away is another. Throwing a million plus down on some basic little shack on a postage stamp lot sounds crazy to me; you'd think people would want to get something for their money.
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  42. #42
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    Quote Originally Posted by DH40 View Post
    Sounds like an Ellis Act eviction. Sorry to hear about that. The good news is that you should be able to negotiate a financial settlement based on having been there for that long. Not sure what the rules are down there but you should consult one of the many free tennantís rights groups for guidance. Moving Ďfamilyí in is often the only way a landlord has to end a tenancy. Not saying that landlords arenít in a tough spot too, but def look into your rights and end the relationship on good terms. I canít help you with any leads- I rent in the worst city in the world for that endeavor.
    Although SF and Oakland has rent control , other cities such as San Jose have none. Renters have little to no rights in those cities. We can be asked to leave or just have our rents doubled, tripled , etc in an effort to get us out at any time. There is no limit for rent increases. The only requirement is that Landlords need to give 60 days and do it in writing.

  43. #43
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    Quote Originally Posted by vedson View Post
    Although SF and Oakland has rent control , other cities such as San Jose have none. Renters have little to no rights in those cities. We can be asked to leave or just have our rents doubled, tripled , etc in an effort to get us out at any time. There is no limit for rent increases. The only requirement is that Landlords need to give 60 days and do it in writing.
    Excuse the pun, but I guess I've been living in a bubble. That sucks.

  44. #44
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    Quote Originally Posted by slapheadmofo View Post
    Making it is one thing, pissing it away is another. Throwing a million plus down on some basic little shack on a postage stamp lot sounds crazy to me; you'd think people would want to get something for their money.
    Oh I agree with you, the money I see pissed away is staggering.

  45. #45
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    Quote Originally Posted by slapheadmofo View Post
    Making it is one thing, pissing it away is another. Throwing a million plus down on some basic little shack on a postage stamp lot sounds crazy to me; you'd think people would want to get something for their money.
    It comes down to zipcode, schools, and commute. People are willing to pay a pretty premium. And if you considering good private schooling/Montesorri will run anywhere from $2-3k/month per child. It makes sense to add that to your mortgage instead to be in the right zip code.

    That's the mentality at least.

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    Quote Originally Posted by Shamis View Post
    I donít know if your in a position to buy but, but my wife and I finally bought a house 5 years ago in the mountains above Los Gatos for almost half of what it would cost anywhere in the ďSouth BayĒ. We got a small house with detached garage on an acre in the redwoods for less than 500K.

    Time to get creative
    I don't know why more of us don't live in the Santa Cruz Mountains. Close to the trails, beautiful, not crowded, and much cheaper than anywhere else in the Bay Area.

    Imagine how much more awesome the riding could be if some of those properties our trails currently dead-end at were owned by mountain bikers.

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  47. #47
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    Might not be the answer for the OP if he is not looking to buy, but in my neighborhood (Chemeketa Park) 10 min outside of downtown Los Gatos, there is currently a 1 bedroom, 1.5 bath home for sale and asking is $499,000. It is a small house, so not designed for a family, but an opportunity to buy in the area.
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  48. #48
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    Quote Originally Posted by slapheadmofo View Post
    Curious, but how the hell can someone afford 4000 a month in rent and be unable to buy their own home? That's about the mortgage on a million dollar note; is there nothing at all available for less than a million anywhere around where you guys live?
    This is not exactly true when it comes to actually monthly cost of a million dollar home. 1st off, you need to come up with $200,000 cash if your doing a 20% down payment. Also, you'll be paying property taxes, insurance and in a lot of cases, some kind of homeowners fee's plus all the utilities...

    When I bought my house 5 years ago, it was $492,000. So we had to come up with $100,000 down payment and our mortgage/property tax/insurance monthly is in the neighborhood of $2700 + other monthly costs.

    Not sure how many people have actual cash for down payment on $1,000,000, so they would most likely have to do close to 100% financing, which then might add PMI to the monthly cost.

    Also, to give you an idea of the home prices in San Jose area, my Mom lives in a 3bd, 2.5 bath townhouse that is 1,100 sq ft and these are selling for a million within a week of listing on average because she is in Cupertino/Lynbrook high school district. Then throw a $450/month homeowners dues on top. She bought 25 years ago for $215,000 when my parents divorced.

    It is very expensive to live here, but their are a shit ton of people making very high salaries...
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  49. #49
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    I don't think I even made 4k in all of last year.

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    Damn that is a lot of money, no wonder we are being taken over by bay area transplants over in EDH. I don't make enough to even be homeless in the bay area. But then again you couldn't pay me to live there. Where do all the teachers live? Do they all shack up in some studio together? Lol. Kinda sad when people want to live there partially for the schools but those teachers can't even live in the communities they teach.

  51. #51
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    Quote Originally Posted by prozach0215 View Post
    Damn that is a lot of money, no wonder we are being taken over by bay area transplants over in EDH. I don't make enough to even be homeless in the bay area. But then again you couldn't pay me to live there. Where do all the teachers live? Do they all shack up in some studio together? Lol. Kinda sad when people want to live there partially for the schools but those teachers can't even live in the communities they teach.
    From what I can tell, here in Palo Alto most teachers have either been here a long time or have a spouse who's doing pretty well. Makes it hard for young teachers to live here. The issue is we don't pay teachers enough. Teachers are one of the most valuable assets in our society, but we sure don't treat them as such, in so many ways.

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    Quote Originally Posted by Shamis View Post
    Not sure how many people have actual cash for down payment on $1,000,000, so they would most likely have to do close to 100% financing, which then might add PMI to the monthly cost.
    Which screams to me that they can't afford it in the first place.
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  53. #53
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    WeWork is taking Groupon's old spot in Palo Alto. Lot's more money flowing into the area.

    https://www.bloomberg.com/news/artic...-softbank-deal

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    Quote Originally Posted by 5k bike 50cent legs View Post
    From what I can tell, here in Palo Alto most teachers have either been here a long time or have a spouse who's doing pretty well. Makes it hard for young teachers to live here. The issue is we don't pay teachers enough. Teachers are one of the most valuable assets in our society, but we sure don't treat them as such, in so many ways.
    I live in a state regularly ranked as tops in the US as far as education and teacher pay. Most of the other 'best schools' states are clustered around here too. Lots of wel paying jobs as well. If I were to spend a million dollars, I can definitely get something a whole lot better than some little cottage with no land. It just seems to me that you get very, very little return versus price there and I can't for the life of me figure out why anyone would bother.

    Oh well, not my money...
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  55. #55
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    Quote Originally Posted by slapheadmofo View Post
    I live in a state regularly ranked as tops in the US as far as education and teacher pay. Most of the other 'best schools' states are clustered around here too. Lots of wel paying jobs as well. If I were to spend a million dollars, I can definitely get something a whole lot better than some shack on a postage stamp. It just seems to me that you get very, very little return versus price there and I can't for the life of me figure out why anyone would bother.

    Oh well, not my money...
    Yeah, it's hard to understand. For the people who have been here a while, it's been a gold mine in real estate appreciation. My parent's house in NC is worth about what they bought it for in the 90s. Will be interesting to see if that continues.

    The place I can't understand is NYC.

  56. #56
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    Quote Originally Posted by vedson View Post
    Although SF and Oakland has rent control , other cities such as San Jose have none. Renters have little to no rights in those cities. We can be asked to leave or just have our rents doubled, tripled , etc in an effort to get us out at any time. There is no limit for rent increases. The only requirement is that Landlords need to give 60 days and do it in writing.
    Well...ya. They own the property they should be able to do what they want with it, right?

  57. #57
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    Quote Originally Posted by 5k bike 50cent legs View Post
    Yeah, it's hard to understand. For the people who have been here a while, it's been a gold mine in real estate appreciation. My parent's house in NC is worth about what they bought it for in the 90s. Will be interesting to see if that continues.
    Imagine it will - a fool and his money and all that.
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  58. #58
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    Quote Originally Posted by vedson View Post
    Although SF and Oakland has rent control , other cities such as San Jose have none. Renters have little to no rights in those cities. We can be asked to leave or just have our rents doubled, tripled , etc in an effort to get us out at any time. There is no limit for rent increases. The only requirement is that Landlords need to give 60 days and do it in writing.
    You may want to do a little research on this.

    San Jose, CA - Official Website - Apartment Rent Ordinance

  59. #59
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    This thread depresses me.

    I haven't been active on these forums in years, but I can't help but feel like there is definitely a more negative vibe than I remember. The slow down thread, e-bike thread, LA Times thread, leaving the bay area thread, etc.

    Is it just me?

    Maybe it's a byproduct of the current political landscape, traffic, rise of echo chamber social media, and the decade bull market concentrating even more wealth in the hands of fewer people, but man oh man the Bay Area has really gotten sour (the irony is not lost on me making this comment).

    Am I the only one that feels this way? Or are we all just getting older/crankier with time?

    Also, relevant mtbr thread from (wow) 12 years ago about the exact same thing - real estate in the bay area: https://forums.mtbr.com/california-n...me-275503.html
    Last edited by Stumpy_Steve; 1 Week Ago at 04:28 PM.

  60. #60
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    Quote Originally Posted by DH40 View Post
    That's conservative for a lot of people. A lot of these kids around me are raking in $$. I'd say the minimum wage needed for a couple with a kid or 2 to afford a market-rate dump from Santa Clara to SF is above 400k. This is based on no facts, just what I'm seeing.
    I guess it's all relative. My wife and I make far less than 400K combined (close to 1/2) and we own a home in the Los Gatos mountains on an acre. It is a small house and we have no kids, but we only bought 5 years ago.

    We both have vehicles less than 5 years old and I have several bikes and toys from other hobbies. Only debt is the mortgage and 1 car payment and we are able to put money in savings every month.

    We have both lived here our whole lives and we rented with roomates for 10 years to save to be able to buy a home, but we were young and didn't really care. Also, neither one of us are from wealthy families, so living here is doable if you've been here for a while.

    Now, if your on a single income, I agree it's going to very tough unless you make a lot of money or live very modestly. I also understand it is very difficult to move here. Most of us know that if we ever leave and sell our property, we most likely will not be able to afford to come back.
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  61. #61
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    Quote Originally Posted by Shamis View Post
    I guess it's all relative. My wife and I make far less than 400K combined (close to 1/2) and we own a home in the Los Gatos mountains on an acre. It is a small house and we have no kids, but we only bought 5 years ago.

    We both have vehicles less than 5 years old and I have several bikes and toys from other hobbies. Only debt is the mortgage and 1 car payment and we are able to put money in savings every month.

    We have both lived here our whole lives and we rented with roomates for 10 years to save to be able to buy a home, but we were young and didn't really care. Also, neither one of us are from wealthy families, so living here is doable if you've been here for a while.

    Now, if your on a single income, I agree it's going to very tough unless you make a lot of money or live very modestly. I also understand it is very difficult to move here. Most of us know that if we ever leave and sell our property, we most likely will not be able to afford to come back.
    You're doing it the right way. Living in paradise, toys, no debt, low stress(?). The good life.

  62. #62
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    Quote Originally Posted by Shamis View Post
    I guess it's all relative. My wife and I make far less than 400K combined (close to 1/2) and we own a home in the Los Gatos mountains on an acre. It is a small house and we have no kids, but we only bought 5 years ago.
    Could you afford it if you had to pay the appraised price now? That's the reality that everyone under 45 is facing.

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    Never mind, good luck to the op.
    Last edited by prozach0215; 1 Week Ago at 07:16 AM.

  64. #64
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    Quote Originally Posted by prozach0215 View Post
    Not just that but the crazy property tax laws that allow some owners to pay a fraction of the property taxes. Hard to wrap my head around how my neighbors can pay 1/4 of the taxes I do on property valued at even more than mine. The ones benefiting the most from inflated property values are also paying the least in taxes. So American!
    What's so American is having to perpetually pay taxes on a non-income producing asset that was paid for with post tax dollars, and then pay taxes on the gain when it's sold.

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    There's nothing American about treating similarly situated persons differently on the basis of the date they joined the class of property owners.

    That being said, the law benefits a powerful and entrenched segment of the population and is unlikely to be repealed under typical legislative process. Prop 218 makes it even worse

    Justice*Stevens in Nordlinger v. Hahn is worth a read if you haven't already https://www.law.cornell.edu/supct/html/90-1912.ZD.html

  66. #66
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    Quote Originally Posted by Gemini2k05 View Post
    Could you afford it if you had to pay the appraised price now? That's the reality that everyone under 45 is facing.
    Yes, but that's because prices haven't gone nuts in the last 5 years around here. I'm only basing this off the fact that I'm able to put money in savings after my bills are paid. I'm not saying I live in the average Bay Area property, but that's why we bought here. My wife and I also make more now, than 5 years ago.

    We had to borrow some from my 401K to be able make a 10% down payment and took a Home Equity Line of Credit for the other 10%. We made a plan to save enough money to pay back the 401K and HELOC in 5 years and we did that in October. Now, all we have is our original 30 year fixed low interest loan and in the next year or two, we hope to refinance down to a 15 year fixed at a lower rate. Better to pay as much now in prime earning years so we can maybe retire one day. Every time our savings account gets to a designated amount, we make a big extra payment. We also always have a years worth of mortgage payments in our savings in case we lose a job. That was the first saving priority after we bought the house and it saved our ass 2 years ago when my wife was out of work for 9 months.

    By the way, I am technically under 45, currently 43.

    I only wish I had done it sooner, but I had convinced myself that we could not afford to be a home owner here. My wife and I fought for 5 years about this because I was afraid of the risk, but I was just uninformed. I listened to people telling me to try and buy a house for 10 years and always had reasons why I couldn't do it. I had no intention of ever buying and certainly never saw myself living in the "mountains" with a septic tank and propane, but I love it. I have looked at the selling price of my house back 10 years and kick myself for not acting sooner.

    Not preaching, just sharing my story. It was the most stressful, aggravating, scary time in my life but things tend to work out.
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  67. #67
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    ^^^ just keep those early morning Demo Forest conditions reports coming, and we're happy too. I had 1/2 day off today, got back to Oakland and was considering Demo for about 1:30pm. Rain radar looked bad formDemo, stayed local and bonked anyway. Demo would have slayed me.

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    Quote Originally Posted by Shamis View Post
    Yes, but that's because prices haven't gone nuts in the last 5 years around here. I'm only basing this off the fact that I'm able to put money in savings after my bills are paid. I'm not saying I live in the average Bay Area property, but that's why we bought here. My wife and I also make more now, than 5 years ago.

    We had to borrow some from my 401K to be able make a 10% down payment and took a Home Equity Line of Credit for the other 10%. We made a plan to save enough money to pay back the 401K and HELOC in 5 years and we did that in October. Now, all we have is our original 30 year fixed low interest loan and in the next year or two, we hope to refinance down to a 15 year fixed at a lower rate. Better to pay as much now in prime earning years so we can maybe retire one day. Every time our savings account gets to a designated amount, we make a big extra payment. We also always have a years worth of mortgage payments in our savings in case we lose a job.
    It sounds like you took a really high interest rate. About 5 years ago you should have been somewhere around 4%, and if it was anything higher than about 6% then you actually may have been better off in the stock market unless you plan on selling soon and cashing out before the next recession. In that case you would ride the prime appreciation years and dodge the imminent dip. You also would typically take a huge tax hit for pulling from your 401K and not repaying it for 5 years.

  69. #69
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    Quote Originally Posted by prozach0215 View Post
    Not just that but the crazy property tax laws that allow some owners to pay a fraction of the property taxes. Hard to wrap my head around how my neighbors can pay 1/4 of the taxes I do on property valued at even more than mine. The ones benefiting the most from inflated property values are also paying the least in taxes. So American!
    1: People pay property tax amounts based on their purchase price as it should be for residential primary residences.

    2: Easy, they paid 1/4 the price you did. You could have either bought earlier at a lower price or not made the purchase if you don't like the tax rate.

    3: People who have owned a home longer than you and have increased values aren't "benefiting" until they sell, at which time they pay the taxes on the sale price and the new owner pays current market prop taxes.

    I have elderly neighbors who pay a fraction of what I do in property taxes, some have been in the same house since the late 50's. I'd rather have them as neighbors than have their taxes raised and "forced out" to be replaced with dip shit neighbors who think everyone should pay what they do because of "value". SMH

  70. #70
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    Quote Originally Posted by 5k bike 50cent legs View Post
    What's so American is having to perpetually pay taxes on a non-income producing asset that was paid for with post tax dollars, and then pay taxes on the gain when it's sold.
    You must spread some Reputation around before giving it to 5k bike 50cent legs again.

  71. #71
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    Pretty sure they aren't paying taxes on the capital gains if under $500,000 in appreciation. And I'll just agree to disagree on how property taxes should work. Especially since for every poor old person whose cost of living will go up a little, it's old wealth and investors that benefit from the system the most. Not to mention the impact such a system has on local governments like school districts whose cost of opperation increases with inflation, and constantly changing legislation, but who depend on property tax payments that remain stagnent because of current laws.

    And you say the new owner pays the market value, which can be true, unless of course it's generational wealth, in which case it's simply kept in the family and they still don't pay market value on their property taxes.

    Damn it, I took the bait again.... Good luck OP, it ain't easy out there.
    Last edited by prozach0215; 1 Week Ago at 07:19 AM.

  72. #72
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    Your buyer's remorse sounds terrible. Perhaps you'd be happier as a renter or live in a less expensive state.

  73. #73
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    Quote Originally Posted by bob-o View Post
    Your buyer's remorse sounds terrible. Perhaps you'd be happier as a renter or live in a less expensive state.
    Lol.

  74. #74
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    Quote Originally Posted by prozach0215 View Post
    Lol.
    This thread sucks - sounds like a bunch of ElDoCoLocos Girl Chat thread. Which by the way is funny and disturbing - the OP might try Facebook or Nextdoor since you can get localized help. We have schmucks on here lobbing keystrokes like aholes - and im an ahole but less of one.

  75. #75
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    Quote Originally Posted by ohmygato View Post
    It sounds like you took a really high interest rate. About 5 years ago you should have been somewhere around 4%, and if it was anything higher than about 6% then you actually may have been better off in the stock market unless you plan on selling soon and cashing out before the next recession. In that case you would ride the prime appreciation years and dodge the imminent dip. You also would typically take a huge tax hit for pulling from your 401K and not repaying it for 5 years.
    401K first time home buyer loan is actually a loan to yourself. Your paying interest back to yourself. No penalty.

    My my interest rate in low 4ís. hELOC was around 5%
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  76. #76
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    Quote Originally Posted by Shamis View Post
    401K first time home buyer loan is actually a loan to yourself. Your paying interest back to yourself. No penalty.

    My my interest rate in low 4ís. hELOC was around 5%
    There's no penalty as long as you pay it back on time, and somehow you got an extension (or perhaps your 401K just overlooked you) to a 5 year repayment. If you don't pay it back on time then you're setting your 401K back many years due to the penalties. It's more risk than what I think most buyers would be willing to accept and part of the reason why house prices are so inflated right now. However you did get lucky, you bought at a low point in the market, and most likely you're going to reap the rewards eventually, assuming you're willing to sell now and reduce your cost of living or ride out a couple more recessions. Stories like this really make me want to get my realtor's license.

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