It will be interesting to watch if it happens. Most of the Bay Area has turned into a very expensive wreck. At the very least all those parasitic real estate investors aren't going to be able to rent their crappy properties for $3,000 a month.
http://www.mercurynews.com/2017/03/2...arkets-tumble/
sorry, but $3k/month really *is* for a crappy property. anywhere you'd actually want to live will cost at least 2x that now.
"... and another thing about you democrats ... you all believe in science!" -- denny crane
In 2001 I had an offer to relocate for a job in Cupertino. Took a pass because one of my cousins was out there working for HP and was paying $1600.00 a month for a studio apartment.Originally Posted by KE6KA
Was a stutter step in my career because I had been "groomed" to take that position. So I needed to make a few changes. Still- I consider it a bullet that was missed.
A million dollar mortgage seems to me to be a special kind of hell.
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So there I was, totally naked. With only a rubber hose and a stuffed animal...
Hopefully it will not affect the rest of the economy here. Being in Sacramento, there will be some impact. I've noticed the IT related job postings slow down last fall. Over the last month the number of job postings has dropped substantially.
I'm in the process of making a career transition to GIS. That is still tech related, but I think it is far enough removed from the economic roller coaster the IT sector goes through out here, and at some point I can finally find a job that isn't a six month contract.
Actually, if you had gotten into property then, you would be sitting pretty right now. The pricing in Cupertino in 2001 was about 1/3 of what it is right now. Might have been less.
My parent's house is Fremont is worth a ghastly amount of money considering they only paid 15K for it in 1960. They don't care, they just live in it.
High prices have been a reality in the Bay Area for a long time. I remember being aghast at paying 112,500 for this: https://www.zillow.com/homedetails/3...18339947_zpid/ in 1986. I sold it for 185,000 in 1992. You see what's worth now.
My point is people in the area have always found ways to adapt. My parent's new neighbor is some 30 something who got a 'deal' at 765,000. He's a teacher and his wife is an admin with the school district. Neither is from a rich family, they had a house somewhere else in Fremont that they sold to get into this one. Their mortgage is probably crazy, but so was mine (comparatively speaking) in 1986 if you consider percentage of income. The house will never do a Modesto or Nevada price dump, so they'll be ok if they stay in for the duration.
I don't think the tech bubble will ever completely burst in the Bay Area. There's too many resources and frankly, the types that run those companies don't want to live in North Carolina or Texas.
I hope you find something.
I just drove by my old house off Norwood near Rio Linda last week (did you go to the Loomis flea market?). It's now worth approx. double what I sold it for in 2012. AARGH! Wish that would happen with the Illinois property....(fat chance)
On paper that sounds nice and would be great if I had accumulated enough stock options... etc.
But in reality, I'd still be paying on the mortgage from 2001 where today I'm not.
So from my perspective is was a better decision.
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So there I was, totally naked. With only a rubber hose and a stuffed animal...
It can burst. It has done so twice in the past. One was before the internet came into the public sphere. Actually, it was more of a slump for the tech sector because people weren't speculating on it. The dotcom bust was bad. Really bad. There was quite an exodus when all the tech workers who were laid off ran out of money. That took about three months. Quite a few came here to Sacramento for a cheaper cost of living, but that didn't work for most of them either. The rental vacancy rate went down, rents doubled, and it turned out not as cheap as they thought it would be. A lot of them were from other parts of the country and just went back. << That is the reason I don't take the "California exodus" thing too seriously. Californian's typically stay. Everyone else goes back home.
I totally forgot about the Loomis Hamfest. I really haven't been very active over the past year. It has pretty much been limited to ragchewing on K6IS when I take my walks in the evening with the HT.
Too bad you missed it. It was almost all radios. I happened to be in the area visiting my parents in Fremont, and my brother who lives in Granite Bay. I dragged him to the flea market. He was appropriately horrified.<smirk>
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