3 bed 2 bath, 1500 SQFT $2.9 million

[Eric]

Worthy of its own domain name, apparently. Bay area homes are still off the charts, this is Menlo Park, home of FB.

725 Coleman Ave

Loads of character and charm is what you'll find here at 725 Coleman Ave. Charming Single Story home in the heart of the Silicon Valley, surrounded by soaring trees that provide a serene & private ambiance. 3 Spacious beds and 2 full baths. Zoned to top Menlo Schools! Open and bright floor-plan...

www.725colemanave.com

 

[Herdfan]

Worthy of its own domain name, apparently. Bay area homes are still off the charts, this is Menlo Park, home of FB.

I really don't understand how people can afford to live out there. This is way beyond a $15-25/hr minimum wage issue.

 

[Eric]

I really don't understand how people can afford to live out there. This is way beyond a $15-25/hr minimum wage issue.

As you might guess there's a lot of money there, big salaries and big bonuses but then there's the working class who for the most part are grandfathered in to some extent. Most have several family members living with them or rent out rooms, a lot of homes are also converted into two (or more) units and either rented or sold. There are also a ton of apartments and we never hear about those because it's not part of the (actual) housing market so they make it work.

 

[DT]

Sent them an offer, just moved the decimal one place to the left ...

 

[Edd]

Depending on the town, that could be as much as $500K here, and I'd still feel like I'm paying too much.

 

[Alli]

Things like that make me happy to live in Alabama.

 

[Ulenspiegel]

Wait... no pool... nah...

(Unbelievable).

 

[DT]

Sent them an offer, just moved the decimal one place to the left ...

Hey, I don't think a realtor needs to be using that sort of language.

 

[Herdfan]

Things like that make me happy to live in Alabama.

Absolutely.

The house is in good shape so it would go for $175-225K around here depending on area.

 

[quagmire]

The market as a whole is insane. I am within 2 years of being ready to buy my own place, but by then who know how much prices will skyrocket. I will be lucky to afford a townhouse at the rate this is going. I would love to wait for the market to crash and buy during a recession, etc but my job is tied to a good economy to where I may be furloughed in such a situation and have no income to buy a house and afford a mortgage.

 

[Deleted member 215]

I know that house; I looked at apartments across the street.

I don’t know why I still live here.

 

[Chew Toy McCoy]

Things like that make me happy to live in Alabama.

To paraphrase a comedian's response to people who say he should move to a cheaper location "But as soon as you step off your porch there's Alabama."

I really don't know much about your state. There's good and shitty people in all states.

 

[Joe]

For that price, you can have a mansion next to Ted Cruz in one of the nicest areas in Houston

 

[Chew Toy McCoy]

I know that house; I looked at apartments across the street.

I don’t know why I still live here.

Part of it is because there are tons of things to do that don't cost a fortune, especially if you love diversity of nature. You can only run through the flat corn fields of Kansas for so long before you realize that it doesn't reduce the amount of suckage in Kansas.

 

[Joe]

Part of it is because there are tons of things to do that don't cost a fortune, especially if you love diversity of nature. You can only run through the flat corn fields of Kansas for so long before you realize that it doesn't reduce the amount of suckage in Kansas.

Yeah, the trade off is that Texas is ugly and we may freeze once per year...but then I own my home and can afford it as a single man with 1 income

Every state has its pros and cons.

 

[SuperMatt]

Big companies buying up homes isn’t helping this. Maybe we need laws limiting such behavior. I know many areas levy huge taxes for vacant properties to prevent stuff like this, but I believe the big banks get around that by renting the homes out if nobody buys.

The way we are going, I could see a handful of big companies owning all property in America and charging whatever rent they want.

 

[Ulenspiegel]

I know that house; I looked at apartments across the street.

I don’t know why I still live here.

@TBL

Admit it, you are the seller of the house.

 

[Eric]

The market as a whole is insane. I am within 2 years of being ready to buy my own place, but by then who know how much prices will skyrocket. I will be lucky to afford a townhouse at the rate this is going. I would love to wait for the market to crash and buy during a recession, etc but my job is tied to a good economy to where I may be furloughed in such a situation and have no income to buy a house and afford a mortgage.

We bought in the central valley of CA and our home has gone up over $200K in less than 3 years. It's good time to be a home owner.

 

[Chew Toy McCoy]

We bought in the central valley of CA and our home has gone up over $200K in less than 3 years. It's good time to be a home owner.

My parents bought a new house in Hollister 10 years ago. It’s doubled in value since then. Good for my retirement plan, I guess.

 

[Chew Toy McCoy]

Question to recent home buyers. When the market crashes are you going to be mad about it or continue to be happy with the house you purchased?

I’m embarrassingly late to the game on what home ownership means to wealth, current and future. It was always my belief that you buy a house with the intension of potentially living there until you die. Sure, you could move and upgrade later but that wasn’t the grand plan when you bought the house. You bought a house with the view that you could realistically make the payments for the entire length of the mortgage and property value had more to do with the overall neighborhood turning to shit, not the loss of your current and future wealth. Your home is your castle. Your neighbor not mowing their lawn for 2 years doesn't change that.

Also, property value is kind of a perversion of earned “hard work”. Hard work might have played a part in the initial buy but you did absolutely nothing to make the value skyrocket since then.