Quote:
Originally Posted by LegendaryLars
April 2005: The average sales price for March was $821,695. This is a new all-time record high, and the first time it has exceeded $800,000.
Santa Cruz county Where I live..
fucking retarded.. 700K gets you a 1100 sq ft shack on a 4500 sq ft lot
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It is insane but people keep buying homes and developers have not slowed down one bit. There are going to be some very unhappy home owners in the near future when they realize they owe more than their house is worth.
The bay area is now the most expensive place to buy a house in CA. At some point people will say I just can't afford that and the market will come back in line.
I was looking the other day online and in my zipcode in San Jose their are 12 homes for sale under $500,000. Homes might be stretching it as for $240,000 you get a 560 sq ft condo that is 21 yrs old. $450,000 gets you a run down 50+ yr old 2 bed, 1 bath house.
Rental communities have to be loving these prices sky rocketting as they are the only affordable (in a CA way) housing. Nice 2 bedroom apartment still pushes $2000/mo. though. Ah, California living!