it really is amazing that there is that much money out there . and the way housing has spread from the bay .
Friends of mine here sold a 2 bd room 1 bath 950 ft home . they asked xxx,000 for it. 2 couples wanted the house and they started bidding for it . they ended up paying 50,000 more than the asking price by the time they were finished
When I worked in the bay I was with the Millwrights Union. We did alot of the clean room work in the electronics firms, worked alot at the pper mill across from the SJ airport, the car factory in freemont,
we made good money working there but not enough to pay a mortgage like that.
Thats only been a couple of years ago, I couldnt imagine making that drive every day now, it was bad then , but now it would be a six hour drive
Originally posted by bigbird CT2,That house was in the willowglen area of san jose,i`ts the preppy area where people buy there for status,you know "i`m doing one up on the jones". I have no idea where people get the money to buy these over priced homes.We were running a 8% unemployment rate for awhile.They tear down the house but leave i existing wall up to qualify it as a remodel & get to go through express plan check.They put a 2 story house on it & sell for 1.5 million.I`m doing a remodel/addition in saratoga that the fondation work alone is $350,000.00. The general contractors contract is 1.7 million.The owners are in their 30`s.My neighbor just sold his house for $840,000.00. 2 days on the market & i`m in the concrete getto of san jose.
I'm born and raised, 3rd generation, willow glen. These houses are called "knock downs". They didn't pay for the house, they bought the neighborhood and the lot. Same thing happens in places like Baskin Ridge, NJ.
As far as the cost of housing crashing; I recall in '76 a house across the street selling for the unbelievable price of $73K. Most people agreed that the cost of housing couldn't go higher and would have to "correct". That same house sold in '01 for $1.3M as a "knock down". The new owner spent $150K in just the new landscaping. The owner is a guy named Stacey and is a VP with Xilinx. I figure he makes about $200K a year. I don't know for sure. But, with that kind of income, do you think he cares about the differance between $1M and $1.3M. Naaaawww! The house and neighborhood keeps his BABE of a wife off his butt and the house is big enough for him to hide from the kids and housekeeper.
I think the cost of housing will level as interest creep up, but crash? I doubt it. I've seen it before. I've been living it my whole life.
If your wife grew up on Glenn, then she went to WG high. What year? I can't place Glennwood Ave. I know Hicks of course. There is always something being redone over in that area. It's a great neighborhood but, lots of older homes.
Yes, she went to willow glen high & graduated in 1963.
I graduated from lincoln high in 1960.
I`ve been here since the spanards established the first misson.On the corner of minnisota & lincoln sts.is a starbucks now & all the yuppies set there in the morning drinking cooffee.Norm chris taught hvac class at san jose city college for years.
Alright! Last personal post as I think we're hijacking the thread. My mother graduated WG high in '53, me in '76, my son last year. I'll bet you remember the frame store that was there before Starbucks. Do you remember the pharmacy across the street? I worked there as a high school student delivering prescriptions. And of course, you can't be in Willow Glen without going to La Villa Deli.
there is no way anybody in this thread is from sf or san jose on this talk, that state is so poisined the housing market, i could care less the only way those people get them homes is from hand them down from gererating to generating,i was in sacramento in 2000 and the prices were just about ready to take off, and the pay for hvac guys was right out of the 80's keep it
Yes, there is some hand-me-down money But, a lotof the homes i do are for 35 to 40 year olds that are retired. They bought cheap stock in hi-teck, & sold before the crash.
I did a 8700sq.ft.home for a retired 28 year old guy.
bigbird i would guess u can charge high $ for changeouts cause the cost,and price of living are so high, i was talking to a guy in cali and i told him i was making $ and he said the only way to make that $ is go to sf where it takes u 2 hrs to get anuwhere