This week’s Mercury News story about a modest ranch home in Sunnyvale that sold for $2,470,000 — $782,000 over the listing price — incited an avalanche of response from readers, as if they’d finally been pushed over the edge by this crazy bit of news.
Reading through their comments, one feels the frustration and bitterness (laced with humor) that residents feel as Silicon Valley — well, the whole Bay Area — becomes a place where “regular” middle-class people can’t afford to buy a house.
On Twitter, @rone wrote: “Cut the price in half and it’s still obscene.”
That about sums it up.
Here are a few more comments, mostly pulled from the Merc’s website:
“The bubble will burst again and all the techies will sell and move back out of CA. In this case, history always repeats itself,” wrote MJE.
“This is a lesson for progressives from all over the country that would love to come to Bay Area, to live the `dream,’” said Mack. “It’s not red or blue here, it’s green and if you don’t have the green, you’d better stay where you are.”
“So which side of the San Andreas fault fissure is this address?” joked (we think) CitizenVetUSA.
“Alas, some of us have been in the Bay Area for a long time… 45 years for me,” said Visitor, introducing his sad tale. “The one home I bought cost $36,000… ten percent down with an added construction loan that brought the mortgage to $44,000. I upgraded the house and put on an addition. Alas, all the value accrued with time went to my former wife and subsequent owners. Now I’m a renter hoping that my landlady of 27 years won’t be so thrilled by what she’s reading in the newspaper about home prices and rents that she’ll double my rent.”
Said jopamo: “Apple (et. al.) pays the hipsters and tech bros who create the demand for high rents. Greedy landlords are reacting to the market presented to them. Supply and demand.”
And “Holy Schmoley,” added Brian Richardson: “They did not even mention that Google has it(s) sights on 6 more properties right here in Sunnyvale !! Holy Schmoley !!!! properties here, if they already haven’t, are only going up from here. San Jose, with the Google campus, Apple with their satellite offices, Google buying more Sunnyvale properties. Heck, do we have another gold mine rush here?”
One person who seemed unimpressed with the news was Sunnyvale city council member Jim Griffith. He calmly suggested on Twitter that the “$782,000 over” deal makes absolute sense from a business perspective: “It’s a 13,000 square feet lot.,” he wrote. “That’s why. Large enough to tear down and build 2 full single-family homes. Not at all surprising.”
Photo: The house in Sunnyvale that sold for $782,000 over its listing price. (Courtesy/Dave Clark and Keller Williams)
Tags: affordable housing, Apple, Bay Area real estate, Google, median prices, real estate transactions, Silicon Valley, Tech
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