Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Home Values Are Rising by $800 a Day in San Jose

bloomberg.com

Post reply on HN
Print view View original

101–110 of 247 posts

Re: Home Values Are Rising by $800 a Day in San Jose

#101

Post by taurath »

BurningFrog wrote: post #75
jorblumesea wrote: post #51

Earlier quoted context omitted.

Seattle is already on the path to being SF junior, and house prices are far beyond what is affordable for most. We're not SF prices yet (or hopefully ever) but pretty crazy right now. Sad, because what made the city interesting is being actively driven out.

I understand that Seattle is still allowing housing construction though?

They are, but the zoning rules and tight geographic constraints hurt it a lot. There is also a WA law that greatly increases Condo liability - nearly every new building in the city in a midrise or above density building area is built for apartments, not condos. Go look on Zillow - the number of units and houses on the market are EXTREMELY low and have been for a very long time.

Re: Home Values Are Rising by $800 a Day in San Jose

#102

Post by taurath »

mulmen wrote: post #77
BurningFrog wrote: post #75

Earlier quoted context omitted.

I understand that Seattle is still allowing housing construction though?

I believe rent here was stable in January 2018, the first time since 2008. Supply seems to slowly be catching demand. There's still some serious concerns about space to build higher density but the city has not totally locked down new construction or density increases. My neighborhood is largely single-family and there are a number of places that have been demolished recently in favor of town homes and small apartmen…

Yet the median house price increased by $50k last MONTH. They have a lot of new apartments on the market from the midrise and highrise construction, but almost nothing to own.

Re: Home Values Are Rising by $800 a Day in San Jose

#103

Post by taurath »

fred_is_fred wrote: post #49
taurath wrote: post #41

I have a pretty large group of generally geek-oriented friends across most of the western US, and tracking their migration patterns has been fascinating - we're basically all 1980's-born millennials. In the 2000's was when we met, those who had grown up there and those who were moving were in the same age group. Only about 40% were college educated or in tech/programming oriented roles. Of those, a small amount has r…

We have no avocados here. This isn't the state you are looking for. Move along. Move along.

https://www.google.com/maps/search/avocado+toast+denver/@39....

Thats a lie! :P

Re: Home Values Are Rising by $800 a Day in San Jose

#104

Post by taurath »

mulmen wrote: post #71
fred_is_fred wrote: post #49

Earlier quoted context omitted.

We have no avocados here. This isn't the state you are looking for. Move along. Move along.

I'm from a small town in Idaho. I recently went back to visit family. Everyone was eager to tell me that the direct flight from Seattle would be cancelled in favor of a town 45 minutes away. The local airport which used to serve the region is losing commercial service to the largest metro area in the region. Getting out of town will take an extra transfer and a 45minute to two hour drive. That town has stagnated and…

That's the squeeze I'm describing. If you want a "new economy" job you must be in a city. It feels like the only people doing well are the blue collar workers in the suburbs or rural areas who are mending to the retired or retiring boomer's homes. New blood has no money or resources.

Re: Home Values Are Rising by $800 a Day in San Jose

#105

Post by saratogacx »

tjr225 wrote: post #84
mulmen wrote: post #67

Earlier quoted context omitted.

When did you move to Seattle? 2011 for me. The city has certainly changed but I'm still unclear on this nebulous culture shift that has supposedly "ruined" Seattle. What was more interesting about Seattle when you moved here vs today?

I moved out here last year - I do not live in Seattle proper, but I work there. I love Seattle but it is a crazy town that to me seems like it must've always been in flux. For the love of God do not move here if you don't want to be stressed out about housing costs and don't want to deal with an insane commute regardless of almost anywhere you live. I'm trying to find it but there was this old video recording from ei…

There are a lot of them from an old tv show called Almost Live. Here's a good spot to start from '97

https://www.youtube.com/watch?v=Tr5-Obhi1pE

Re: Home Values Are Rising by $800 a Day in San Jose

#106

Post by School-Cotton »

MrL567 wrote: post #31
rubicon33 wrote: post #24

Earlier quoted context omitted.

I believe tech salaries will decline starting in about 5 years, and accelerating in 10 years. Why? HUGE influx of people into the field, fueled by government programs, people in tech pushing for more people to join (why they would ever do this is beyond me, say goodbye to your salary), education in high school and younger, wide availability to learn online, outsourcing, etc... The influx of workers will simply outstr…

https://blog.codinghorror.com/why-cant-programmers-program/ Considering articles like this and the fact FizzBuzz tests are even a thing I wouldn't be so sure. I get your point, but the problem is while with enough time one can get it, quite a few people are going to hit a wall and not be able to pass it.

That article was written over 10 years ago

Re: Home Values Are Rising by $800 a Day in San Jose

#107

Post by aaronblohowiak »

taurath wrote: post #96
nostrademons wrote: post #73

Earlier quoted context omitted.

> Colorado is now seen as the last "cool" place thats "affordable" and liberal (sorry screaming Coloradan's, you're next). Asheville, NC is coming up after Colorado - I've got one friends-couple that's actively moving there this summer, and a couple others that are thinking seriously about it. > I wonder what this all will look like when we look back 20 years hence There was an interesting throwaway comment in Carlot…

The one thing I have never seen yet of any of that large group is a move to the east coast. It’s as foreign as can be though some have spent a bit of time in NYC for work. I think the cultural “west” is still where these people will stay for the time being.

The northeast is already so expensive, and is GENERALLY richer in euro-centric history and old-money, which makes it less of a draw for adventurers.

Re: Home Values Are Rising by $800 a Day in San Jose

#108

Post by ninkendo »

htormey wrote: post #50
d--b wrote: post #37

Earlier quoted context omitted.

I think we're already seeing the signs: - stock market is less bullish on tech: https://finviz.com/futures_charts.ashx?p=d1&t=NQ - less startup funding: https://techcrunch.com/2017/11/30/theres-an-implosion-of-ear... - mortgage costs going up: https://www.zillow.com/mortgage-rates/ca/bay-area/

It really doesn’t feel like a correction right now at least in the tech sector: - The job market is unbelievably hot. - I don’t see why any of the big tech companies will turn in outrageously bad numbers this quarter. - Everyone I talk to is hiring. - A bunch of people at startups that went public or are about to go public will unlock a lot of stock really soon. Yet I still feel a bit nervous. I’ve been in the Bay Ar…

> I don’t see why any of the big tech companies will turn in outrageously bad numbers this quarter.

Really? You don’t see why FB may post a decline in users, after all the pushback they’re getting? Why Twitter might enter a spiral soon? These just seem impossible to you?

The rest of your comment seems like what people could easily have said in September of 1929. Not saying a crash like that is coming, but it literally means nothing that things are doing well today, it’s about whether the trajectory we’re on is sustainable in the long-term.

Re: Home Values Are Rising by $800 a Day in San Jose

#109

Post by Reedx »

nradov wrote: post #44

Peter Thiel claims that the majority of capital poured into Silicon Valley startups ends up flowing to landlords. https://www.sfgate.com/expensive-san-francisco/article/peter...

Yep.

VC -> Startup -> Employee -> Landlord.

Everyone blames tech workers, but they're not the ones raising the prices. Most of their money disappears into rent.

Re: Home Values Are Rising by $800 a Day in San Jose

#110

Post by Bucephalus355 »

poof131 wrote: post #95
taurath wrote: post #41

I have a pretty large group of generally geek-oriented friends across most of the western US, and tracking their migration patterns has been fascinating - we're basically all 1980's-born millennials. In the 2000's was when we met, those who had grown up there and those who were moving were in the same age group. Only about 40% were college educated or in tech/programming oriented roles. Of those, a small amount has r…

It’s both. There clearly is a bubble. The Fed has essentially dumped easy money into the economy since the dotcom bust. 2008 saw another crash and again the spigots were opened. It only seemed to flow to certain areas though as top down economic policy tends to do. Now as the Fed raises rates, people can borrow less and thereby afford less. We may see zero percent interest rates forever and the government stepping in…

Would also add that the era of “easy money” even predates 2000 and the dot-coms. You could trace this back to the Southeast Asian financial crisis of 1997, and just generally all the emerging market crises of the mid to late 90’s (Mexico, South America, Southeast Asia, Russia).

One of the reasons we got the dot-com bubble, even though the Fed was aware of it, was that they were more afraid of instability from the emerging markets than a domestic bubble. That fear was certainly justified, but nonetheless the dot-com bubble was still enormous.

Post reply on HN