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What Happens to Home Prices When Technologists Come to Town

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Re: What Happens to Home Prices When Technologists Come to Town

#21

Post by xux »

stephengillie wrote: post #19
meesterdude wrote: post #6

> When I bought my first house, using money earned from co-founding a software company, I couldn’t believe that such abstract work could be exchanged for something so big and tangible, hewn from forests and rocks by people sweating in the sun. I've been writing software for years, and it still feels like magic. People work 3x as hard as me and I make 3x as much as them. Many make real, physical things; i just type aw…

It embarrasses me that less physical effort grants me a more valuable reward. This probably just reflects my laborer upbringing. I put together a few lines today that automates a 5-minute process. Across the scope of a few thousand servers, this obviates about 6.25 weeks of labor. It really does feel magical.

> It embarrasses me that less physical effort grants me a more valuable reward

Why? Just because you work hard doesn't mean you deserve more

Re: What Happens to Home Prices When Technologists Come to Town

#22

Post by eclipxe »

stephengillie wrote: post #16

Seattle's traditional Capitol Hill residents are really struggling with the tech influx, just down the hill in SLU. New bars and restaurants open daily, rents have skyrocketed, and their arts scene is being pushed up the hill and to the east.

New bars and restaurants to enjoy, what a struggle!

Re: What Happens to Home Prices When Technologists Come to Town

#24

Post by eclipxe »

stephengillie wrote: post #20
eonw wrote: post #15

ask seattle, they are dealing with it now and many of the locals aint to happy. not only have housing prices gone up, traffic and crime have as well.

Interstate-5, a fully-featured modern interstate highway, is a modern marvel. In the middle of the afternoon, we can travel an entire 13 miles in the span of just 60 minutes!

As someone that couldn't go further than 7 miles on 101 in SV in less than an hour...I have no pity.

Re: What Happens to Home Prices When Technologists Come to Town

#27

Post by chiph »

People in Austin are saying it's a bubble. But it isn't - a significant number of homes are being paid for in cash. Often $10-20k over the asking price. Those that are being financed have fairly solid support behind them (20% or more being put down). It's not a bubble - it's supply + demand in action.

Which means that housing will be tight until the builders can catch up. Unfortunately, Austin's roads and other infrastructure weren't designed for this influx and are overwhelmed. The city leadership recognizes it's a problem, but haven't been able to produce a coherent plan for solving it. Don't move here.

Re: What Happens to Home Prices When Technologists Come to Town

#28

Post by hashberry »

eclipxe wrote: post #22
stephengillie wrote: post #16

Seattle's traditional Capitol Hill residents are really struggling with the tech influx, just down the hill in SLU. New bars and restaurants open daily, rents have skyrocketed, and their arts scene is being pushed up the hill and to the east.

New bars and restaurants to enjoy, what a struggle!

#amholes #amazonkilledseattle #gentrification #dudebros #richdicks #highrent #anotherbar #morecondos

Re: What Happens to Home Prices When Technologists Come to Town

#29

Post by dasil003 »

eclipxe wrote: post #22
stephengillie wrote: post #16

Seattle's traditional Capitol Hill residents are really struggling with the tech influx, just down the hill in SLU. New bars and restaurants open daily, rents have skyrocketed, and their arts scene is being pushed up the hill and to the east.

New bars and restaurants to enjoy, what a struggle!

The problem is a lot of people can't afford an artisanal $15 whisky sour, but a 25-year-old single software developer bringing in $100k doesn't have to think twice about buying three of them.

Re: What Happens to Home Prices When Technologists Come to Town

#30

Post by dragonwriter »

chiph wrote: post #27

People in Austin are saying it's a bubble. But it isn't - a significant number of homes are being paid for in cash. Often $10-20k over the asking price. Those that are being financed have fairly solid support behind them (20% or more being put down). It's not a bubble - it's supply + demand in action. Which means that housing will be tight until the builders can catch up. Unfortunately, Austin's roads and other infra…

Bubbles are supply + demand in action, but where the demand is driven in large part by perceived future value where the underlying fundamentals to support that future value do not exist.

That homes are being paid for in cash doesn't indicate that there isn't a housing bubble -- it does mean that if there is, its not likely significantly an effect of a mortgaged-backed-securities bubble the way the pre-2009 national housing bubble was.

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