re: The house that sold for $800K over asking price speaks to the inequity of California

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I don’t think he’s ignorant of market forces, I think he’s pointing out that something is definitely out of whack here.

I get that it’s close to Apple, but It’s nearly two and a half million for a dated, single family in need of renovation. Even if you want the lot, it can’t be anymore than 10K sq ft. In a suburb. And someone just paid almost $2.5MM for that?

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Nothing is out of whack. It's supply and demand. It's Silicon fricking Valley. People make a shite ton of money here, and don't think twice about spending it.

All you have to do is look at how short an amount of time properties stay on the market to see how hot the demand is. Properties almost never languish before they sell. They get snapped up p.d.q. And that's only going to get more true as Google continues to buy up all of East San Jose to build their next huge (8,000,000 sq ft) campus, doubling the size of the footprint of downtown San Jose.


My condo is 1100 sq ft. The owner paid $565k in 2015. Others in the same development that are exactly the same are selling for $620k to $650 currently.