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School me on.. Oakland home prices

corndog67 said:
Picture this.

Big ass quake, 16.8 on the Richter Scale . Shit falls around the Bay Area. Let us assume that many, many people have earthquake insurance (but they don't).

Would it be cheaper and more profitable to pay to fix many, many houses, or go bankrupt?

I'll assume they would go bankrupt, rather than pay to rebuild thousands of houses.
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Who? The insurance companies? Nobody has the coverage so it doesn't matter. If you are talking about the people that own these homes, they'll likely not qualify for another loan to rebuild and will walk away leaving the mortgage company out to dry. The question is will the companies try to trickle the lots/properties back onto the market to keep prices higher than they would if they flooded them? Either way prices will drop significantly imo. Obviously we're talking a pretty bad quake and I hope that doesn't happen.

More realistically I see companies like snap chat and whatever else retarded app thingy going under and a decent amount of people getting laid off and having to find real jobs.
 
Reli said:
Most people who say the BA is worth it have never even lived anywhere else, so how would they know they couldn't be happy somewhere else?

Or they'll say, "Yes I have, I lived in Tulsa and it sucked" like as if Tulsa is representative of everywhere else you could go.
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Never been to Tulsa. But I heard it sucks. :laughing
 
Reli said:
Most people who say the BA is worth it have never even lived anywhere else, so how would they know they couldn't be happy somewhere else?

Or they'll say, "Yes I have, I lived in Tulsa and it sucked" like as if Tulsa is representative of everywhere else you could go.

IMO, if you don't have any kids, and you're constantly taking advantage of everything the BA has to offer, it might be worth it. Otherwise, no.
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I've worked in three countries, 4 states, 4 provinces.
The BA is fucking nice. Living in Tulsa would suck balls.
 
Jackson said:
In SF there are groups of landlords and real estate folks who get together and figure out how to make more money. The prices are not market driven, they're opportunistic.
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:laughing

Yeah, it couldn't be rent control and barriers to new construction keeping down supply or anything, coupled with a strong job market driving demand.

Conspiracy!
 
The BA just needs more towers like other cities near fault lines. Less demand on limited land.

vancouver-canada.jpg
 
I'm in the lower Laurel in Oakland, just above 580. I've been here 28 years. The house cost me $95k. At the last peak similar houses were selling for $500k plus.

In my neighborhood ( and not by any means the best in Oakland lol) similar houses are going for $450 up.

The new buyer are not like the old buyers. The new buyers are tech/medical and mostly from SF. Why are they moving? Because the rent they paid in SF buys them a house in Oakland.
 
jt2 said:
:laughing

Yeah, it couldn't be rent control and barriers to new construction keeping down supply or anything, coupled with a strong job market driving demand.

Conspiracy!
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Rent control only applies to buildings built before 1973.
People who cry 'there's no inventive to build rental units in SF because rent control' do so out of ignorance or duplicity.
 
afm199 said:
I'm in the lower Laurel in Oakland, just above 580. I've been here 28 years. The house cost me $95k. At the last peak similar houses were selling for $500k plus.
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Hi!

I'm trying really hard to be your new neighbor. :wave
Maybe someday soon I'll be close enough to be able to take you up on your kind offers of parts or tools next time I toss a bike down the road. :laughing
 
jt2 said:
:laughing

Yeah, it couldn't be rent control and barriers to new construction keeping down supply or anything, coupled with a strong job market driving demand.

Conspiracy!
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Thats a simplistic argument that ignores where the money that is/was purchasing new homes was mostly coming from. Tune in at 9pm tonight to find out which Asian country has the highest exodus of US dollars. It's not a conspiracy when it is happening.
 
SFSV650 said:
Rent control only applies to buildings built before 1973.
People who cry 'there's no inventive to build rental units in SF because rent control' do so out of ignorance or duplicity.
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1979, isn't it? My wording was poor, but rent control does indeed drive down rental inventory, because property owners that have been victimized by it are have a strong incentive to take their property off that market.

Couple that with the other two factors I mentioned, along with ordinances and policies that are unfriendly to landlords to say the least and it isn't hard to see the problem.
 
JesasaurusRex said:
Oh I know, I remember looking into it. Nothing like paying 750k for a place to not have coverage for the most likely natural disaster. Even if rebuild cost is $300,000 (doubt it) on that, who'd give the average person a loan for that when they're already stretched to the max on the original mortgage. At least it's a non recourse state.
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If the worst happens, rebuild on a FEMA loan, be happy we survived, and suck it up as far as my lost money goes. :dunno
 
How is rent control not the landlord subsidizing their renter's lifestyle regardless of their income level?

Also they aren't required to save the difference between their rate and the market rate, yet cry foul when the owner wants to sell the place...
 
So. Should I bother paying $100 to add earthquake to my home..I'm 50 miles from BA mega faults...or screw it I'm not close/insurance will go bankrupt anyway?
 
Zerox said:
Wow, you've saw some neighborhood CHANGES I'm sure.
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Gone from drug dealers next door and section eight, and AK's used to shoot out phone lines to hipsters, techies, almost every house on the block rehabbed, new paint, nice gardens, and peace and quiet.

Still have the boom boxes. :laughing
 
A few years ago I looked at SF as I crossed the bridge and said to myself "I live THERE!". Now when i m stuck in traffic crossing the bridge, I look at SF and say to myself " holy fuck, I'm glad I don't live THERE!". :laughing

Yea yea, I know, you're glad too...:p
 
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