How do we define “middle class” in Silicon Valley? By median income? A recent study says the median income in Santa Clara County, $93,500, is the highest in the country. So we’re all rich, right?
“I think you mentioned that you had some ideas around alternate business models in real estate. Would you mind sharing those with us?”
Stop the presses! Most people want certainty!
“Bay Area home prices continued to move higher last month with the median sale price of all homes (new and resale, houses and condos) hitting yet another record, according to a new report by CoreLogic, the Irvine-based real estate information firm.”
As first-time homebuyers always discover, the typical American home has evolved a lot since 1966, and even more so since 1950. That’s why so many homes in the typical first-timer buyer’s price range 1) blow their minds (“how can people live like this?”) and 2) fail dismally at delivering what the typical first-time buyer wants.
Overheard at an open house recently: “I’m waiting for the market to…” I didn’t catch what she’s waiting for, but I can guess. She wants the market to slow down to a nice, safe, sane 55 mph.
“The National Association of REALTORS is out with its latest international homebuyer study and it confirms that the appetite for U.S. real estate continues to flourish.”
Experience and the charts agree: Silicon Valley real estate is cooling, except in the most “affordable” markets.