Re:San Francisco, Silicon Valley rents plunge amid downturn
by onlyrealcuzzo on Monday June 01, 2020 @12:42PM
(#23380498)
Well if you think this is going to be a downturn, you should look at how other downturns in housing unfolded. Usually, house prices take a while to fall once things get bad. Usually, you start to see a lot of deals and properties selling way under asking before average listing prices drop. If we are going to get to that point, it certainly doesn't appear to have happened yet.
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Re:San Francisco, Silicon Valley rents plunge amid downturn
by nostrademons on Monday June 01, 2020 @06:49PM
(#23384997)
I'm starting to see this - of the 8 or so houses sold in Los Altos over the last month, one was 5% under asking and the other was 18% under asking. It's still pretty rare though.
More interesting is the huge hit to the volume of sales. Mountain View was turning over about 8 houses/month before COVID, but for each of the last 2 months, only 4 houses have sold, and 5 in March.
I think it'll be a while, and depend upon how the reopening goes, whether we get layoffs at major tech companies, and whether remote work becomes common.