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A comment on All-cash offers, wealthy buyers push Southern California home prices to a record.

Re:All-cash offers, wealthy buyers push Southern California ... by badrabbit on Thursday April 18, 2024 @12:24PM (#40077852)
You have insurance companies pulling out because of fires, there is the earthquake risk and also highly likely water scarcity issues in 10-20years. Yearly "atmospheric river" and other unexpected water and flooding related crises are also getting worse at a place that isn't planned and prepared for that.

Are these investors looking to sell high very soon? Otherwise, it's a big gamble long term.

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Re:All-cash offers, wealthy buyers push Southern California ... by alephnerd on Thursday April 18, 2024 @12:25PM (#40077878)
It sounds like you've never actually lived in California.

It's a state with the area the size of Germany.

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Re:All-cash offers, wealthy buyers push Southern California ... by cinntaile on Thursday April 18, 2024 @12:39PM (#40078076)
At that size his points (assuming they are true) are still valid.
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Re:All-cash offers, wealthy buyers push Southern California ... by alephnerd on Thursday April 18, 2024 @12:47PM (#40078169)
They aren't when a fire in Redding CA isn't going to impact insurance rates in Torrance CA.

Insurance rates are calculated at a hyper-local level.

Plus, building codes in CA require earthquake retrofitting to survive an 8.0 earthquake (10x the size of the Port-au-Prince earthquake).

It's like me saying the east coast is unlivable due to polar vortexes and hurricanes, or the Midwest is unlivable due to polar vortexes and tornados.

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Re:All-cash offers, wealthy buyers push Southern California ... by lokar on Thursday April 18, 2024 @12:47PM (#40078173)
It really. It’s all based on anecdotes you see in the news. Big state with large population means more anecdotes to report on.

The storms this year caused lots of issues and were widely reported. But normalize for the size of the state not all that big a deal.

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Re:All-cash offers, wealthy buyers push Southern California ... by redmorphium on Thursday April 18, 2024 @12:50PM (#40078197)
Earthquake risk and water scarcity are true, and these issues have been endemic, and they happen exactly at the major population centers / agricultural areas.
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Re:All-cash offers, wealthy buyers push Southern California ... by pixl97 on Thursday April 18, 2024 @01:22PM (#40078554)
You mean just like in Florida and Texas too...
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