Quote:
Originally Posted by DaneMcCloud
In most cases, the real estate prices in California (outside of the $2+ million homes) aren't reflective of the quality or size of the home at all. You're paying for the "privilege" of living in California or in simple terms, the land.
My home is worth 2-3 times that of family that lives in Leawood but our home is nowhere near 2-3 times as nice or even "nicer" at all, nor do we have an HOA nor modern conveniences of those that live in that area.
I've never understood why people that don't need to live in California, live in California. There's a freaking surcharge for every aspect of life on top of the highest taxes in the union. And while sure, Disneyland and the beach are great, unless you can afford to live at the beach, it means nothing. The nearest beach is 45 minutes from my home and I'm lucky if I make it down there 4 times a year and many years, that number has been zero.
There are houses in my neighborhood and others that are going same-day for $100k over asking price. It's insanity right now because investors are looking to take advantage of these super-low interest rates before they disappear.
Cash deals are extremely common in California. I had a friend that was looking recently that lost out on more than a dozen homes that were $1+ million because buyers stepped in with cash.
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This is having effects across the country. Those who can't afford to stay in California or are tired of it are cashing out and moving eastward causing housing and cost of living to skyrocket in places like Oregon, Montana, Idaho, and Utah to name a few. I am a part of that Nextdoor app for my area and I swear almost daily someone introduces themselves and mentions how they just moved from California. They aren't moving into smaller, older homes either. They are moving into new ones in new developments that "start" at $500K and up.