‘Cut the price in half and it’s still obscene’ — readers comment on the house in Sunnyvale that went for $782,000 over asking

This week’s Mercury News story about a modest ranch home in Sunnyvale that sold for $2,470,000 — $782,000 over the listing price — incited an avalanche of response from readers, as if they’d finally been pushed over the edge by this crazy bit of news.

Reading through their comments, one feels the frustration and bitterness (laced with humor) that residents feel as Silicon Valley — well, the whole Bay Area — becomes a place where “regular” middle-class people can’t afford to buy a house.

On Twitter, @rone wrote: “Cut the price in half and it’s still obscene.”

That about sums it up.

Here are a few more comments, mostly pulled from the Merc’s website:

“The bubble will burst again and all the techies will sell and move back out of CA. In this case, history always repeats itself,” wrote MJE.

“This is a lesson for progressives from all over the country that would love to come to Bay Area, to live the `dream,'” said Mack. “It’s not red or blue here, it’s green and if you don’t have the green, you’d better stay where you are.”

“So which side of the San Andreas fault fissure is this address?” joked (we think) CitizenVetUSA.

“Alas, some of us have been in the Bay Area for a long time… 45 years for me,” said Visitor, introducing his sad tale. “The one home I bought cost $36,000… ten percent down with an added construction loan that brought the mortgage to $44,000. I upgraded the house and put on an addition. Alas, all the value accrued with time went to my former wife and subsequent owners. Now I’m a renter hoping that my landlady of 27 years won’t be so thrilled by what she’s reading in the newspaper about home prices and rents that she’ll double my rent.”

Said jopamo: “Apple (et. al.) pays the hipsters and tech bros who create the demand for high rents. Greedy landlords are reacting to the market presented to them. Supply and demand.”

And “Holy Schmoley,” added Brian Richardson: “They did not even mention that Google has it(s) sights on 6 more properties right here in Sunnyvale !! Holy Schmoley !!!! properties here, if they already haven’t, are only going up from here. San Jose, with the Google campus, Apple with their satellite offices, Google buying more Sunnyvale properties. Heck, do we have another gold mine rush here?”

One person who seemed unimpressed with the news was Sunnyvale city council member Jim Griffith. He calmly suggested on Twitter that the “$782,000 over” deal makes absolute sense from a business perspective: “It’s a 13,000 square feet lot.,” he wrote. “That’s why. Large enough to tear down and build 2 full single-family homes. Not at all surprising.”

Photo: The house in Sunnyvale that sold for $782,000 over its listing price. (Courtesy/Dave Clark and Keller Williams)

 

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  • Ed Greenberg

    The value of a thing is nothing more or less than what somebody will pay for it.

  • Thelip95032

    ““The bubble will burst again and all the techies will sell and move back out of CA. In this case, history always repeats itself,” wrote MJE.”

    The history is when the Financial bubble burst last time the price of California housing stopped going up , it didn’t go down. What’s really going on is gentrification, 14000 Apple employees moved into the spaceship and a bunch will be looking for houses to tear down and build McMansions. Apple has a lot of money and it will be paying high salaries forever.

    I lived in SV for 40 years this has been going on up the peninsula for a long time, it’s just now moving south. The same thing will happen when Apple builds it second spaceship sized campus down by Central Expressway. It’s already happening of all places downtown San Jose because of the new Google campus that is going to be built.

    The last “housing crisis” was really a financial crisis created by the banks giving people housing loans that they couldn’t really afford. All of the big tech companies ( Amazon, Google, Facebook, Apple) have huge sums of money and will be expanding.

    The housing shortage is going to get worse in California and that will be exaggerated in the Bay Area because of limited land to build on.

 
 
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