$782,000 Over Asking For a House in Sunnyvale (mercurynews.com)

An anonymous reader shares a report: A house in Sunnyvale just sold for close to $800,000 over its listing price. Your eyes do not deceive you: The four-bed, two-bath house -- less than 2,000 square feet -- listed for $1,688,000 and sold for $2,470,000. "I think it's the most anything has ever gone for over asking in Sunnyvale -- a record for Sunnyvale," said Dave Clark, the Keller Williams agent who represented the sellers in the deal. "We anticipated it would go for $2 million, or over $2 million. But we had no idea it would ever go for what it went for." This kind of over-bidding is known to happen farther north in cities including Palo Alto, Los Altos and Mountain View. But as those places have grown far too expensive for most buyers, future homeowners have migrated south to Sunnyvale, a once modest community that now finds itself among the Bay Area's real estate hot spots.

Comments

Re:Stupid, or hoping to make a killing?

[IMightB]

As a Owner of a couple of duplexes, a serious DIYer, a tech nerd and live in Denver, I agree, flippers are prime A-holes. Shitty workmanship, it's all about lowest cost to acquire, lowest cost to improve and highest price to buy. When shopping for a house, i've inspected many "flipped" homes and the quality of work is nearly always sub-par. If you are an inexperienced home-buyer, and don't know what to look for, you'll be swayed by the "oooohhh Shiney/New" facter. Often, these "improvements" will fail after a few years.

YOU NEED TO PAY ATTENTION TO DETAILS!

Re:Whatever

[bobbied]

Certain areas of California are basically a different country with a different currency. if people want to live there and be slaves to their homes, have fun with that. For those lucky enough to have lived there when prices were affordable and are now selling, congrats.

Like happened in California, The real estate price run up is happening in Dallas right now. My house has nearly doubled in price since I purchased it 15 years ago, with 75% of that run up being in the past 5 years. Houses are selling so quickly that many buyers are resorting to making offers sight unseen and bidding wars are breaking out. Builders cannot turn out new homes fast enough.

Why? Because a load of companies have decided that North Texas is where they want to be. Toyota, State Farm, and Liberty Mutual (to name a few) have been moving large portions of their employees to the area.

I hope this trend continues until I'm ready to retire in about 10 years. By then, I'll be dumping the house and heading to the cheap country and living on the proceeds....

Re:Whatever

[ranton]

Money? What money? Last time I checked, California was riddled with a fucking obscene amount of debt.

California is not in debt. It is hard to pin down the actual net worth of California as a whole, but if its share of the total US net worth is proportionate with its share of the total US GDP, then California's net worth would be just over $10 trillion after subtracting state and local debt. There are probably only 5 countries other than the US with total wealth greater than the state of California (Italy is close, so maybe 6 countries).

California's government may be in debt, but that is only one small part of the state's entire balance sheet.