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Berkeley House Sells for $1.5 Million Over Asking Price
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- เผยแพร่เมื่อ 28 ต.ค. 2021
- A house in Berkeley was listed for $2.75 million. Ten days and nine offers later the home sold for $4.25 million. Max Darrow reports. (10-29-21)
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The property tax alone is $55,300 per year! Thats 3 times more than my rent .
That’s 28x my mortgage 💸
That money goes into the pockets of city and county corrupt officials
That’s more than many homes in rural areas.
@@coloradobrad6779 Thanks Brad
And people wonder why there are tent cities...
That’s not the reason why. Cmon
@@sociedadnortena9514
....man"
I often get online jus to watch the latest homeless exploits . . . inevitably within eyes reach from many of these multi-million $ homes ! 😎💀🇺🇸
Its worth $200,000
County is going to love the property tax bill on that house!
In that neighborhood
@DDOT EEL the two are the same. FMV assessed on sale.
This is what is playing as major role in pricing people out of areas. It’s shameful. This is inflating the market. CA is already unliveable for most of the CA population.
Thank you for posting exactly what I was thinking. Absolutely ridiculous. This is also why California has such a large amount of homelessness as well. It’s sad to see entire families living out of their cars. And the parents work hard but the rents are sky high and if you buy homes start at $1million dollars. And their on here like this is a good thing. It’s good for the agents,and sellers but for the public it’s a bad sign.
Yeah, and people that buy homes like this don’t want new housing built in California because it will lower their property values, I feel like eventually people are gonna have to move to make any moves
@@queenofweaves916 exactly, like even your making 100k a year, a million dollar home is unrealistic to ever pay off or get a loan on. It’s time to look beyond California
These same assholes are moving to other cities and ruining those towns too... Californians really need to be stopped
North America is unliveable. Pay attention. Other than a few mining towns that have been dying for the last 140 years, and a few enclaves either remote or infested with crime, there isn't a place to go to. Prepare to live in a van and move often.
Congratulations Julie, that’ll be a handsome paycheck
Overseas billionaires hiding their money. More depressing news.
A lot of them are hiding their money by buying multiple homes in CA and elsewhere (you don't know who they are because they set up a fake LLCs to buy the properties). If you live in a nice neighborhood, just look at all the homes that are unoccupied. Most are owned by corrupt foreign officials and businesspeople hiding their money.
China basically owns California
Yes I have heard this a lot
4.25 MILLION for a 4 bedroom house on a busy street with no view, no pool, no acreage, and ugly ass kitchen backslash that comes with a 55k per year tax bill and will probably have homeless tents out front within a year? NO THANKS! These buyers must be on drugs.
Stay MAD 😡 😂
Everyone knows the price in CA, but nobody understands the value. Anywhere else in the US that house with that square footage is $800k…
Nope not drugs. They're drunk, that's why there's a wine cellar 😜
@@Karen-pk3uv that's priceless that's a great comment
“These rates are sustainable, as long as the supply stays LIMITED”
Yeah. Damn near everyone who owns their home is staying put and 3K+ rent is common place. People can barely afford rent, let alone cost of living + saving just to sign your life away to secure a house at 35+% markup…
You're right but keep in mind that it's the buyers who jack up the prices---not the sellers. IMO, we need more housing for so many very obvious reasons.
No, it's not housing that's needed. It's jobs that pay living wages. Already, rental evictions and foreclosures are increasing. That indicates the problem isn't supply, nor even demand. People aren't getting paid enough to live indoors. The housing that's proposed to be built is far too expensive compared to real incomes..
@@ripperduck living wages in SF is 100K. 2 people = 200k/year. 1/3 for logging = 16,667 per month. so a 3000/month rent or buying a 2 million dollar house is no big deal.
Don't sweat it; rent control moratorium and CA government will just dismiss the back rent. 😂 Tax the billionaires before they leave the state.
And there are some people who pretend that this is a good thing. The people who live in these neighborhoods are also the strongest opponents of building more housing or cracking down on institutional investors, because it will mean lower property values for them.
It's corporations buying these houses...
Berkeley is just that contradiction. Home to a UC known for being extreme Left, yet zoning was DESIGNED to keep those "Oakland people" OUT.
Total bullshit. Building more housing that people cannot afford is no solution..,
@@alexlopez5800 No it's not corporations - this is mainly homebuyers. Lots of demand but not enough supply.
@@ripperduck Developers aren't going to build housing if nobody can afford it. Maybe lower-income people cant afford new housing, but upper-middle and upper-income people can. And it's not just market-rate housing that nimbys oppose, it's also affordable housing!
I used to pass that house on my way to school in the. late 1950's and mid 1960's! Who could have guessed back then!!!!
Actually having a house that is grossly overvalued. That you can't pay off in you life is really closer to a debtors prison.
People who pay that much HAVE money....They are the haves....It's prolly not a worry for them.
Why assume they don’t have the cash to pay it outright?
People who have no money aren't paying 1.5 million over. There paying cash. And if your paying that much over, it cause you have so much more. They eliminated a bidding war and pretty much guaranteed what they wanted. Money isn't an issue for them.
Don't worry. Be ready to compete with corporations on buying houses.
Seriously, there needs to be regulation but wait they control the market. Whole generations will work until they're brittle old and miserable. Sounds good guys.
@@danielpiazza4036 Didn't that already occur for recently past generations? Or occuring?
& putting it on air&b
Black rock you mean.
@@alexlopez5800 it is happening now but we will see 401k fail more and more generally as a system that replaced pensions. It's crumbling actively. We will eventually have to put a robust SS or UBI for people as a safety net. Otherwise we will see millions on the streets in time.
proof that there is someone with more money than sense, no matter what the realtor says.
All that money and not much privacy being curbside right at the intersection.
The noise factor turned me off.
my ex-roomate told me about his father business, he used it buy french wine recycle bottles and he used to fill them with cheap wine and sell it in china as genuine french wine. he was afraid that the government will catch him one day so he used it to buy properties for his kids in Vancouver. my exroomate was 24 when he had his 800k apartment. He was nice enough to let me stay with him because i met him at school and we became good friends.
All in all , corrupted money is driving the price of housing in Canada and USA.
I am sure this is only 1 % of Chinese, the rest if Chinese suffer like us too .
It hard to start a family in here , to be a working middle class and stop that greed.
And people are wondering why everyone is leaving California
"It's not so much how much they paid over the asking price, people are paying ME a shitload more!!" So sayeth the realtor...
I have a feeling this market is going to crash again when corperations can't sell back to the people because they can't pay the asking price. As for me, I'm going to start saving to build my own house out of whatever's available and not too overpriced.
You’re going to have to learn how to become your own general contractor, because any GC firms will quote you in relation to the housing market. Start learning the steps involved with building, and start reaching out to different roofers, foundation pourers, framers, electricians, plumbers, drywallers, low voltage installers, landscapers, inspectors, and get to know these people so when the time comes everything goes smoothly.
@@andrewa5077
My father is a contractor actually, and he has several connections already. He's been in construction and built homes from the ground up for more than 30 years now. I think I'll manage, thanks for the advice though.
@@lStranger that’s awesome, looks like you’re all set.
Zillow probably just bought it.
Zillow is suppose to be in trouble dumping homes it has for pennies on the dollar.
One big earthquake flushes the craziness right down the drain.
Pretty much
Wouldn't bother me
Nope. They'll just rebuild, land value high.
@@agolftweetler3995 make no sense to do that
@@JonDulion makes perfect sense, no brainer it will skyrocket again, those big ones seldom come around & area is idyllic & full of great employment opportunities.
Who is the buyer? A Chinese billionaire maybe?
@@alexlopez5800 i love the poorly educated
@@agolftweetler3995 I'm sure you do. 😂
@@alexlopez5800 imagine thinking a Chinese billionaire or bank wants this Berk prop
Even the upper middle class is getting priced out of the Bay Area.
The new owner paid $4.2 million for a house where the street noise is loud. Congratulations.
4 mills and you will get 4 bigger and nice home in another state.
"These market conditions are sustainable"
?????????????????????????? alright
They are not sustainable for two reasons:
1) Wall Street investors are typically the ones putting bids way over the asking (more rentals, no more buying).
2) eventually someone will have to pay MORE than what the originally person bought it for… which will hit a wall eventually.
It's the corporations buying these homes. Don't pay any attention to the news...
Market conditions are sustainable…when did we hear that before…2008? Yeah, it was the reverse of buyer’s market but still same shoe.
Now maybe those particular homes, unless they paid cash or had one of those special niche mortgages, the bottom for these half or more “over asking” frenzy will result in many being under water in value or monthly costs not to mention when they get hit with the property tax. And that’s regardless of the zipcode.
The correct price is the highest price someone will pay. If you don't like inflation, stop buying so much crap you don't need.
We all know a corporation purchased this house.
With the recent drop in Chinese real estate, China investors are now investing elsewhere.
You would have to pay me $5M to live in Berserkeley.
"It's not so much that they paid a premium..." that the realtor gets a percentage of.
Thank you for your idiotic contribution. 👏
Exactly! I lived there for 5 years in the 1990s and would never go back.
@@agolftweetler3995 There you go, talking to yourself again, NDBF
I mean I can afford Berkeley. Can you? Ain't nobody paying you shit scrub.
@@agolftweetler3995 I could, but I'm not going to pay a fortune to step over homeless people everywhere and be surrounded by loonies.
If I was going to buy a home it certainly would not be in Berkeley. The average commission for a single realtor is about 2.5% of the selling price, could be more in the Bay Area, the realtor who sold this house did very very well, probably made almost 150 grand on selling this single house, could be more…
Eat the Rich 🤑
Nah. Too old & overweight. Bad for digestion.
The Buyer probably won big this past week investing in SHIBA INU.
….meanwhile the homes for most people are getting smaller and tent cities are getting bigger.
Anyone else seeing where this will eventually lead?
It's nice but you couldn't pay me to live in Berkeley. You can't just live inside your house. You have to go out sometime and when you do you'll be in Berkeley.
Too many tax loopholes for the rich. That's how they are able to pay the over asking price
What specific loopholes are you talking about?
Think of states like neighborhoods. California is one of the most expensive. Old craftsman,well maintained and now completely upgraded.
Too much for me both in price and space, however still a gorgeous house.
Very nice house and neighborhood. I helped paint a house not three blocks from there. I can almost understand the price. Bay area is gonna be a ghost town soon.
If I think of states like neighborhoods in California is the most expensive shouldn’t it be the nicest? Why is suburban Kentucky clean and safe and the bay area reeks of urine as you Uber to work because your catalytic converter was stolen
I didn't see no swimming pool
Some techie prolly bought it
Or a corporation buying up houses.
see you should have studied math and science...
@@thornil2231 Never too late.
Foreign Investors.
@@ezekel.4656 Same thing happened to London.
I grew up In Berkeley our house was up in the Berkeley Hills near the Tilden Park Golf Course, Lake Anaza, and the Merry-Go-Round. The area where this house sold looks familiar our family used to drive up Ashley to get onto the freeway, I remember some classmates from 9th grade lived up there off Ashby. There were a lot of neighborhoods east of College Avenue.
rip off
Pucking insanity. Eat the rich. Take their homes.
"this is sustainable as long as the supply stays low"
And there's the secret California likes to ignore. These places aren't really that expensive, they are artificially kept that high due to Nimbyism.
I also wouldn't call that sustainable, you will eventually run out of super rich ppl to buy these.
And right beside two noisy wide roads. Uh, No.
Paying that kind of money to live in one of the nastiest places in the country.
Realtor took home about 42K...
usually commissions are around 3% so she prob took 1-200k
FAT STACKS
The home was constructed for under $30,000.00 suckers.
it's like going fishing 😂
And right on a busy, noisy street. No thanks!
0:39 house has its own whole ass website 🤣
Bring back violent crimes to the bay area to lower housing value
When we will get rid of the real estate agent ? Everything can be made to be done online and sold without agents 6% fee means the seller paid $255k to sell that house. Ridiculous
This is why I’ll never own a home in this area!
There are millions of people who could wipe their ass with 1.5 million dollars everytime they shit the rest of their lives and they won’t even notice a dent in their account.
Stupid! I've lived in CA all my life and wish I could leave this horrible state and God Awful Gruesome, but my wife refuses to leave. Who would over pay for a corner lot house with all that traffic? Don't get me wrong the house is awesome, but not worth it! Just wait till the big one hits!
Only an idiot would pay that much for a house like that.
go be poor somewhere else
@@idiotdrivers2001 your name says it all.
Let's tax these sales 25% and use that to build affordable homes. If they can pay $1million or $4 million for a home, they can dish up $250,000 to an extra million to build affordable homes.
That’s absolutely ridiculous! It’s these wealthy people who mess it up for the people who actually need a average home to reside in, instead of living in the streets.
People pay a premium to line that Realtor pocket with that commission money
do they pay prop tax on the assessed value or what they paid?
you couldn’t pay me 1.5 million to live in Berkley
Funky California turning into Yuppieville.
Foreign investors buying everything up.
Chinese money left five years ago. This has more to do with those who can command and get those low interest loans or have old money, stolen money, or laundered money. Everyone else is out of the game.
@@Dwightstjohn-fo8ki I very much disagree with you, Foreign Investors (Chinese included) are still very much buying properties, along with Real Estate Investor Groups.
The Pandemic might have slowed some of them down but not for long.
Nothing has really changed (economically or policy-wise) for your statement to be true, other than the Pandemic and that started in 2020.
3000 sq feet for 4.25 million. That's a problem.
“Thanks, I hate it.”
-Millennials
This is not another real estate bubble. Biden would never let that happen.
So my house is worth a million bucks....so what means nothing if I want to stay in the same county because the house I want to move up to is now 2 million or 4 million etc.
Most people are either staying put...or selling for millions and moving out of state like Idaho, Nevada, Arizona or Texas.
People come, people go - fascinating work detective
@@agolftweetler3995 I guess you didnt read the part about idaho Nevada and Texas.
Horrible work detective.
@@mixflip that's covered in 'people go', don't forget 'stay put' and people come. 🧐🥸
@@agolftweetler3995 you forgot they are selling for a million bucks....buying half the price for more money in Idaho and pocketing the $500k.
@@mixflipagain that's covered in 'people go'
Fascinating exposition!
Chapter 2 'people come' thesis? LOGIC: If everyone either 'stayed put' or go (left), there wouldn't any buyers; & there are a lot of buyers. Water is also wet.
God I can't wait to leave California...
Bye 👋
Cant wait for you to leave, go.
@Garcia Jose What is WLRP?
Don't come to my state, we don't want you guys either.
All the corrupt people are cool with it. 😂
The Bay Area think this a good thing the gap between the rich and other are become bigger. More homeless more desperate ppl struggling means more rich ppl being robbed. The tech ppl don’t even have to leave there homes to make more than 6 figures while the average worker makes nothing compared to them plus pay more bills. Wait till it get to the point of no return then see what ppl with nothing to lose will do. I have a home in SF but it’s sad to see thing going in this direction.
People wasting millions on this it's ashame how ca is headed
It's going on everywhere. California has some of the highest priced homes in the country. The disparity is disgusting.
Go for a ride with Bezos
Great....less conservatives the better...
It's a bubble that will pop in front of these people's/corporations face. Money nowadays is a joke.
@@alexlopez5800 and America will go down with it at this unsustainable rate.
Meanwhile for $4 million I can buy a 20+ unit rental property and have an on-going source of income (so long as I stay away from Berkeley, SF and other Lefty strongholds).
Inflation?! Whatever...
Most buyers are over seas investors
Chinese money
Julie just made lotta of money.
The buyers didn't purchase that house. There egos did.
why do places to live in cost millions of dollars
Im poor now.
California ❤️
.....awesome house for sure. Still in Oaktown...jus sayin.
Well buy it up now interest rates will be going up this coming year …
Duh, it’s The Uplands. And Star Grocery is right across the street.
city, agent, and owner are happy
This shit shouldn't be legal
My realtor friend says he typically list 15% under the desired sale price. So who cares if the list price was too low to begin with...
The real estate agent looks like 10 miles of bad road.
She just made at least 42k in commission and can't afford to fix her teeth?
For the clowns claiming the answer is building more housing, why are cities/counties allowing already existing, affordable housing the be destroyed in order to build junk no one can afford? An apartment renting for $2,500/month means $30k/year in rent. If 30% of income should go to housing, a person would need to ear at least $100,000/year income. How many jobs are being created anywhere in CA that pay at least that much? Very few, and only in a tiny sector of the economy. Yet, a $2,500/month apartment is cheap in the Bay Area. This is why you have overcrowding, it'll take more roomies than what the apartment can hold in order to make the rent.
Jesus is there no growth in the Bay Area anymore?
Nope, pull up a geographical map. Every bit of usable land n that area that could be developed, has been developed. Either they start building high-rise apartments, or all the current inventories just going to continue to skyrocket in value
who else thought if this house sold for a dollar I'm going to kill myself
These home prices will crash soon. Especially for us regular folks
Now the sellers are buyers.
Who T F keeps buying way over?
Eat The Rich
Well, this is not healthy ……..
Congratulation$ to the real e$tate agent.
Who is buying these homes ? In other states you easily could buy an entire city block or more for this amount .
Now listen to the stones and paint that red door black
You want cheaper housing? Increase density and supply. But I don’t really think most Americans want cheaper housing bc they’re already homeowners & it means values will go down.
Can you tell me how does, "Increase density and supply" will change make the prices of homeownership or rentals GO DOWN IN PRICE?
I think people are still resorting to their "Economics 101" class from years and years ago, whereby that may have been the case.
But, now there's new players in town, Investor Groups and Foreign Investors, real estate and tax loopholes, that enable all of these new "players" in town to CHANGE the real estate landscape FOREVER.
@@tillygirl7450 It's a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demand exceeds supply, prices rise. Would regulating foreign buyers help? Sure bc it reduces demand. But it’s not the main thing driving California’s insanely high prices. It’s that supply has not kept up with demand. These are just facts. These are fundamentals of economics here.
Once I heard neighborhood I was like yea those houses are expensive
Probably some crypto billionaires. 🤣🤣
That's a lot for Berkeley. Just go 2 miles west and you're in the hood. For that much I'd look for something in Los Altos or Mill Valley.
Makes me sick.
All that Fed money flooding in.