Tuesday, April 16, 2013

Housing this another bubble

Considering how many Realtors I know even whispering the word bubble is dangerous around them. The housing market here in Silicon Valley is just literally catagory 5 tornado crazy. Whether it is not enough inventory or too many buyers or as one person told me apparently international investors are offering up huge  Cash sums of money for homes that they will not see.

The micro climate is just really stressful for people, you mention you are interested in purchasing a house you might as well open your wallet and take the homeowners out to dinner. There is also something else people are putting their house on the market only to sell to a family member.

So, I know with the housing market this tight the rental market is just as I was wrong.

IT IS WORSE. While there is inventory the PREMIER location of being anywhere worth having is just absurd. I thought I found a place its on Los Gatos road next to Good Samaritan Hospital but what it is a converted home with a whole bunch or rooms adjacent with small kitchenettes and shared bathrooms. It is quiet possibly a former insane asylum as there was padlocks ( and I kid not ) on THE OUTSIDE of the doors.

Next I went to Morgan Hill to see an apartment on the first floor of a complex off Monterey Road. It was a hotel that is now converted into one bedroom apartments. While I could afford to live there I was still thinking of every CSI episode where they use the black light ...yeah that one ...couldn't swallow my pride fast enough as I bolted for the bus.

Finally I went to Walnut Creek, yes Walnut Creek where its is over 60 miles from where I live today.
I would have a commute of two hours and well I could have a dog.
Walnut Creek is EAST of Oakland it is up the 680 corridor and parallel west of where my older sister lives in Albany.

I went, I saw, I filled out an application because the upstairs unit was off set from the main building, there was a park, a grocery store and reasonable transportation ( please note my version of reasonable transportation is two bus lines ) only to be told that I am one of three candidates and I needed to do the following

  1. Pay a $35 fee for Credit Check 
  2. Pay an additional $150 for pet fee 
  3. Pay two months rent in advance 
  4. Agree to a one year lease which at time the rent could be raised 10% annually.
I wish I could say yes to all of it but this kind of bait and switch happens daily in the rental market because the original ad was for an "1bdrm apt for $950 pets welcome deposit neg" 

I knew I shouldn't have wasted my time to go for a one line apt ad but I admit I really want a place where I can have a dog. 

My only hope is that this housing crunch calms down by September because that place in Morgan Hill is looking pretty good. 

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