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San Francisco Bay Area
Reply to "What don't I understand about the Bay Area real estate market?"
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[quote=Anonymous][quote]My in-law's small ranch house in the Silicon Valley is worth more than $2M. They tell me when the neighbor's sell, the house gets multiple offers above asking price, there is a bidding war, the inspection is waved and the house sells for a pretty penny above asking. Houses are so expensive in places like the South Bay because, like DC, there are height restrictions on housing. Usually no more than two stories. High demand, low supply. Be aware, too, that your tax rates are set to the year you purchase a place. My in-laws bought their house in the early 1960s and [b]pay a 1962 tax rate on the place[/b]. Like everyone else in that boat, they will never move.[/quote] No they don't. They pay tax on a base of the 1976 value with a 2% per year inflation factor. Read up on Prop 13.[/quote]
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