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Real Estate
Reply to "What is stopping NoVA from reaching SV level prices?"
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[quote=Anonymous]I was just in the middle of the Silicon Valley visiting relatives and have gotten to know the area fairly well over the last 20 years. For starters, office building height in the Silicon Valley (Sunnyvale, Mountain View, etc.) can be capped at two stories, max. So there is still very restricted space for condominiums and "verticle" housing. There are very few apartment/condo towers. The home owners don't mind the lack of housing since it keeps their home prices high. My in-laws small 3-bed, two-bath ranch with modest yard is worth north of $2.5M. They think our home prices here are...cute. They also have every company you can imagine. My BIL told me a few weeks ago that to live there modestly, you must earn $150k/year *as an individual*. Below that, you cannot do it. It's slowly changing, but there simply isn't as much buildable land there as there is here. SV has hills and mountains and a bay ringing it. That's why it's called The Valley.[/quote]
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