There is a very interesting thing happening in our neighborhood. Smaller older homes are being scooped up by developers and new ones. They are demolishing them except for one wall and putting up new ones. Have been doing some digging and they are finding houses that have been on the market for awhile and offering them around $350,000 cash. These homes are from the 1920s and have had no updates in decades. So these people who are selling are jumping at those offers. Thing is the houses they are putting up in there place are going for $750,000 and up. I would say the majority are at least making an attempt to design these homes to match the era of the neighborhood and has some sort of architectural integrity, but there are a few that really stand out. Some neighbors are really pissed about this and it is becoming a huge battle between the old neighbors and new ones. Anybody else seeing this happen where you guys are? This duplex is around the corner form us. On this lot used to be a 1,750 sq ft house built in 1925....sold for $325,000. They threw up this. A duplex where each one is going for almost $900,000! DAMN!!!!!!
Oh it's already been going on for a few years, it's just now at a whole nother level. My property taxes have really started going up. So is the value of our house, so there's that.
Enjoy the yuppie douchebags about to invade your neighborhoods with their yoga studios, juice bars and communal tables. It won't be the same people in your hood in 10 years. Just a bunch of young rich assholes.
Holy shit. Once all the assholes move into hcps neighborhood, will he finally move to the burbs with his fat stack of benjis from the sale of his house!?!?!? Hcp in the burbs' Never thought id see the day.
Here's another a couple blocks away. I love and respect all kinds if architecture, but this just messes up the neighborhood's vibe!
These people bought a beautiful 1927 tudor that was dialed for $725,000 last year. KNOCKED IT DOWN!!!!! And built this. Said they loved the neighborhood so much it didn't matter.
Starting to happen in my neighborhood, my home was also built in the 1920s, so were many of the homes around me. The taxes and paper value of my home has also increased at about the same rate you mention, but on a smaller $ scale. The increased paper value of my home will work out great when I sell it soon. The timing is good for me. My guess is, in just the last year, the paper value of my home has increased by about twice the amount I originally paid for it. I have owned my home for about 28 years or so. When I bought the home, the neighborhood was a nice safe quite family owned bedroom community. As the older home owners passed on, many of their homes where purchased by speculators, they turned the homes into rentals. As the number of rentals increased, do did the crime rate. Now that many of these rentals and older homes are being bought and remolded by younger families, the crime rate has declined. Other than paying higher taxes, this transformation has been an improvement. I will take the yuppie douche-bags everyday over the druggies and slum lords.
Where are all these people working? Where are they getting a job that allows them to afford these houses?
Getting to know our kids friend's parents......Alot of business owners, doctors, orthodontists. Marketing, Nike and adidas peeps as well. Going to neighborhood get togethers and BBQs sure puts my shit in perspective.
This was around the corner from where I grew up. About 20 blocks from where we are now. This mid 20's house, hadn't been updated since the 60s. Owners passed away. Looked like this one day, like this the next And THIS is what is going up...... Whole neighborhood is pissed! This is on the Alameda ridge with a view of the whole city.
