San Francisco Niketalkers, is this really how you guys are living?

[lightweight champion]

We’re seeing a slow crash even as real estate continues to climb and stocks climb and assets climb across the board. The beginning of the top end/ peak of the real estate and rental market was two years ago here in the Bay Area and all the smart money got out-is getting out-is leaving because the state and cities have become almost inhabitable and difficult to manage financially and politically. We’re in an everything bubble right now. The QE unwind continues, multiple rate hikes are on the way, and people will continue to pay exorbent amounts of cash just to be here because everything is here. And that’s the key word “here”. The difference here is the amount of debt being held by consumers on just about everything
This feels like the run up in many ways to the 29 crash or Japan in the 90’s but we don’t know what’s going to change or reverse in the next five years.

The local and state governments are trying to change zoning laws around large public and state transportation systems to allow for developer solutions in residential areas which is going to really impact communities as a whole. Saw Ed Lee at Structure SF in a room full of developers last year at the Fairmont before he died and it was crazy to see the San Francisco pipeline for the next twenty years. Vallejo was being primed as the next up and coming city as was Richmond which both cities are being heavily invested into. See what happens in West Oakland over the next decade and East Oakland is already preparing for it now.

KTVU did a report on Solano County as a hotbed for real estate purchase a couple of weeks ago. They’re selling point was for $700k and less you can get a huge home and still only be 40 minutes away from the city. Anyone who believes it’s only a 40 minute commute every morning...well I’ve got an ocean front property in Oklahoma I’d like to sell them.

 

[Deleted member 185039]

If Seminary changes I’m done brother. I miss the city and the town before the crash in 2008 - memories man. God bless everyone still here and those who have found greener pastures.

 

[Deleted member 185039]

KTVU did a report on Solano County as a hotbed for real estate purchase a couple of weeks ago. They’re selling point was for $700k and less you can get a huge home and still only be 40 minutes away from the city. Anyone who believes it’s only a 40 minute commute every morning...well I’ve got an ocean front property in Oklahoma I’d like to sell them.

Exactly. The media and the newspapers and the real estate groups and the explosive growth of the internet over the last decade and a half are all guilty for this and driving markets everywhere. It’s sad man.

 

[22stylez]

Sf was booming back in the late 90s and that **** crashed. Early 2000s was a ghost town ...I want to move back one day. I love sf...NYC is cool but I always miss San Francisco. Can't tell you why.

From a guy that lived in both sf and nyc. Tell me bout nyc from your perspective fam. Ive been living in the bay for all my life and thought about nyc just for a change of scenary. Would like to get an opinion from someone that’s actually done it

 

[Thats My Word]

Well... The ferry from Vallejo to SF takes an hour, that’s probably what the news used as a selling point.

 

[heatpinoyboy]

Vallejo was being primed as the next up and coming city as was Richmond which both cities are being heavily invested into. See what happens in West Oakland over the next decade and East Oakland is already preparing for it now.

Crazy. Minute i see Crockett get gentrified will be the day. all i know is they not takin the dead fish away from me

 

[sfc415]

I miss the balance that used to be here for a short period of time. It's nice to finally be able to walk through downtown Oakland at 2 AM without being robbed, but it's sad to see middle class families being pushed out to cities like Concord or farther up in Tracy, Stockton, etc

 

[gentrification]

From a guy that lived in both sf and nyc. Tell me bout nyc from your perspective fam. Ive been living in the bay for all my life and thought about nyc just for a change of scenary. Would like to get an opinion from someone that’s actually done it

I would mos def say to move and see if you like NYC. Explore everywhere you always thought about going to, even if its just for a bit. Life is to short. As far as NYC goes, it would be a 180 as far as scenary goes. Much more action, nightlife, weather is colder and just sheer amount of people. Its much more social here. Being your from the bay area, I think your transition would be smooth, as far as dealing with the diversity and culture. Similar to the bay area its dealt with its case of gentrification, but it'd be something brand new for you. I'd imagine that would be exciting . Im going on my 2nd year here, I previously spent a year back in 2012-2013 as well. Its more fast paced than the bay for sure. But nothing you can't handle. The place can be stressful and overwhelming if you let it. But I think that's everywhere.

ALL MY FAMILY is in the bay area and I don't get to go back that often, so I get home sick at times. If you can make the move, I'd say give it a shot. You might love it. Mos def a place for hustlers but being from the yay you got that in you. San Francisco is my favorite city so I'm biased. But I'd always recommend trying something new. You have nothing to lose. Also, you have more options if you don't like Manhattan, there's Brooklyn, if you don't like Brooklyn , there's queens and so on.

 

[danikerhino]

I had fun in NYC when I went and I'm a natural explorer so I would be all over the place if I lived there. But, one thing that I couldn't shake off when I was there was I missed the hills and views. I used to take my ex's to telegraph hill, bernal hill, sutro heights park, etc. So I have fond memories of those particular areas. It was real hard to find good low-key spots in NYC that had a decent view. I found more of that in Chicago, which another bomb city.

 

[eugenile gts]

Yeah East San Jose completely changed since 2001. My family had just moved down to Evergreen at that time, and the nearby Silver Creek area was hood. There was literally nothing out there, and I was pissed! Felt like I had just moved to a village. At the time Silver Creek High School was trash too, which is why my parents made me go to a private high school with annoying @#$ rich kids.

If you go to the Evergreen/Silver Creek area now, it's fully developed and 1000x nicer. There's a lot of cool Korean and Japanese restaurants popping up all over the place to cater to younger people too (Q Pot on Capitol Expressway is my go to). All the Viet and Mexican gangsters matured and had kids that go to the good schools there now.

I like going out to Little Saigon too. When I was younger, Tully, King, Story, etc. roads were considered dangerous. Now, after years of cash-only tax evasion practices, the locals have completely renovated the area with their savings

I went to a Vietnamese restaurant the other day that accepted credit cards That's how you know East Side has finally made it big.

even back then if you lived in evergreen and i mean straight up evergreen up the hills, around tthe college. up aborn or down san felipe, you/your family was making some good money. I know because I'm from south san jose and my family bought a home in south san jose in the mid 90s. At the time the homes within the silvercreek country club which was gated obviously was high 400s low 500s for 5 bedroom 3000 sq ft. Now that old *** home will sell for 2mil today. I know because my friends family lives there. Evergreen always had that affluent rep even back then. Where 500K was super expensive when other homes in the east side were only in the 100s, south san jose were higher 100s, 200s.

A lot of people rag on the east side, but evergreen is part of east san jose. There are obviously sketch areas, and all the cars on many streets where affordable priced homes are located make many areas look like a dump. I prefer being around east side sj than the east bay. Obviously I'm biased since I'm more accustomed to the area.

With that said, detached single family old homes in east side san jose over in king and story or alumrock last I checked are high 500s, easy 600s. and chances are you still have to fix it up. lol.
FFFFFFFFFFFF THAT!

 

[DadNboujee]

ESSJ > Eastbay.

I grew up in north San Jose. Went to HS on the east side.

Now I have my own family living in the hills of South San Jose.

If I could live where I grew up, I would. I had easy access to everything. Food, schools, shopping, all the freeways.

Now I’m way up in the hills with only 101/85 and no real food within 5miles.

 

[22stylez]

ESSJ > Eastbay.

I grew up in north San Jose. Went to HS on the east side.

Now I have my own family living in the hills of South San Jose.

If I could live where I grew up, I would. I had easy access to everything. Food, schools, shopping, all the freeways.

Now I’m way up in the hills with only 101/85 and no real food within 5miles.

ESSJ > Eastbay.

I grew up in north San Jose. Went to HS on the east side.

Now I have my own family living in the hills of South San Jose.

If I could live where I grew up, I would. I had easy access to everything. Food, schools, shopping, all the freeways.

Now I’m way up in the hills with only 101/85 and no real food within 5miles.

I grew up in Milpitas area but now I’m living on my own up the hills up suncrest Ave. at first it was annoying having to drive up and down the Long hill to get something but I don’t mind now

 

[22stylez]

Speaking of SF. gonna go to san tung right now for lunch

 

[eugenile gts]

We were out in the Eastside by Hellyer Park '93-'01 before my parents moved us to Southside San Jose.

Recently did some Google mapping near our old house - area is so nice now

Hellyer Park is part of Southside San Jose. That area and along monterey rd is geographically, and in fact officially by the city of san jose, considered South San Jose.

 

[ajiiiplatinum]

I dont see how the cost is different than other major/world class cities? It may have just been the most drastic jump in SF but LA, NYC, Paris, London, and Tokyo are high cost. Even my cousin in Chicago says buying/renting a home in a nice area of chicago is crazy expensive.
I lived in NYC (washington square park) around 2004 and i was already paying 2k a month. All my money basically went to rent until i got a roomate...but it was fun living down there. Most homes were $2mill plus down there even in 2004. Then I moved down to DC in 2005 and rents were $1,800 atleast for 1 bedroom in adams morgan and dupont circle. Fortunately my friend’s dad rented me a basement room for $500 with a private entrance.

Now im in SJ and fortunately only spending 40% of my monthly income on rent

Its crazy out there guys...stay safe and good luck.

 

[Fozz]

KTVU did a report on Solano County as a hotbed for real estate purchase a couple of weeks ago. They’re selling point was for $700k and less you can get a huge home and still only be 40 minutes away from the city. Anyone who believes it’s only a 40 minute commute every morning...well I’ve got an ocean front property in Oklahoma I’d like to sell them.

40 minutes commute at 2AM.

And what part of Solano County? Benicia, Vallejo, Green Valley/Fairfield/Suisun?

Nah, that ain't a 40 minute commute unless it's late at night.

Traffic is already backed up starting out in West Sac. Smh.

 

[wayniac211]

What I can’t understand is why Davis is so damn expensive. I’m in sac and commute to concord & sfc 3 days a week. They need to build a speed rail in this mf

 

[Fong$tarr]

^^^^^Perhaps it's cause of the college. I knew of some families buying homes just to rent it out to kids. Imagine if that wasn't there, Davis would be nothing without it.



And funny how you guys say ESJ > Easy Bay. I hate San Jose and yet, I have no idea why. I guess it's preconditioned thinking since I am from the East Bay. San Jose just seems to dry to me as far as the terrain and even weather. Plus I like being near the water, even though I would never set foot in that thing. Haha. Like I said, makes no sense.

 

[danikerhino]

And funny how you guys say ESJ > Easy Bay. I hate San Jose and yet, I have no idea why. I guess it's preconditioned thinking since I am from the East Bay. San Jose just seems to dry to me as far as the terrain and even weather. Plus I like being near the water, even though I would never set foot in that thing. Haha. Like I said, makes no sense.

San Jose is fun and all, but the east bay kicks it's *** handily. The only dry cities in the east bay is Fremont and Union City which feels like the southbay.

 

[Xennial]

Its like that with most of the major cities besides the German ones from what I know

.

 

[Fozz]

What I can’t understand is why Davis is so damn expensive. I’m in sac and commute to concord & sfc 3 days a week. They need to build a speed rail in this mf

UC Davis. Quality of the public schools. Deep community involvement. People paying extra for these things lol.

 

[Fozz]

I think if I had the opportunity to move back up North, we'd look in the East Bay.

Would love to live in the Peninsula in Burlingame/San Mateo area...But I'm not NT rich.

 

[Fong$tarr]

^^^^^^My wife is from SF and since SF is so expensive, she thought living on that side of the Bay is the nice consolation prize. We looked really hard in all those areas but none of it makes sense as far as are budget. We've even grown to love Pacifica now but the homes are just so small for like $800k and you'd most likely have to fix it up.

My aunt lives in Burlingame. She got so damn lucky. She bought a huge home for like say $850k before the real boom. When the market crashed in 2008, her and her husband bought a neighbors home for well under the price it's worth now. She sold the bigger home a couple of years back for like $1.5M and demolished the other home and redid it to her liking and pretty much has a custom home now.

 

[Deleted member 185039]

^^^^^^My wife is from SF and since SF is so expensive, she thought living on that side of the Bay is the nice consolation prize. We looked really hard in all those areas but none of it makes sense as far as are budget. We've even grown to love Pacifica now but the homes are just so small for like $800k and you'd most likely have to fix it up.

My aunt lives in Burlingame. She got so damn lucky. She bought a huge home for like say $850k before the real boom. When the market crashed in 2008, her and her husband bought a neighbors home for well under the price it's worth now. She sold the bigger home a couple of years back for like $1.5M and demolished the other home and redid it to her liking and pretty much has a custom home now.

I do sympathize for you and your wife and hope you guys find your space and place in this ridiculous market. As for your aunt, she came up. I've read and heard a few stories of people who won selling before the crash and some unfortunate stories of people who lost buying prior to the crash. It's one of those things where if you have insight or wisdom or passive or aggressive knowledge on what's happening or ahead you can make your mark and move with precision.

 

[Proposition Joe]

Imagine going to college and living in a dorm for 4 years, getting good grades, graduating, getting a high paying job, then going back to living in a dorm. SF is nice but it's not that nice





San Francisco Now Pushing Dorm Living for Professionals
by Chriss W. Street 5 Mar 2018 COMMENTS ↓
San Francisco Now Pushing Dorm Living for Professionals

Starcity / Facebook
by Chriss W. Street5 Mar 2018 COMMENTS

San Francisco is trying to solve the housing crisis for its shriveling middle class by moving them into micro-apartments rebranded as fun-loving dormitories.
The concept of jamming tech workers into micro-apartment and group dorms has been common in China’s coastal manufacturing communities for decades. The 2013 China Labor Watch report regarding Pegatron Group factories, which supplied iPhones and iPads, caused Apple massive embarrassment and forced Silicon Valley to adopt standards for Chinese worker dorms.
But today, one of Silicon Valley’s hottest start-ups is San Francisco’s Starcity Development, which is acquiring and repurposing derelict commercial buildings to serve as “dorms for grown-ups.” The goal is to attract professionals who cannot afford the city’s average $3,405 per month rent for a 1-bedroom apartment, despite annual earnings of $50-$100,000 a year.
Each of the company’s first three projects — located at 229 Ellis St. in the Tenderloin; 650 Sacramento St. in the Financial District; and 1028 Kearny St. in North Beach — feature about 20 fully-furnished units with 130 to 220 square feet of living space. Amenities include group bathrooms, common eating areas, and shared assembly spaces. With $1,400 to $2,400 rents that include free utilities and Wi-Fi, Starcity claims its backlog is over 8,000 renters.
Starcity claims the company is really a social justice solution for housing that is positioned to ride the tech-enabled disruptive trends toward self-driving cars, distributed workforces, basic minimum incomes, fewer children, longer lifespans, less work, and more play over the next two decades.
To fund its masterplan — to build family-oriented communal living environments for 21st century inhabitants — Starcity was initially funded with $2 million in a “simple agreement for future equity” (SAFE) from incubator investors in 2016. The company raised $16.4 million in Series A venture capital from Alrai Capital, Blue Collective, Click Ventures, New Enterprise Assoc., and Lowe’s Ventures in February 2018.

CEO and co-founder Jon Dishotsky argues that San Francisco currently needs 30,000 apartment units that would take over 10 years to plan and build. But by converting empty commercial buildings and using shared bathrooms and kitchens, Dishotsky argues that he can roll out thousands of units that rent profitably for about half of current market rates.

Dishotsky told the New York Times that his clients enjoy communal living, with a few exceptions: “If you think about the most private things that you do, a lot of them are related to the bathroom.”

But with Starcity now backed by deep-pocketed venture capitalists after achieving proof-of-concept — that it can radically increase tenant density in dorm rooms — the company is ramping up borrowing from institutional lenders to open hundreds of micro-units in the San Francisco Bay Area this year, and thousands of similar units in 2019.