As expected - exurbs are showing cracks (Mountain house, Lathrop, Tracy +)

[Thokkalee]

On 2/23/2025 at 10:13 AM, Chittoorodu said:

Housing correction seems to brew, starting with exurbs (Mountain House, Lathrop, Manteca, Tracy +)

House bought in 2022, for $1.325mn over asking by $125k, Listed to sell for $1.393mn and 2 price cuts to $1.235mn

https://www.zillow.com/homedetails/564-W-Piedmont-Dr-Mountain-House-CA-95391/94697016_zpid/
 

2/7/2025	Price change	$1,235,000 -4.9% $444/sqft

1/25/2025	Price change	$1,299,000 -6.7% $467/sqft
1/8/2025	Listed for sale	$1,393,000 +5.1% $501/sqft
5/26/2022	Sold	$1,325,000 +10.5% $476/sqft
4/19/2022	Pending sale	$1,199,000 $431/sqft

Almost all real estate will follow what happened to Tesla prices.. na friends 70K+ petti model Y konnaru.. they are still paying the loans and the outstanding loan amount is more than the current car value.. 

Asset value depreciate avuddi.. people will lose lot of money if they try to sell the property.. they cannot keep it as it has become a highly depreciated asset now and they are paying the loans on a highly over estimated cost.. 

[Chittoorodu]

58 minutes ago, Thokkalee said:

Almost all real estate will follow what happened to Tesla prices.. na friends 70K+ petti model Y konnaru.. they are still paying the loans and the outstanding loan amount is more than the current car value.. 

Asset value depreciate avuddi.. people will lose lot of money if they try to sell the property.. they cannot keep it as it has become a highly depreciated asset now and they are paying the loans on a highly over estimated cost.. 

Yep - There are lots of Tesla stories. Colleague bought Model Y long range in peaks of 2022 for $77k OTD.

His car value is now $28k, he still has $35k loan left for his vehicle.

[hunkyfunky3]

1 hour ago, Chittoorodu said:

HH with both of them working are going to have a rude awakening. Think if both of them are travelling to work 3 hrs a day and kids behind at school and you are exhausted by EOD.

There is a pure reason these places are called bedroom communities for people working in the Bay area.

Absolutely... If not everyone needs to go to work every day, then it works out .

There are lots of communities all over USA...

Entire NJ is called bedroom state, still prices held up because of NYC prices .

Most of Frisco is built for WFH folks and it's going to be there foreseeable future 

[Thokkalee]

35 minutes ago, hunkyfunky3 said:

Absolutely... If not everyone needs to go to work every day, then it works out .

There are lots of communities all over USA...

Entire NJ is called bedroom state, still prices held up because of NYC prices .

Most of Frisco is built for WFH folks and it's going to be there foreseeable future 

Frisco lo pedda issue ledu.. there are lot of jobs in Frisco, Plano and has highway access to downtown.. Celina and Prosper lo undevallaki problem if they have to go to near by Airport for jobs at AA or Fidelity… 

30-45 mins commute to work is very common across the country… 

[Thokkalee]

2 hours ago, Chittoorodu said:

Yep - There are lots of Tesla stories. Colleague bought Model Y long range in peaks of 2022 for $77k OTD.

His car value is now $28k, he still has $35k loan left for his vehicle.

Not just specific to Tesla.. but lot of people bought cars at a high price at that time.. msrp ki 5k-10k extra pay chesi maree thiskunnaru cars.. Toyota and Tesla ki too much demand appudu..