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HI Uncle Bill

I can't figure it out either. I got lucky though bought in a "dip" paid only over $600k probably can sell for about $900k. Secret is - save your money - big down payment. Taxes are about 1.2% with all the local stuff. I have one friend paid $370 in '96 or so. Essentially tore it down 18 months ago and now has a mortgage of $800k (he just got a VP title). Another friend did an 80-10-10. Essentially paided 20% down, financed 80% on an interest only and then borrowed 10% back in a home equity loan. I don't know what they'll do. It's a 900sq ft house over $700k.

Who is buying. I think it is people that have successful businesses, use family money, save like crazy, or come from outside the U.S. Generally people want to live here (for some reason) and then have to buy.

Your option is to live in Tracy and drive. Look on the map and add an hour to your calculation. But that still costs you over $500k. Might as well pay the extra $300k in San Mateo and get a second job.

the high school buddy

Chris - exactly, and for a $1M house in Los Altos area we're paying $2200/mo, which is really upside down and tells me something is rotten here. We sold and went 'rental' last year. One friend explains it as CA being part of the Pacific Rim real estate market, and having just been to Tokyo and learning what things including housing and retail space cost THERE, it does ring true. SF Bay Area in CA is a bargain by comparison.

Chris Yeh

The amazing thing is that you can rent a $1,000,000 house for $2,500 a month.

Naturally, I rent.

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