{"id":28681,"date":"2020-10-14T12:16:22","date_gmt":"2020-10-14T16:16:22","guid":{"rendered":"https:\/\/philip.greenspun.com\/blog\/?p=28681"},"modified":"2020-10-09T12:22:49","modified_gmt":"2020-10-09T16:22:49","slug":"silicon-valley-shutdown-karens-move-into-bigger-houses","status":"publish","type":"post","link":"https:\/\/philip.greenspun.com\/blog\/2020\/10\/14\/silicon-valley-shutdown-karens-move-into-bigger-houses\/","title":{"rendered":"Silicon Valley Shutdown Karens move into bigger houses"},"content":{"rendered":"\n

My rich friends in the Bay Area are tireless Facebook advocates for more shutdown. Most of them live in spacious homes worth $2-3 million or more. Consistent with Your lockdown may vary<\/a>, here’s “Bay Area home prices soar with suburban boom”<\/a> (Mercury News<\/em>, October 7):<\/p>\n\n\n\n

Coronavirus drives demand for space, single-family homes<\/p>

With millions out of work, and restaurants, shops and retailers closing, one spot in the economy shines for thriving and affluent professionals \u2014 Bay Area real estate.<\/p>

As if the devastating pandemic had passed over the tech campuses, Spanish-tiled roofs and Tesla-filled garages of Silicon Valley, luxury home sales exploded in August and drove median prices up 16 percent from the previous year to levels approaching the market peak in 2018.<\/p>

The median sale price for an existing single family home in August in the Bay Area was $975,000, according to DQNews data. The gains were driven by a limited supply of properties for sale and a greater portion of high-end homes selling, agents and economists said.<\/p>

\u201cWe\u2019ve never seen such high price appreciation in a recession,\u201d said Selma Hepp, deputy chief economist with real estate data firm CoreLogic. \u201cThe recession hasn\u2019t hit everyone the same way.\u201d<\/p>

Bay Area agents say demand is driven by techies and professionals looking for more space for family and home office Zoom-rooms.<\/p><\/blockquote>\n\n\n\n

If these are the folks making decisions on when to end shutdown, I’m not predicting an early exit from cower-in-place!<\/p>\n","protected":false},"excerpt":{"rendered":"

My rich friends in the Bay Area are tireless Facebook advocates for more shutdown. Most of them live in spacious homes worth $2-3 million or more. 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