Reply #3: Still waiting.... [View All]

They've been forecasting a collapse of San Francisco pricing for 30 years. They've been forecasting a "correction" in Seattle prices for 10 years.

These cities have two things in common. They are surrounded by water, limiting the amount of land available for building in the city limits. They are not like Dallas, LA, or Vegas.

Unfortunately, San Francisco has turned into a uber rich and upper middle class "only" city. Middle and lower classes have been forced over to Oakland, or you see 3-4-5 or more roommates per home. While that can be annoying in a college frat house, it really sucks to still be living like that in your 40's.

We see the same thing happening in Seattle, where we are about 10-15 years behind SF in pricing. Our middle and lower classes are being forced south to South King County, and Tacoma\Pierce County.

The downtown core is filling up with uber rich and DINKS. The neighborhoods are still holding tight with mostly middle class, but many of those are being forced out by skyrocketing property taxes, and DINKS are moving in. Seattle schools have seen a dramatic drop in enrollment, has families move out to more affordable cities.

On my street with 24 homes, just 3 have children. That speaks volumes.