Burbed.com, is my favorite blog when it comes to housing market. It is witty, sarcastic and informative. This post is just too good to pass!.
If you ask ask most people in the Bay Area “Why did homes get so expensive in the last few years?” you’ll probably here these reasons:
- It’s not a bubble: They’re not making any more land. It’s special here. (Who knew that land suddenly decreased?)
- It’s not a bubble: Weather. It’s special here. (Who knew that the weather suddenly got so much better?)
- It’s not a bubble: Everyone wants to live here. It’s special here. (But why so much so in the last few years?)
- It’s not a bubble: Web 2.0, Google, The Valley is BACK! Oh, and it’s special here.
The last one is distinctly possible. Google IPOed in 2004, instantly creating thousands of millionaires/billionaires. The job market has picked back up. Traffic is back with a vengeance.
Ok, so maybe that explains these two graphs: