Who are these people?

I get it, Real Estate prices have gone through the roof…especially here in the Bay Area. But seriously, I cannot wrap my head around this:

One hundred MILLION dollars for a home? Don’t get me wrong, Atherton is really nice but…

Even the “bargain basement”, luxury listing is just shy of 20 million. In SAN FRANCISCO!?!

In “traditional” terms, a mortgage for the “cheapest” listing would require a 20% down payment of nearly $4 million. I have a really well paying, Director-level job, and at my current salary, if I saved 100% of my take home pay (after taxes and health insurance, in other words), it would take me 62 YEARS to amass a 4 million dollar down-payment. Sixty-two years of full time employment. Of course, someone that can buy a 20 million dollar home probably doesn’t go through traditional routes, meaning “cash” deals…

Who are these people that keep this insanity afloat?

The Top 10 on this list equal nearly half a BILLION dollars ($448,600,000)!!! I imagine the county treasurers salivate at the skyrocketing property tax revenues, but it pushes the armies of people these wealthy folks depend on for EVERYTHING from mowing their lawns, cleaning their pools, to cooking their meals, cleaning their homes, to raising their children and everything in between further and further away. With fuel in this area right at $7/gallon, a lot of ’em aren’t going to want to commute 100 miles a day for a Housekeeping job at $15-17/hr.

I can’t imagine this can keep going, and I can’t imagine a scenario that ends well…

Something has got to give.

Thanks for stopping by!

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