Dozens camp overnight for chance to buy $1.2 million Bay Area townhouses (set price, no bidding)

[Demovictory9]

Dozens camp overnight for chance to buy $1.2 million Bay Area townhouses

Link to tweet

The hopeful homeowners showed up in droves, queuing on the sidewalk in front of Santa Clara real estate development Nuevo Homes and settling into their makeshift campsites for the night. Then, they waited.

The scene resembled some sort of bizarre Black Friday sale with a line of people stretching down the block, many of them lingering there for hours.

The doorbuster deal in question? The chance to buy a newly built townhouse, 18 of which were listed for sale on Saturday morning at a fixed price of $1.2 million, reports NBC Bay Area. The properties were constructed by SummerHill Homes, which has completed more than 70 developments in the last 40 years, according to its website. Nuevo is among its most recent projects, debuting 331 homes as well as 20,000 square feet of retail and restaurant space in Sept. 2019.

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Another realtor, Jeremy Naval, said he had been at the development since Wednesday. The general consensus among those vying for one of the townhouses was that it was easier to wait in line for hours than to engage in a bidding war.

https://www.sfgate.com/realestate/article/2021-04-Santa-Clara-camping-overnight-townhome-16127719.php?IPID=SFGate-HP-Editors-Picks

[RKP5637]

1. Ha, and they look like garden style apartments! n/t

[Demovictory9]

4. Townhouses so each unit is three floors

[bamagal62]

2. This market is bound to

Crash at some point. Crazy.

[Caliman73]

3. Right wingers love to tout how people are "abandoning" California.

They say that it is because "the Democrats have raised taxes and regulations...blah, blah, blah". My wife and I got very lucky and bought our home in 2017 for about $490,000 in by no means a ritzy area. It is now appraised at close to $700,000 but the actual value is nowhere near that.

Taxes can be higher here and our infrastructure isn't the best, but it isn't the "over regulation" that is difficult for Californians, it is that you cannot afford housing. Seriously 1.2 million dollars in Santa Clara. No offense to people over the hill, but that is way over priced.

[enid602]

5. Bad investment

I’m not so sure I’d want to be sitting on a $1mm mortgage at a time when the federal deficit is about $4t or $5t per year. Just the slightest increase of today’s unsustainably low interest rates will send home values tumbling. Even in beautiful and thrilling Nuevo in Santa Clara. Better that these people take a bit of their money and actually visit some places in this world.

[ironflange]

6. Here they are

https://www.summerhillhomes.com/nuevo/floorplans

FWIW, we're moving into a new townhouse here in town in a few months; it's costing us about 1/4 as much as the Nuevo equivalent.