Seems outrageous. But it’s near work with great schools. We already purchased & live in a large 4bed 4bath house in a nice but cheaper neighborhood (still south/west of peninsula). Kid already in a private school. #housing #mortgage NW $6m
Do this for your kids. When they leave home sell the house for more than $4M and retire in a cheaper area.
Damn I forget if you alr have the money you won't get as eaten up by mortgage rates. Goals
With NW of 6M and TC of 500: yes, absolutely. If your NW was much lower, that would be a risky move, but with NW of 6M you will survive.
If tc is 4M then sure
I would if I had a GC
It’s an investment. Typically homes in bay double every 10 years but last 15 years it’s been doubling every 7 years. So it would be a good investment if you plan to hold at least 10 years. It could double in 7 but I would be more conservative and expect to double only in 10 years since the price is above the entry price level of $2-3M.
I'm not sure, if housing in the Bay Area will continue to grow. Basic shack in a boring neighborhood is already $1.5-2M. People earning $500k are already having trouble affording their own decent place. Another doubling will mean houses are not affordable to pretty much everyone, except the very top. I feel there is not much to squeeze out of people here anymore, so prices will probably increase just a little bit and then stay stagnant. It's already happening in SF.
I am with KLA here. The ceiling seems to be coming up close
I’d say your TC doesn’t support it, but your NW might, so go for it if you can swing the mortgage or whatever.
Send them to private school.
Send them to private instead. I have more than 20M in assets and wont be comfortable owning a 4M primary.
What is your fear/reasoning?
Dont worry about it
If you have like 3 kids pending education. Sure. Otherwise send the kids to private school will be much cheaper
lol private school sucks. If your kids are actually gifted they’ll receive a good education and will be placed in honors with likeminded kids.
Private school makes weird kids