Even ADU’s are unaffordable these days here. We are trying to relax our regulations on them and still being told they don’t pencil by developers.
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Unit costs are generally $200-300K from what I’ve seen, which is still like half the price of building a new unit in a mid-rise condo building outside of SF.
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Ah ok, well then.
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Im. not. doing. that. kim.
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I know some other Berkeley legislative aides that are ;-)
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Parents remortgage their house pull out a ton of cash give to the kid. I’m 40, that’s how many of my friends my age who’ve “bought” do it.
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Taking out a second mortgage on your home in your 60s?
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You’d be surprised how many parents help children with down payments. Wealth that dates back to GI Bill and homes purchased with VA loans and equity that’s inherited. Very common. Don’t know about cash offers for whole house. Must be Atherton parents trying to keep kids near by.
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Down payment help from parents I’m not surprised by. What I’m surprised by is the ability to do an all cash offer on a second home at a Bay Area price.
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