And for those who don't know, here's a bit of background. People are readily paying prices of half a million dollars or more for houses that based on house age and plot size, in other parts of the country, would be difficult to sell at a quarter that price. Sticker shock at the high markups in real estate is common, especially if you are from a different part of the country. Real estate agents openly quote the real estate prices in Hong Kong and Bombay to potential buyers. The demand for houses in good school districts and central locations like Cupertino and Sunnyvale is just phenomenal.
Listings sell even before they hit the market or the same day.
This guy I know made an offer on a house in Cupertino. The price was a 100,000 more than they were initially ready to spend. Two hours later the realtor calls back. Another client had topped their offer by 50,000 more and was ready to pay cash down . Every day we get to hear of more outrageous experiences.