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Meanwhile, better systems with more area or an extra bath sit for weeks unsold.Am I missing something? I know this area is preferable, but $1.5 M for a 1-bath apartment with no garage feels like 2021 energy. I need to vent!Genuinely asking ... are individuals still panic-buying? Is this just wealth inertia? Tech optimism? Delusion?And yeah, I'm thinking about beginning a "Wall of Shame" recording these kinds of sales. Exhibit 1: this one.
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deanmoriarty 6 hours ago|next -
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I reside in SF, find it a stunning city but I'm not particularly attached to it, so I rent.The area where that residential or commercial property lies is actually good, I live close by. I think the residential or commercial property deserves that amount, since someone paid for it in a competitive market, that terrace with views of Sutro tower is magnificent. It's also a good deal compared to its previous 2019 sale price ($ 1.4 M), so it's likely it was purposefully priced below market, the owner never ever indicated to sell it at the asking price.The city simply has so, a lot of wealthy people, it's difficult to understand. I, a complete nobody, understand a lot of individuals in their 20s with $10M+ net worth. I'm in my 30s with a $6M liquid net worth and I'm the least successful in my peer group. It's not unreasonable to drop that much in a stunning city with such a scarce stock. I don't think that residential or commercial property value will significantly drop whenever quickly, if ever.You are entitled to your own viewpoints and venting, but it might be more efficient to just vote with your feet and leave, if this is too frustrating to handle. reply

tossandthrow 2 hours ago|moms and dad|next -

The housing market in SF is definitely an indicator of concentrated wealth.That stated - relatively few participants are required to price the marketplace. This holds true for housing, stocks (where ETF-holder do not carry out pricing), etc.You are also likely not a no one, not even in SF terms, with $6M liquid (presuming that there are rather a bit of financial investments on top of that). This would either require some effective speculative investments, high-level position in a successful business, inheritance, or successful exits. only inheritance with a long frugal family tree would yield a wealthy no one. reply

megamike 12 hours ago|prev|next -

I recall as a traveler visiting some 25 yrs ago and was surprised by how much a breakfast was at IHOP this remained in the Golden Park location and than was more stunned when down the street at a real estate agents workplace with the for sale listings on the window and there was a listing for a 'system' for 350,000 and checking out even more it was a garage made into some sort of condominium Has SF constantly been crazy overpriced? reply

PopAlongKid 11 hours ago|parent|next -

> Has SF constantly been crazy overpriced?It's not just SF, it's California. Even going back 40 years, practically any place between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has been considerably more pricey than nationwide average. 0 unless it has an ocean view reply

Compzilla 11 hours ago|moms and dad|prev|next -

It has constantly been a bit wackadoodle, but I keep in mind 22-23 years back, prices were high, but within earth's environment. reply

leakycap 8 hours ago|prev|next -

Ask yourself if your lifestyle is improved by the increased expense of living in that area.I'm not ready to relocate to Texas, however it is fantastic how easily you can save a huge amount of cash simply by opening up to other areas that would make you happy.Housing prices don't go down unless dreadful thing take place; even then, sometimes they go up.I didn't note the address of the person that outbid me on my last home purchase, however. Maybe you ought to think about not publishing the addresses unless you have a great factor. reply

Compzilla 7 hours ago|parent|next -

Well, you are entitled to your opinion. That stated, I'm not attempting to embarassment individual purchasers. It is more just recording sales that reflect a damaged or speculative market. I think that is a valid "reason."All the addresses I point out are public and already on Zillow/Redfin, in addition to all the other details. I'm not noting out bidder names or license plates ... simply pointing out public sales. It's less about the buyer (who is not discussed) and more about how far from fundamentals prices has drifted. reply

leakycap 5 hours ago|root|parent|next -

> And yeah, I'm considering starting a "Wall of Shame" recording these kinds of sales. Exhibit 1: this onePerhaps your wording wasn't well thought about if you're not attempting to embarassment purchasers by noting addresses. reply

proc0 12 hours ago|prev|next -

It's probably financial investment driven. I resided in a couple buildings with very bad property manager business that essentially didn't appreciate the conditions of the structure. I had to call city authorities since there was a rat invasion. Meanwhile I was paying almost 2K and this was 5-10 years ago.There's something deeply wrong with that city, and everyone is a sort of in a hypnotic trance attempting to avert because they're all in the very same political group or something like that. People suffer voluntarily as a type of unusual self-sacrifice, so there is no accountability for the management that makes bad decision after bad choice (although obviously they are making great choices for individuals who have the status and money). reply

Compzilla 12 hours ago|parent|next -

It seems totally seems plausible that financial investment groups might be responsible for this ... the loading on of more misery to the crippling affordability crisis there. Do you think they would stop if someone pointed out that they were absolutely doing civic harm? That last bit was not to be taken seriously. reply

proc0 8 hours ago|root|moms and dad|next -

There's certainly corruption with the property manager companies and the city government to some level, I'm simply not exactly sure precisely how and do not understand much about it, but it's clear the top priorities of the city do not prefer the typical SF person. The only method to handle the corruption has to be holding the of the city liable through mass change in ballot. Otherwise the same people keep running the location and it will never ever change.So yes, pointing it out and exposing them is probably part of the service but it would only be a small part. I think individuals require to break out of their steadfast commitment in order to hold the system liable for any change to take place. reply

vouaobrasil 12 hours ago|prev|next -

If you've got enough wealth to put a down payment even on 1M, not actually much sympathy here for this "madness", due to the fact that you could just move to a cheaper location and give up whatever task needs remaining in the SF area. reply

Compzilla 11 hours ago|moms and dad|next -

Yes, good point. Even a healthy correction will not bring back price. A great start would be for those with this kind of wealth to stop overpaying even if they have some ingrained desire to reside in SF. reply

msgodel 5 hours ago|prev|next -

PG states you require to vacate there for the startup culture but things like this is why I 'd rather be homeless on the East Coast. reply

toomuchtodo 11 hours ago|prev -

The market can remain illogical longer than you can remain solvent. The value is the transaction cost at in an arms length transaction.Go ask the buyers why they paid what they paid. Knock on doors, talk to real estate agents. All realty is local. reply

Compzilla 10 hours ago|moms and dad -

Yes! I would like to hear somebody discuss to me how they validated buying such a miscalculated piece of property. How they permitted themselves to participate in a bidding war for a condominium. I mean this kind of realty is the most vulnerable to volatility, even in SF. If condos aren't dangerous enough, what about occupancies in common (yikes). SFHs are going to be far more stable naturally.