Meanwhile, better systems with more area or an additional bath sit for weeks unsold.Am I missing out on something? I know this area is desirable, but $1.5 M for a 1-bath condo without any garage seems like 2021 energy. I require to vent!Genuinely asking ... are people still panic-buying? Is this simply wealth inertia? Tech optimism? Delusion?And yeah, I'm considering starting a "Wall of Shame" recording these types of sales. Exhibit 1: this one.

deanmoriarty 6 hours ago|next -

I live in SF, discover it a lovely city but I'm not particularly connected to it, so I rent.The location where that residential or commercial property lies is actually excellent, I live nearby. I think the residential or commercial property is worth that quantity, considering that someone paid for it in a competitive market, that terrace with views of Sutro tower is amazing. It's likewise a bargain compared to its previous 2019 sale rate ($ 1.4 M), so it's most likely it was deliberately priced below market, the owner never ever indicated to offer it at the asking price.The city simply has so, many rich people, it's hard to understand. I, a complete nobody, understand a great deal of individuals in their 20s with $10M+ net worth. I remain in my 30s with a $6M liquid net worth and I'm the least effective in my peer group. It's not unreasonable to drop that much in a lovely city with such a limited inventory. I do not believe that residential or commercial property worth will significantly drop at any time quickly, if ever.You are entitled to your own opinions and venting, however it may be more efficient to simply 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 certainly an indication of concentrated wealth.That said - reasonably couple of participants are needed to price the marketplace. This holds true for housing, stocks (where ETF-holder do not carry out rates), etc.You are also most likely not a nobody, not even in SF terms, with $6M liquid (assuming that there are rather a bit of investments on top of that). This would either require some effective speculative financial investments, top-level position in a successful business, inheritance, or effective exits. just inheritance with a long economical family tree would yield a rich nobody.
reply

megamike 12 hours ago|prev|next -

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

PopAlongKid 11 hours ago|moms and dad|next -

> Has SF always been wacky overpriced?It's not simply SF, it's California. Even going back 40 years, almost any place between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has actually been considerably more costly than national average. 0 unless it has an ocean view
reply

Compzilla 11 hours ago|parent|prev|next -

It has actually always 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 enhanced by the increased cost of living in that area.I'm not about to transfer to Texas, however it is remarkable how easily you can conserve a substantial quantity of cash just by opening up to other areas that would make you happy.Housing rates don't decrease unless dreadful thing take place; even then, in some cases they go up.I didn't list the address of the person that outbid me on my last home purchase, though. Maybe you should think about not publishing the addresses unless you have an excellent reason.
reply

Compzilla 7 hours ago|parent|next -

Well, you are entitled to your viewpoint. That said, I'm not trying to shame private buyers. It is more just documenting sales that reflect a broken or speculative market. I believe that is a valid "factor."All the addresses I mention are public and already on Zillow/Redfin, together with all the other details. I'm not listing out bidder names or license plates ... simply citing public sales. It's less about the buyer (who is not pointed out) and more about how far from principles prices has wandered.
reply

leakycap 5 hours ago|root|moms and dad|next -

> And yeah, I'm considering beginning a "Wall of Shame" recording these types of sales. Exhibit 1: this onePerhaps your phrasing wasn't well considered if you're not attempting to pity purchasers by listing addresses.
reply

proc0 12 hours ago|prev|next -

It's most likely financial investment driven. I lived in a couple structures with really bad property owner companies that generally didn't appreciate the conditions of the structure. I had to call city authorities because there was a rat infestation. Meanwhile I was paying nearly 2K and this was 5-10 years ago.There's something deeply incorrect with that city, and everybody is a sort of in a hypnotic trance attempting to avert because they're all in the exact same political group or something like that. People suffer willingly as a type of strange self-sacrifice, so there is no accountability for the management that makes bad choice after bad decision (although naturally they are making good choices for the individuals who have the status and cash).
reply

Compzilla 12 hours ago|parent|next -

It appears totally appears possible that investment groups could be responsible for this ... the heaping on of more torment to the debilitating cost crisis there. Do you believe they would stop if someone mentioned that they were definitely 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 landlord business and the local federal government to some extent, I'm just not exactly sure precisely how and don't understand much about it, however it's clear the priorities of the city do not favor the average SF person. The only way to deal with the corruption has to be holding the management of the city accountable through mass change in ballot. Otherwise the same individuals keep running the location and it will never change.So yes, pointing it out and exposing them is most likely part of the service but it would just be a little part. I believe individuals require to break out of their undeviating loyalty in order to hold the system accountable for any modification to take place.
reply

vouaobrasil 12 hours ago|prev|next -

If you have actually got enough wealth to put a deposit even on 1M, not really much sympathy here for this "insanity", since you might simply relocate to a more affordable area and quit whatever task requires remaining in the SF area.
reply

Compzilla 11 hours ago|parent|next -

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

msgodel 5 hours ago|prev|next -

PG says you need to leave there for the start-up culture however things like this is why I 'd rather be homeless on the East Coast.
reply

toomuchtodo 11 hours ago|prev -

The market can stay irrational longer than you can stay solvent. The worth is the transaction price at in an arms length transaction.Go ask the buyers why they paid what they paid. Knock on doors, talk with real estate agents. All property is local.
reply

Compzilla 10 hours ago|moms and dad -

Yes! I would love to hear someone describe to me how they justified buying such a miscalculated piece of property. How they allowed themselves to participate in a bidding war for a condominium. I mean this type of real estate is the most susceptible to volatility, even in SF. If condos aren't risky enough, what about occupancies in typical (yikes). SFHs are going to be a lot more steady naturally.