Meanwhile, better units with more space or an extra bath sit for weeks unsold.Am I missing something? I know this area is desirable, but $1.5 M for a 1-bath condominium without any garage feels like 2021 energy. I need to vent!Genuinely asking ... are people still panic-buying? Is this simply wealth inertia? Tech optimism? Delusion?And yeah, I'm considering starting a "Wall of Shame" recording these types of sales. Exhibit 1: this one.
deanmoriarty 6 hours ago|next -
I reside in SF, discover it a lovely city however I'm not particularly attached to it, so I rent.The location where that residential or commercial property is located is actually good, I live close by. I believe the residential or commercial property deserves that quantity, considering that somebody paid for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's also a great deal compared to its previous 2019 sale rate ($ 1.4 M), so it's likely it was intentionally priced below market, the owner never meant to offer it at the asking price.The city just has so, many rich people, it's challenging to understand. I, a total no one, know a lot of people in their 20s with $10M+ net worth. I'm 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 beautiful city with such a scarce inventory. I don't believe that residential or commercial property worth will significantly drop any time soon, if ever.You are entitled to your own viewpoints and venting, but it might be more efficient to simply vote with your feet and leave, if this is too aggravating to handle.
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tossandthrow 2 hours ago|moms and dad|next -
The housing market in SF is absolutely a sign of focused wealth.That said - fairly few participants are required to price the marketplace. This is the case for housing, stocks (where ETF-holder do not perform prices), etc.You are also likely not a no one, not even in SF terms, with $6M liquid (assuming that there are rather a bit of financial investments on top of that). This would either need some successful speculative financial investments, high-level position in an effective business, inheritance, or effective exits. just inheritance with a long frugal lineage would yield a rich nobody.
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megamike 12 hours ago|prev|next -
I recall as a traveler visiting some 25 years earlier and was shocked by how much a breakfast was at IHOP this was 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 reading further it was a garage made into some sort of condominium Has SF constantly been crazy overpriced?
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PopAlongKid 11 hours ago|moms and dad|next -
> Has SF constantly been goofy overpriced?It's not simply SF, it's California. Even returning 40 years, almost any place in between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has actually been considerably more pricey than national average. 0 unless it has an ocean view
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Compzilla 11 hours ago|parent|prev|next -
It has actually always been a bit wackadoodle, however I remember 22-23 years back, rates were high, however within earth's atmosphere.
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leakycap 8 hours ago|prev|next -
Ask yourself if your quality of life is improved by the increased cost of living because area.I'm not about to move to Texas, however it is remarkable how quickly you can conserve a substantial amount of cash simply by opening to other locations that would make you happy.Housing rates do not go down unless awful thing happen; 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 posting the addresses unless you have a great reason.
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Compzilla 7 hours ago|moms and dad|next -
Well, you are entitled to your opinion. That stated, I'm not trying to pity individual purchasers. It is more just documenting sales that reflect a broken or speculative market. I believe that is a legitimate "factor."All the addresses I point out are public and currently on Zillow/Redfin, together with all the other details. I'm not noting out bidder names or license plates ... simply pointing out public sales. It's less about the purchaser (who is not mentioned) and more about how far from fundamentals pricing has actually drifted.
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leakycap 5 hours ago|root|parent|next -
> And yeah, I'm considering beginning a "Wall of Shame" documenting these kinds of sales. Exhibit 1: this onePerhaps your wording wasn't well thought about if you're not attempting to embarassment buyers by listing addresses.
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proc0 12 hours ago|prev|next -
It's probably financial investment driven. I resided in a couple structures with extremely bad landlord business that generally didn't care about the conditions of the building. I had to call city authorities because there was a rat problem. 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 type of in a hypnotic trance attempting to avert because they're all in the same political team or something like that. People suffer voluntarily as a type of weird self-sacrifice, so there is no accountability for the leadership that makes bad choice after bad decision (although of course they are making great choices for individuals who have the status and money).
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Compzilla 12 hours ago|parent|next -
It seems totally appears possible that investment groups might be responsible for this ... the loading on of more anguish to the debilitating cost crisis there. Do you believe they would stop if someone mentioned that they were certainly doing civic damage? That last bit was not to be taken seriously.
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proc0 8 hours ago|root|parent|next -
There's certainly corruption with the proprietor business and the city government to some level, I'm simply uncertain exactly how and don't know much about it, but it's clear the concerns of the city do not favor the typical SF person. The only way to deal with the corruption needs to be holding the leadership of the city liable through mass change in ballot. Otherwise the exact 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 solution but it would only be a small part. I believe individuals need to break out of their unwavering loyalty in order to hold the system liable for any modification to happen.
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vouaobrasil 12 hours ago|prev|next -
If you have actually got enough wealth to put a down payment even on 1M, not truly much sympathy here for this "madness", since you might simply relocate to a cheaper location and quit whatever job requires being in the SF location.
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Compzilla 11 hours ago|parent|next -
Yes, asset. Even a healthy correction won't bring back price. A good start would be for those with this type of wealth to stop overpaying even if they have some ingrained desire to reside in SF.
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msgodel 5 hours ago|prev|next -
PG says you need to leave there for the startup culture but stuff like this is why I 'd rather be homeless on the East Coast.
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toomuchtodo 11 hours ago|prev -
The marketplace can stay unreasonable longer than you can stay solvent. The value is the transaction price at in an arms length transaction.Go ask the purchasers why they paid what they paid. Knock on doors, talk to real estate agents. All realty is regional.
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Compzilla 10 hours ago|moms and dad -
Yes! I would like to hear someone discuss to me how they validated purchasing such an overvalued piece of realty. How they enabled themselves to enter into a bidding war for a condominium. I suggest this type of genuine estate is the most vulnerable to volatility, even in SF. If condos aren't risky enough, what about occupancies in common (yikes). SFHs are going to be a lot more steady of course.
