Meanwhile, much better systems with more space or an extra bath sit for weeks unsold.Am I missing something? I understand this location is preferable, however $1.5 M for a 1-bath condo 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 types of sales. Exhibit 1: this one.

deanmoriarty 6 hours ago|next -

I live in SF, find it a stunning city but I'm not particularly connected to it, so I rent.The location where that residential or commercial property lies is really good, I live nearby. I believe the residential or commercial property deserves that quantity, given that somebody spent for it in a competitive market, that terrace with views of Sutro tower is magnificent. It's likewise a bargain compared to its previous 2019 list price ($ 1.4 M), so it's likely it was deliberately priced listed below market, the owner never ever indicated to sell it at the asking price.The city just has so, a lot of rich people, it's hard to understand. I, a total nobody, understand a great deal 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 effective in my peer group. It's not unreasonable to drop that much in a lovely city with such a scarce inventory. I do not think that residential or commercial property worth will substantially drop any time quickly, if ever.You are entitled to your own opinions and venting, however it might be more productive to simply vote with your feet and leave, if this is too discouraging to deal with.
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tossandthrow 2 hours ago|parent|next -

The housing market in SF is certainly a sign of concentrated wealth.That said - reasonably few participants are required to price the market. This is the case for housing, stocks (where ETF-holder do not carry out rates), etc.You are also likely not a nobody, not even in SF terms, with $6M liquid (assuming that there are a fair bit of investments on top of that). This would either need some successful speculative investments, high-level position in an effective business, inheritance, or effective exits. just inheritance with a long economical family tree would yield a wealthy no one.
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megamike 12 hours ago|prev|next -

I remember as a traveler visiting some 25 yrs earlier and was surprised by just 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 even more it was a garage made into some sort of apartment Has SF always been wacky overpriced?
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PopAlongKid 11 hours ago|moms and dad|next -

> Has SF always been wacky overpriced?It's not just SF, it's California. Even going back 40 years, practically any location in between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has been considerably more expensive than nationwide average. 0 unless it has an ocean view
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Compzilla 11 hours ago|moms and dad|prev|next -

It has actually constantly been a bit wackadoodle, however I remember 22-23 years ago, prices 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 enhanced by the increased cost of living because area.I'm not about to relocate to Texas, but it is amazing how quickly you can conserve a big quantity of money just by opening up to other areas that would make you happy.Housing rates don't decrease unless terrible thing occur; even then, sometimes they go up.I didn't list the address of the person that outbid me on my last house purchase, however. Maybe you need to think about not publishing the addresses unless you have an excellent reason.
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Compzilla 7 hours ago|parent|next -

Well, you are entitled to your viewpoint. That stated, I'm not attempting to shame private purchasers. It is more just documenting sales that show a damaged or speculative market. I believe that is a valid "reason."All the addresses I mention are public and already on Zillow/Redfin, together with all the other details. I'm not noting out bidder names or license plates ... just mentioning public sales. It's less about the purchaser (who is not mentioned) and more about how far from basics prices has wandered.
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leakycap 5 hours ago|root|parent|next -

> And yeah, I'm considering beginning a "Wall of Shame" recording these kinds of sales. Exhibit 1: this onePerhaps your phrasing wasn't well thought about if you're not attempting to shame purchasers by noting addresses.
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proc0 12 hours ago|prev|next -

It's most likely investment driven. I resided in a couple structures with very bad landlord companies that basically didn't appreciate 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 wrong with that city, and everyone is a sort of in a hypnotic trance attempting to look away because they're all in the very same political team or something like that. People suffer willingly as a type of unusual self-sacrifice, so there is no accountability for the leadership that makes bad choice after bad decision (although naturally they are making excellent decisions for individuals who have the status and money).
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Compzilla 12 hours ago|parent|next -

It appears completely appears possible that investment groups might be responsible for this ... the loading on of more misery to the crippling price crisis there. Do you believe they would stop if someone pointed out that they were absolutely doing civic harm? 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 property manager companies and the regional federal government to some extent, I'm simply not sure exactly how and don't know much about it, however it's clear the top priorities of the city do not favor the typical SF person. The only way to deal with the corruption has to be holding the management of the city accountable through mass modification in voting. Otherwise the very same people keep running the location and it will never change.So yes, pointing it out and exposing them is probably part of the option however it would just be a small part. I think people need to break out of their undeviating commitment in order to hold the system liable for any change to happen.
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vouaobrasil 12 hours ago|prev|next -

If you have actually got enough wealth to put a deposit even on 1M, not truly much sympathy here for this "insanity", due to the fact that you might just transfer to a less expensive area and stop whatever job requires being in the SF area.
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Compzilla 11 hours ago|moms and dad|next -

Yes, good point. Even a healthy correction won't bring back affordability. A good start would be for those with this kind of wealth to stop paying too much simply since they have some deep-seated desire to reside in SF.
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msgodel 5 hours ago|prev|next -

PG says you need to move out 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 illogical longer than you can remain solvent. The worth is the deal rate 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 property is regional.
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Compzilla 10 hours ago|parent -

Yes! I would enjoy to hear someone describe to me how they validated purchasing such a miscalculated piece of property. How they permitted themselves to enter into a bidding war for a condo. I imply this kind of realty is the most susceptible to volatility, even in SF. If condominiums aren't dangerous enough, what about tenancies in typical (yikes). SFHs are going to be far more steady of course.