Meanwhile, much better systems with more area or an additional bath sit for weeks unsold.Am I missing out on something? I understand this location is preferable, however $1.5 M for a 1-bath condominium without any garage feels like 2021 energy. I require to vent!Genuinely asking ... are people still panic-buying? Is this just wealth inertia? Tech optimism? Delusion?And yeah, I'm thinking about starting a "Wall of Shame" documenting these types of sales. Exhibit 1: this one.

deanmoriarty 6 hours ago|next -

I reside in SF, find it a gorgeous city but I'm not particularly connected to it, so I rent.The area where that residential or commercial property lies is truly good, I live nearby. I believe the residential or commercial property is worth that amount, considering that someone spent for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's also an excellent deal compared to its previous 2019 list price ($ 1.4 M), so it's most likely it was intentionally priced listed below market, the owner never ever indicated to sell it at the asking price.The city simply has so, numerous rich people, it's hard to comprehend. I, a complete nobody, understand a great deal of people 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 beautiful city with such a limited stock. I don't think that residential or commercial property value will considerably drop any time quickly, if ever.You are entitled to your own viewpoints and venting, but it might be more productive to just vote with your feet and leave, if this is too aggravating to deal with.
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tossandthrow 2 hours ago|parent|next -

The housing market in SF is definitely an indicator of focused wealth.That said - reasonably few individuals are required to price the market. This is the case for housing, stocks (where ETF-holder do not perform prices), etc.You are likewise likely not a no one, not even in SF terms, with $6M liquid (presuming that there are a fair bit of financial investments on top of that). This would either require some successful speculative financial investments, top-level position in an effective business, inheritance, or successful exits. only inheritance with a long frugal family tree would yield a rich nobody.
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megamike 12 hours ago|prev|next -

I recall as a tourist visiting some 25 yrs earlier and was stunned 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 office with the for sale listings on the window and there was a listing for a 'system' for 350,000 and checking out further it was a garage made into some sort of apartment Has SF constantly been wacky 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, nearly any place in between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has been significantly more expensive than national average. 0 unless it has an ocean view
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Compzilla 11 hours ago|moms and dad|prev|next -

It has always been a bit wackadoodle, but I remember 22-23 years earlier, rates were high, however within earth's environment.
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leakycap 8 hours ago|prev|next -

Ask yourself if your quality of life is improved by the increased expense of living in that area.I'm not about to transfer to Texas, however it is amazing how quickly you can save a big amount of money simply by opening to other locations that would make you happy.Housing costs don't go down unless awful thing happen; even then, in some cases they go up.I didn't note the address of the person that outbid me on my last home purchase, though. 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 opinion. That said, I'm not attempting to shame individual purchasers. It is more just recording sales that reflect a broken or speculative market. I believe that is a legitimate "reason."All the addresses I mention are public and currently on Zillow/Redfin, together with all the other information. I'm not listing out bidder names or license plates ... just citing public sales. It's less about the buyer (who is not mentioned) and more about how far from basics rates has actually wandered.
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leakycap 5 hours ago|root|parent|next -

> And yeah, I'm thinking about beginning a "Wall of Shame" documenting these types of sales. Exhibit 1: this onePerhaps your phrasing wasn't well considered if you're not attempting to pity buyers by listing 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 needed 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 trance attempting to avert since they're all in the very same political group or something like that. People suffer voluntarily as a type of strange self-sacrifice, so there is no responsibility for the leadership that makes bad choice after bad choice (although obviously they are making great decisions for the people who have the status and money).
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Compzilla 12 hours ago|parent|next -

It appears totally seems plausible that investment groups might be accountable for this ... the loading on of more anguish to the crippling affordability crisis there. Do you think they would stop if somebody explained that they were absolutely 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 absolutely corruption with the landlord companies and the city government to some level, I'm just uncertain precisely how and do not understand much about it, but it's clear the top priorities of the city do not favor the typical SF citizen. The only method to handle the corruption needs to be holding the management of the city liable through mass modification in voting. Otherwise the exact same individuals 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 just be a little part. I think individuals require to break out of their steadfast loyalty 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 really much compassion here for this "insanity", since you might just transfer to a cheaper location and quit whatever task needs being in the SF location.
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Compzilla 11 hours ago|moms and dad|next -

Yes, asset. Even a healthy correction won't restore price. A great start would be for those with this sort of wealth to stop overpaying even if they have some deep-seated desire to live in SF.
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msgodel 5 hours ago|prev|next -

PG states you require to leave there for the startup culture however 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 remain unreasonable 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, speak with real estate agents. All realty is local.
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Compzilla 10 hours ago|moms and dad -

Yes! I would enjoy to hear someone describe to me how they validated buying such an overvalued piece of property. How they permitted themselves to participate in a bidding war for a condominium. I imply this type of realty is the most vulnerable to volatility, even in SF. If apartments aren't dangerous enough, what about occupancies in typical (yikes). SFHs are going to be much more steady obviously.