Meanwhile, better systems with more space or an additional bath sit for weeks unsold.Am I missing out on something? I understand this location is desirable, however $1.5 M for a 1-bath condo with no garage feels like 2021 energy. I require to vent!Genuinely asking ... are individuals still panic-buying? Is this just wealth inertia? Tech optimism? Delusion?And yeah, I'm thinking about 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 beautiful city however I'm not particularly connected to it, so I rent.The location where that residential or commercial property lies is truly good, I live close by. I believe the residential or commercial property deserves that quantity, since somebody 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 price ($ 1.4 M), so it's likely it was purposefully priced below market, the owner never indicated to offer it at the asking price.The city just has so, so numerous rich people, it's challenging to comprehend. I, a total nobody, know 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 effective in my peer group. It's not unreasonable to drop that much in a beautiful city with such a limited stock. I do not believe that residential or commercial property value will considerably drop any time quickly, if ever.You are entitled to your own opinions and venting, however it might be more efficient to just vote with your feet and leave, if this is too frustrating to handle.
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tossandthrow 2 hours ago|parent|next -

The housing market in SF is certainly an indicator of focused wealth.That stated - relatively couple of participants are needed to price the marketplace. This is the case for housing, stocks (where ETF-holder do not perform rates), etc.You are likewise most likely not a no one, not even in SF terms, with $6M liquid (presuming that there are rather a bit of investments on top of that). This would either need some effective speculative investments, top-level position in an effective company, inheritance, or effective exits. only inheritance with a long frugal family tree would yield a rich no one.
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megamike 12 hours ago|prev|next -

I remember as a traveler checking out some 25 years earlier and was shocked by just how much a breakfast was at IHOP this remained in the Golden Park area and than was more shocked 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 'unit' for 350,000 and checking out further it was a garage made into some sort of condo Has SF always been goofy overpriced?
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PopAlongKid 11 hours ago|parent|next -

> Has SF constantly been wacky overpriced?It's not just SF, it's California. Even going back 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 been considerably more pricey 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 always been a bit wackadoodle, however I keep in mind 22-23 years back, costs were high, however within earth's atmosphere.
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leakycap 8 hours ago|prev|next -

Ask yourself if your lifestyle is enhanced by the increased expense of living in that area.I'm not ready to move to Texas, but it is incredible how easily you can conserve a huge quantity of cash simply by opening to other places that would make you happy.Housing rates don't decrease unless dreadful thing happen; even then, sometimes they go up.I didn't note the address of the person that outbid me on my last house purchase, though. Maybe you should consider not publishing the addresses unless you have an excellent 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 embarassment specific purchasers. It is more simply documenting sales that show a broken or speculative market. I believe that is a legitimate "factor."All the addresses I point out are public and already on Zillow/Redfin, along with all the other details. I'm not listing out bidder names or license plates ... simply mentioning public sales. It's less about the buyer (who is not discussed) and more about how far from basics rates has actually wandered.
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leakycap 5 hours ago|root|moms and dad|next -

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

It's probably investment driven. I lived in a couple buildings with really bad property manager business that basically didn't appreciate the conditions of the building. I had to call city authorities due to the fact that there was a rat invasion. 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 look away since they're all in the same political group or something like that. People suffer willingly as a form of strange self-sacrifice, so there is no accountability for the leadership that makes bad decision after bad decision (although naturally they are making great decisions for the people who have the status and cash).
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Compzilla 12 hours ago|moms and dad|next -

It seems totally seems plausible that investment groups could be accountable for this ... the heaping on of more torment to the crippling cost crisis there. Do you believe they would stop if someone pointed out that they were definitely 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 city government to some level, I'm simply not exactly sure precisely how and do not know much about it, however it's clear the concerns of the city do not prefer the average SF citizen. The only way to handle the corruption has to be holding the management of the city liable through mass modification in ballot. Otherwise the same people keep running the place and it will never change.So yes, pointing it out and exposing them is probably part of the option however it would only be a little part. I believe people require to break out of their steadfast loyalty in order to hold the system responsible for any change to occur.
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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 really much compassion here for this "insanity", because you might simply transfer to a less expensive area and give up whatever job requires being in the SF location.
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Compzilla 11 hours ago|parent|next -

Yes, excellent point. Even a healthy correction will not restore affordability. A great start would be for those with this type of wealth to stop paying too much just due to the fact that they have some ingrained desire to reside in SF.
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msgodel 5 hours ago|prev|next -

PG states you need to vacate there for the start-up 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 cost 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 property is regional.
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Compzilla 10 hours ago|moms and dad -

Yes! I would love to hear someone discuss to me how they justified buying such an overvalued piece of property. How they permitted themselves to participate in a bidding war for a condo. I suggest this type of genuine estate is the most vulnerable to volatility, even in SF. If apartments aren't dangerous enough, what about tenancies in typical (yikes). SFHs are going to be much more steady obviously.