Meanwhile, better units with more space or an extra bath sit for weeks unsold.Am I missing out on something? I know this location is desirable, but $1.5 M for a 1-bath condominium 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" documenting these types of sales. Exhibit 1: this one.

deanmoriarty 6 hours ago|next -

I reside in SF, find it a lovely city however I'm not especially connected to it, so I rent.The location where that residential or commercial property lies is actually good, I live nearby. I believe the residential or commercial property deserves that amount, since someone spent for it in a competitive market, that terrace with views of Sutro tower is magnificent. It's also an excellent offer 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 meant to offer it at the asking price.The city just has so, a lot of rich people, it's challenging to understand. I, a total 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 stunning city with such a scarce inventory. I do not think that residential or commercial property value will significantly drop at any time soon, if ever.You are entitled to your own viewpoints and venting, however it might be more efficient to simply vote with your feet and leave, if this is too discouraging to deal with.
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tossandthrow 2 hours ago|moms and dad|next -

The housing market in SF is definitely an indication of concentrated wealth.That said - reasonably few individuals are needed to price the market. This holds true for housing, stocks (where ETF-holder do not carry out pricing), etc.You are also most likely not a nobody, 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 successful speculative financial investments, top-level position in a successful business, inheritance, or effective exits. only inheritance with a long economical family tree would yield a wealthy no one.
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megamike 12 hours ago|prev|next -

I recall as a tourist going to some 25 yrs ago and was stunned by how much a breakfast was at IHOP this remained in the Golden Park area 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 '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|parent|next -

> Has SF constantly been goofy overpriced?It's not just SF, it's California. Even going back 40 years, practically 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 significantly more costly 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 earlier, costs were high, but 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 cost of living in that area.I'm not ready to move to Texas, but it is remarkable how easily you can conserve a huge amount of cash simply by opening up to other locations that would make you happy.Housing costs do not decrease unless terrible thing happen; even then, in some cases they go up.I didn't note the address of the individual that outbid me on my last house purchase, however. Maybe you must consider not posting the addresses unless you have a great factor.
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Compzilla 7 hours ago|parent|next -

Well, you are entitled to your opinion. That said, I'm not trying to pity private purchasers. It is more just recording sales that show a broken or speculative market. I believe that is a legitimate "reason."All the addresses I point out are public and already on Zillow/Redfin, in addition to all the other information. I'm not noting out bidder names or license plates ... simply citing public sales. It's less about the buyer (who is not mentioned) and more about how far from basics rates has wandered.
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leakycap 5 hours ago|root|moms and dad|next -

> And yeah, I'm considering starting a "Wall of Shame" documenting these types of sales. Exhibit 1: this onePerhaps your phrasing 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 most likely investment driven. I lived in a couple structures with really bad landlord business that generally didn't care about the conditions of the structure. I needed to call city authorities since there was a rat invasion. Meanwhile I was paying almost 2K and this was 5-10 years ago.There's something deeply incorrect with that city, and everyone is a type of in a hypnotic trance trying to avert because they're all in the exact same political team or something like that. People suffer willingly as a kind of unusual self-sacrifice, so there is no responsibility for the leadership that makes bad decision after bad decision (although obviously they are making excellent choices for individuals who have the status and cash).
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Compzilla 12 hours ago|moms and dad|next -

It appears completely appears possible that financial investment groups might be responsible for this ... the loading on of more misery to the debilitating affordability crisis there. Do you think they would stop if somebody 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 absolutely corruption with the landlord companies and the city government to some extent, I'm just not exactly sure exactly how and do not know much about it, but it's clear the concerns of the city do not prefer the average SF resident. The only way to deal with the corruption needs to be holding the leadership of the city accountable through mass change in ballot. 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 but it would only be a small part. I think individuals need to break out of their steady commitment in order to hold the system accountable for any modification to happen.
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vouaobrasil 12 hours ago|prev|next -

If you've got enough wealth to put a down payment even on 1M, not actually much compassion here for this "insanity", since you might simply move to a cheaper area and quit whatever job requires remaining in the SF location.
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Compzilla 11 hours ago|moms and dad|next -

Yes, asset. Even a healthy correction won't bring back price. A nice start would be for those with this kind of wealth to stop overpaying just since they have some ingrained desire to live in SF.
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msgodel 5 hours ago|prev|next -

PG says you require to move out 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 illogical 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 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 somebody discuss to me how they validated buying such a miscalculated piece of realty. How they allowed themselves to participate in a bidding war for a condominium. I mean this type of property is the most susceptible to volatility, even in SF. If condominiums aren't dangerous enough, what about tenancies in common (yikes). SFHs are going to be a lot more stable of course.