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 apartment 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 beginning a "Wall of Shame" documenting these kinds of sales. Exhibit 1: this one.

deanmoriarty 6 hours ago|next -

I reside in SF, discover it a lovely city however I'm not especially connected to it, so I rent.The area where that residential or commercial property is situated is actually excellent, I live nearby. I believe the residential or commercial property is worth that quantity, because someone spent for it in a competitive market, that terrace with views of Sutro tower is incredible. It's also a bargain compared to its previous 2019 price ($ 1.4 M), so it's most likely it was purposefully priced listed below market, the owner never suggested to sell it at the asking price.The city just has so, so many rich people, it's hard to comprehend. I, a total nobody, know a great deal 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 stunning city with such a scarce inventory. I do not believe that residential or commercial property worth will considerably drop at any time quickly, if ever.You are entitled to your own viewpoints and venting, however it might be more efficient to just 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 certainly a sign of focused wealth.That said - relatively couple of individuals are needed to price the marketplace. This is the case for housing, stocks (where ETF-holder do not carry out rates), etc.You are likewise likely not a nobody, not even in SF terms, with $6M liquid (assuming that there are rather a bit of investments on top of that). This would either need some effective speculative financial investments, top-level position in a successful company, inheritance, or effective exits. just inheritance with a long frugal lineage would yield a wealthy no one.
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megamike 12 hours ago|prev|next -

I recall as a traveler checking out some 25 yrs back and was surprised by how much a breakfast was at IHOP this was in the Golden Park area and than was more surprised 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 checking out even more it was a garage made into some sort of condominium Has SF constantly been goofy overpriced?
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PopAlongKid 11 hours ago|moms and dad|next -

> Has SF always been crazy overpriced?It's not just SF, it's California. Even returning 40 years, almost any location 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 always been a bit wackadoodle, but I keep in mind 22-23 years back, prices 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 cost of living in that area.I'm not ready to transfer to Texas, but it is amazing how quickly you can save a huge quantity of money just by opening up to other areas that would make you happy.Housing costs don't decrease unless dreadful thing occur; 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, however. Maybe you should consider not publishing the addresses unless you have a good 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 buyers. It is more just documenting sales that reflect a broken or speculative market. I think that is a legitimate "factor."All the addresses I discuss are public and currently on Zillow/Redfin, along with all the other details. I'm not noting out bidder names or license plates ... simply citing public sales. It's less about the purchaser (who is not discussed) 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 thinking about starting a "Wall of Shame" documenting these types of sales. Exhibit 1: this onePerhaps your wording wasn't well considered 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 financial investment driven. I lived in a couple buildings with extremely bad proprietor business that essentially 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 incorrect with that city, and everyone is a type of in a trance trying to avert since they're all in the exact same political group or something like that. People suffer voluntarily as a kind of odd self-sacrifice, so there is no accountability for the leadership that makes bad choice after bad choice (although obviously they are making excellent decisions for individuals who have the status and cash).
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Compzilla 12 hours ago|moms and dad|next -

It appears completely seems possible that investment groups could be responsible for this ... the heaping on of more anguish to the crippling cost crisis there. Do you think they would stop if someone explained 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 absolutely corruption with the property owner business and the local government to some extent, I'm just not sure exactly how and do not understand much about it, but it's clear the concerns of the city do not prefer the typical SF person. The only way to handle the corruption needs to be holding the management of the city accountable through mass change in voting. Otherwise the very same individuals keep running the place and it will never ever change.So yes, pointing it out and exposing them is most likely part of the option but it would just be a small part. I believe people require to break out of their undeviating commitment in order to hold the system responsible for any change to occur.
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vouaobrasil 12 hours ago|prev|next -

If you've got enough wealth to put a deposit even on 1M, not actually much sympathy here for this "madness", since you could just move to a less expensive location and quit whatever task needs being in the SF area.
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Compzilla 11 hours ago|parent|next -

Yes, good point. Even a healthy correction will not restore price. A good start would be for those with this type 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 says you need to move out there for the start-up culture but things 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 deal cost at in an arms length transaction.Go ask the purchasers why they paid what they paid. Knock on doors, speak to real estate agents. All real estate is local.
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Compzilla 10 hours ago|parent -

Yes! I would enjoy to hear somebody discuss to me how they validated purchasing such a misestimated piece of realty. How they enabled themselves to participate in a bidding war for a condo. I imply this type of real estate is the most susceptible to volatility, even in SF. If condominiums aren't risky enough, what about occupancies in typical (yikes). SFHs are going to be far more steady naturally.