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Meanwhile, much better systems with more area or an extra bath sit for weeks unsold.Am I missing out on something? I know this area is desirable, however $1.5 M for a 1-bath apartment without any garage feels like 2021 energy. I need to vent!Genuinely asking ... are individuals still panic-buying? Is this simply wealth inertia? Tech optimism? Delusion?And yeah, I'm considering starting a "Wall of Shame" recording 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 attached to it, so I rent.The location where that residential or commercial property lies is truly good, I live nearby. I believe the residential or commercial property deserves that amount, since somebody paid for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's likewise a bargain compared to its previous 2019 sale cost ($ 1.4 M), so it's likely it was deliberately priced listed below market, the owner never suggested to offer it at the asking price.The city just has so, numerous rich people, it's challenging to comprehend. I, a total nobody, know a lot 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 successful in my peer group. It's not unreasonable to drop that much in a gorgeous city with such a scarce inventory. I don't think that residential or commercial property worth will substantially drop whenever quickly, if ever.You are entitled to your own opinions and venting, but it may be more efficient to simply vote with your feet and leave, if this is too frustrating to handle. reply

tossandthrow 2 hours ago|parent|next -

The housing market in SF is certainly a sign of focused wealth.That said - reasonably few individuals are needed to price the marketplace. This holds true for housing, stocks (where ETF-holder do not carry out rates), etc.You are likewise most 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 require some effective speculative financial investments, high-level position in a successful company, inheritance, or successful exits. just inheritance with a long prudent family tree would yield a rich no one. reply

megamike 12 hours ago|prev|next -
scottsvillemuseum.com
I remember as a traveler checking out some 25 years earlier and was surprised by just how much a breakfast was at IHOP this was 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 even more it was a garage made into some sort of apartment Has SF constantly been wacky overpriced? reply

PopAlongKid 11 hours ago|parent|next -

> Has SF constantly been goofy overpriced?It's not simply SF, it's California. Even going back 40 years, almost any location 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 reply

Compzilla 11 hours ago|parent|prev|next -

It has constantly been a bit wackadoodle, but I remember 22-23 years back, costs were high, however within earth's atmosphere. reply

leakycap 8 hours ago|prev|next -

Ask yourself if your lifestyle is improved by the increased expense of living because area.I'm not about to relocate to Texas, however it is fantastic how quickly you can conserve a huge amount of cash just by opening to other locations that would make you happy.Housing prices don't go down unless dreadful thing take place; even then, in some cases they go up.I didn't list the address of the person that outbid me on my last house purchase, however. Maybe you must think about not posting the addresses unless you have a great factor. reply

Compzilla 7 hours ago|parent|next -

Well, you are entitled to your viewpoint. That said, I'm not attempting to embarassment individual purchasers. It is more simply documenting sales that show a broken or speculative market. I think that is a legitimate "factor."All the addresses I point out are public and currently on Zillow/Redfin, in addition to all the other information. I'm not listing out bidder names or license plates ... just mentioning public sales. It's less about the buyer (who is not discussed) and more about how far from principles rates has drifted. reply

leakycap 5 hours ago|root|moms and dad|next -

> And yeah, I'm considering beginning a "Wall of Shame" recording these types of sales. Exhibit 1: this onePerhaps your phrasing wasn't well considered if you're not trying to embarassment purchasers by listing addresses. reply

proc0 12 hours ago|prev|next -

It's most likely financial investment driven. I resided in a couple structures with really bad landlord companies that essentially didn't appreciate the conditions of the structure. I needed to call city authorities due to the fact that there was a rat infestation. 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 type of in a trance attempting to look away due to the fact that they're all in the same political team or something like that. People suffer voluntarily as a type of odd self-sacrifice, so there is no accountability for the management that makes bad decision after bad choice (although obviously they are making great choices for individuals who have the status and money). reply

Compzilla 12 hours ago|parent|next -

It seems completely appears plausible that investment groups could be responsible for this ... the heaping on of more anguish to the debilitating price crisis there. Do you believe they would stop if somebody mentioned that they were definitely doing civic damage? That last bit was not to be taken seriously. reply

proc0 8 hours ago|root|moms and dad|next -

There's absolutely corruption with the property owner business and the city government to some extent, I'm simply not exactly sure precisely how and don't understand much about it, however it's clear the priorities of the city do not prefer the typical SF resident. The only way to deal with the needs to be holding the leadership of the city liable through mass change in ballot. Otherwise the exact same people keep running the location and it will never ever change.So yes, pointing it out and exposing them is most likely part of the solution however it would just be a little part. I think people require to break out of their steadfast loyalty in order to hold the system liable for any modification to occur. reply

vouaobrasil 12 hours ago|prev|next -

If you've got enough wealth to put a deposit even on 1M, not really much compassion here for this "insanity", because you might just move to a less expensive location and give up whatever job needs being in the SF location. reply

Compzilla 11 hours ago|moms and dad|next -

Yes, asset. Even a healthy correction will not bring back cost. A great start would be for those with this type of wealth to stop paying too much even if they have some deep-seated desire to live in SF. reply

msgodel 5 hours ago|prev|next -

PG says you require to move out there for the startup culture but stuff like this is why I 'd rather be homeless on the East Coast. reply

toomuchtodo 11 hours ago|prev -

The marketplace can remain illogical longer than you can remain solvent. The worth is the transaction cost 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 local. reply

Compzilla 10 hours ago|moms and dad -

Yes! I would love to hear someone discuss to me how they validated purchasing such an overvalued piece of property. How they permitted themselves to participate in a bidding war for a condominium. I indicate this kind of property is the most susceptible to volatility, even in SF. If condos aren't risky enough, what about occupancies in common (yikes). SFHs are going to be much more stable naturally.