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Meanwhile, better units with more area or an additional bath sit for weeks unsold.Am I missing out on something? I understand this area is desirable, but $1.5 M for a 1-bath condominium without any garage feels like 2021 energy. I require to vent!Genuinely asking ... are people still ? Is this just wealth inertia? Tech optimism? Delusion?And yeah, I'm considering beginning 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 stunning city however I'm not especially connected to it, so I rent.The location where that residential or commercial property is situated is truly good, I live nearby. I believe the residential or commercial property is worth that quantity, given that somebody paid for it in a competitive market, that terrace with views of Sutro tower is incredible. It's also a great deal compared to its previous 2019 price ($ 1.4 M), so it's most likely it was intentionally priced listed below market, the owner never ever meant to offer it at the asking price.The city just has so, so numerous wealthy people, it's challenging to understand. I, a total no one, know a great deal 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 successful in my peer group. It's not unreasonable to drop that much in a stunning city with such a limited inventory. I do not believe that residential or commercial property value will significantly drop any time quickly, if ever.You are entitled to your own viewpoints and venting, but it may be more efficient to just vote with your feet and leave, if this is too aggravating to handle. reply

tossandthrow 2 hours ago|moms and dad|next -

The housing market in SF is absolutely a sign of concentrated wealth.That said - reasonably few participants are needed to price the market. This holds true for housing, stocks (where ETF-holder do not carry out prices), etc.You are also likely not a no one, not even in SF terms, with $6M liquid (assuming that there are a fair bit of financial investments on top of that). This would either require some effective speculative financial investments, high-level position in a successful business, inheritance, or successful exits. just inheritance with a long frugal family tree would yield a rich nobody. reply

megamike 12 hours ago|prev|next -

I remember as a traveler checking out some 25 yrs back and was shocked by just how much a breakfast was at IHOP this remained in the Golden Park location and than was more stunned 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 condominium Has SF constantly been crazy overpriced? reply

PopAlongKid 11 hours ago|parent|next -

> Has SF always been crazy 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 substantially more expensive than national average. 0 unless it has an ocean view reply

Compzilla 11 hours ago|parent|prev|next -

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

leakycap 8 hours ago|prev|next -

Ask yourself if your quality of life is enhanced by the increased expense of living because area.I'm not ready to relocate to Texas, however it is incredible how easily you can conserve a substantial quantity of money just by opening to other locations that would make you happy.Housing rates don't go down unless awful thing take place; 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 must think about not publishing the addresses unless you have an excellent reason. reply

Compzilla 7 hours ago|moms and dad|next -

Well, you are entitled to your opinion. That stated, I'm not attempting to pity individual purchasers. It is more simply recording sales that show a broken or speculative market. I believe that is a valid "reason."All the addresses I discuss are public and already on Zillow/Redfin, along with all the other information. I'm not noting 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 fundamentals rates has wandered. reply

leakycap 5 hours ago|root|parent|next -

> And yeah, I'm thinking about starting a "Wall of Shame" recording these kinds of sales. Exhibit 1: this onePerhaps your phrasing wasn't well thought about if you're not attempting to embarassment purchasers by listing addresses. reply

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 basically didn't appreciate the conditions of the structure. I needed to call city authorities because there was a rat problem. Meanwhile I was paying almost 2K and this was 5-10 years ago.There's something deeply incorrect with that city, and everybody is a sort of in a hypnotic trance trying to avert due to the fact that they're all in the exact same political team or something like that. People suffer voluntarily as a form of unusual self-sacrifice, so there is no accountability for the management that makes bad choice after bad choice (although naturally they are making excellent choices for the individuals who have the status and cash). reply

Compzilla 12 hours ago|parent|next -

It appears completely appears plausible that investment groups might be accountable for this ... the loading on of more torment to the debilitating affordability crisis there. Do you think they would stop if somebody explained that they were definitely doing civic harm? That last bit was not to be taken seriously. reply

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

There's certainly corruption with the property manager business and the local government to some level, I'm simply not sure exactly how and don't know much about it, however it's clear the top priorities of the city do not prefer the average SF person. The only method to deal with the corruption has to be holding the leadership of the city responsible through mass modification in voting. Otherwise the same individuals 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 just be a small part. I think people require to break out of their steadfast commitment in order to hold the system accountable for any modification to happen. reply

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 could just relocate to a cheaper area and stop whatever job needs remaining in the SF area. reply

Compzilla 11 hours ago|moms and dad|next -

Yes, excellent point. Even a healthy correction won't restore price. A nice start would be for those with this sort of wealth to stop paying too much simply due to the fact that they have some ingrained desire to live in SF. reply

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. reply

toomuchtodo 11 hours ago|prev -

The marketplace can remain irrational longer than you can remain 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, speak to real estate agents. All property is local. reply
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Compzilla 10 hours ago|moms and dad -

Yes! I would love to hear someone describe to me how they validated buying such an overvalued piece of realty. How they allowed themselves to enter into a bidding war for a condo. I indicate this kind of property is the most vulnerable to volatility, even in SF. If condominiums aren't risky enough, what about occupancies in typical (yikes). SFHs are going to be much more stable naturally.