Meanwhile, much better systems with more area or an extra bath sit for weeks unsold.Am I missing out on something? I understand this area is preferable, but $1.5 M for a 1-bath condo with no garage seems 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 beginning a "Wall of Shame" recording these kinds of sales. Exhibit 1: this one.

deanmoriarty 6 hours ago|next -

I live in SF, find it a beautiful city however I'm not particularly connected to it, so I rent.The location where that residential or commercial property is situated is actually excellent, I live close by. I believe the residential or commercial property deserves that amount, given that somebody spent for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's likewise an excellent deal compared to its previous 2019 price ($ 1.4 M), so it's likely it was intentionally priced below market, the owner never implied to sell it at the asking price.The city simply has so, numerous wealthy people, it's tough to understand. I, a complete no one, understand 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 stock. I do not think that residential or commercial property value will significantly drop whenever quickly, if ever.You are entitled to your own viewpoints and venting, but it may be more productive to simply 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 absolutely a sign of concentrated wealth.That said - relatively few individuals are needed to price the marketplace. This holds true 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 (assuming that there are quite a bit of investments on top of that). This would either need some effective speculative investments, high-level position in an effective company, inheritance, or successful exits. just inheritance with a long frugal family tree would yield a rich nobody.
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megamike 12 hours ago|prev|next -

I remember as a tourist visiting some 25 years earlier 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 'system' for 350,000 and checking out further it was a garage made into some sort of condo Has SF always been crazy overpriced?
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PopAlongKid 11 hours ago|parent|next -

> Has SF always been wacky overpriced?It's not just SF, it's California. Even going back 40 years, nearly any place between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has actually been significantly 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 actually always been a bit wackadoodle, however I remember 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 lifestyle is enhanced by the increased expense of living in that area.I'm not about to move to Texas, but it is amazing how easily you can save a big amount of money just by opening to other places that would make you happy.Housing costs do not decrease unless dreadful thing happen; even then, sometimes they go up.I didn't note the address of the individual that outbid me on my last house purchase, though. Maybe you need to think about not publishing the addresses unless you have a great factor.
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Compzilla 7 hours ago|moms and dad|next -

Well, you are entitled to your viewpoint. That stated, I'm not trying to shame specific 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, along with all the other details. I'm not noting out bidder names or license plates ... just mentioning public sales. It's less about the purchaser (who is not mentioned) and more about how far from principles pricing has actually wandered.
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leakycap 5 hours ago|root|parent|next -

> And yeah, I'm considering 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 shame purchasers by listing addresses.
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proc0 12 hours ago|prev|next -

It's most likely financial investment driven. I resided in a couple buildings with really bad property owner business that essentially didn't appreciate the conditions of the structure. I had to call city authorities due to the fact that there was a rat problem. Meanwhile I was paying almost 2K and this was 5-10 years ago.There's something deeply wrong with that city, and everybody is a sort of in a hypnotic trance attempting to avert since they're all in the exact same political team or something like that. People suffer willingly as a type of odd self-sacrifice, so there is no responsibility for the management that makes bad decision after bad decision (although naturally they are making great choices for the individuals who have the status and money).
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Compzilla 12 hours ago|moms and dad|next -

It appears completely seems possible that financial investment groups might be accountable for this ... the heaping on of more anguish to the crippling cost crisis there. Do you think they would stop if someone mentioned that they were absolutely doing civic damage? That last bit was not to be taken seriously.
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proc0 8 hours ago|root|moms and dad|next -

There's definitely corruption with the landlord business and the city government to some extent, I'm simply unsure precisely how and do not know much about it, but it's clear the top priorities of the city do not favor the average SF resident. The only way to deal with the corruption needs to be holding the management of the city responsible through mass change in voting. Otherwise the exact same individuals keep running the place and it will never change.So yes, pointing it out and exposing them is probably part of the solution but it would only be a small part. I believe people need to break out of their unwavering loyalty in order to hold the system liable for any modification to occur.
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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 really much sympathy here for this "insanity", because you could simply move to a more affordable location and give up whatever task needs remaining in the SF area.
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Compzilla 11 hours ago|moms and dad|next -

Yes, asset. Even a healthy correction will not restore cost. A nice start would be for those with this sort of wealth to stop paying too much simply since they have some ingrained desire to reside in SF.
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msgodel 5 hours ago|prev|next -

PG states you require to leave there for the startup culture however things like this is why I 'd rather be homeless on the East Coast.
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toomuchtodo 11 hours ago|prev -

The market can stay 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 genuine estate is regional.
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Compzilla 10 hours ago|parent -

Yes! I would love to hear somebody explain to me how they justified purchasing such an overvalued piece of realty. How they allowed themselves to enter into a bidding war for a condo. I suggest this type of real estate is the most susceptible to volatility, even in SF. If condos aren't dangerous enough, what about occupancies in common (yikes). SFHs are going to be much more stable naturally.