Meanwhile, much better systems with more space or an additional bath sit for weeks unsold.Am I missing out on something? I understand this location is desirable, but $1.5 M for a 1-bath condo without any 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 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 stunning city but I'm not especially connected to it, so I rent.The area where that residential or commercial property is situated is truly excellent, I live close by. I think the residential or commercial property is worth that amount, given that someone spent for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's also a bargain compared to its previous 2019 list price ($ 1.4 M), so it's likely it was intentionally priced below market, the owner never ever indicated to sell it at the asking price.The city simply has so, a lot of rich people, it's tough to comprehend. I, a total no one, understand 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 lovely city with such a limited stock. I don't believe that residential or commercial property value will considerably drop whenever quickly, if ever.You are entitled to your own viewpoints and venting, however it may be more productive to just vote with your feet and leave, if this is too frustrating to deal with.
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tossandthrow 2 hours ago|parent|next -

The housing market in SF is definitely a sign of concentrated wealth.That stated - fairly couple of participants are needed to price the market. This holds true for housing, stocks (where ETF-holder do not carry out prices), 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 financial investments on top of that). This would either require some effective speculative investments, high-level position in a successful company, inheritance, or effective exits. just inheritance with a long frugal family tree would yield a rich no one.
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megamike 12 hours ago|prev|next -

I remember as a tourist checking out some 25 years earlier and was stunned by how much a breakfast was at IHOP this was in the Golden Park location 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 'system' for 350,000 and checking out further it was a garage made into some sort of condo Has SF constantly been goofy overpriced?
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PopAlongKid 11 hours ago|moms and dad|next -

> Has SF always been goofy overpriced?It's not simply SF, it's California. Even going back 40 years, almost 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 considerably 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 always been a bit wackadoodle, however I remember 22-23 years earlier, rates were high, however within earth's atmosphere.
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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 about to move to Texas, however it is amazing how quickly you can save a substantial quantity of cash simply by opening up to other locations that would make you happy.Housing prices do not go down unless horrible thing take place; 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 good reason.
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Compzilla 7 hours ago|moms and dad|next -

Well, you are entitled to your viewpoint. That stated, I'm not attempting to pity individual buyers. It is more simply recording sales that reflect a damaged or speculative market. I believe that is a valid "factor."All the addresses I mention are public and currently on Zillow/Redfin, along with all the other details. I'm not listing 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 rates has wandered.
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leakycap 5 hours ago|root|moms and dad|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 thought about if you're not trying to shame buyers 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 extremely bad property owner companies that essentially didn't care about the conditions of the structure. I needed to call city authorities since 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 everybody is a sort of in a hypnotic trance attempting to look away since they're all in the very same political group or something like that. People suffer willingly as a form of odd self-sacrifice, so there is no responsibility for the leadership that makes bad decision after bad choice (although naturally they are making great decisions for the people who have the status and money).
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Compzilla 12 hours ago|parent|next -

It seems totally seems plausible that investment groups might be responsible for this ... the heaping 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|moms and dad|next -

There's definitely corruption with the landlord business and the city government to some level, I'm just uncertain exactly how and do not understand much about it, however it's clear the concerns of the city do not prefer the typical SF resident. The only way to handle the corruption needs to be holding the management of the city responsible through mass modification in voting. 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 but it would just be a little part. I believe individuals need to break out of their steady commitment in order to hold the system accountable for any change to occur.
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vouaobrasil 12 hours ago|prev|next -

If you have actually got enough wealth to put a down payment even on 1M, not truly much compassion here for this "madness", since you could just transfer to a less expensive area and quit whatever job requires remaining in the SF location.
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Compzilla 11 hours ago|parent|next -

Yes, great point. Even a healthy correction will not restore affordability. A good start would be for those with this kind of wealth to stop paying too much simply due to the fact that they have some ingrained desire to live in SF.
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msgodel 5 hours ago|prev|next -

PG states you require 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 remain unreasonable longer than you can remain 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, talk to real estate agents. All property is regional.
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Compzilla 10 hours ago|parent -

Yes! I would like to hear someone describe to me how they justified buying such an overvalued piece of realty. How they permitted themselves to participate in a bidding war for a condominium. I indicate this kind of real estate is the most vulnerable to volatility, even in SF. If condos aren't dangerous enough, what about tenancies in typical (yikes). SFHs are going to be a lot more steady obviously.