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 apartment with no garage seems like 2021 energy. I require to vent!Genuinely asking ... are people still panic-buying? Is this simply wealth inertia? Tech optimism? Delusion?And yeah, I'm considering starting 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 beautiful city but I'm not especially connected to it, so I rent.The area where that residential or commercial property is located is really great, I live nearby. I believe the residential or commercial property deserves that amount, since someone paid for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's also a good offer compared to its previous 2019 list price ($ 1.4 M), so it's most likely it was purposefully priced listed below market, the owner never suggested to offer it at the asking price.The city simply has so, a lot of rich people, it's difficult to comprehend. I, a complete no one, 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 beautiful city with such a scarce inventory. I do not believe that residential or commercial property worth will significantly drop whenever quickly, if ever.You are entitled to your own viewpoints and venting, however it might 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 certainly an indication of focused wealth.That said - fairly couple of participants are required to price the market. This is the case for housing, stocks (where ETF-holder do not perform prices), etc.You are likewise most likely not a no one, not even in SF terms, with $6M liquid (assuming that there are rather a bit of financial investments on top of that). This would either require some effective speculative investments, high-level position in an effective business, inheritance, or effective exits. only inheritance with a long frugal lineage 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 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 wacky overpriced?
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PopAlongKid 11 hours ago|moms and dad|next -

> Has SF always been wacky overpriced?It's not simply SF, it's California. Even returning 40 years, practically any location between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has actually been considerably 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 constantly been a bit wackadoodle, but I remember 22-23 years back, costs were high, however within earth's atmosphere.
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leakycap 8 hours ago|prev|next -

Ask yourself if your lifestyle is enhanced by the increased cost of living in that area.I'm not ready to transfer to Texas, however it is amazing how easily you can save a big amount of cash just by opening to other locations that would make you happy.Housing prices do not go down unless dreadful thing take place; even then, often they go up.I didn't note the address of the person that outbid me on my last home purchase, however. Maybe you ought 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 opinion. That stated, I'm not trying to embarassment individual purchasers. It is more simply documenting sales that show a broken or speculative market. I believe that is a legitimate "reason."All the addresses I discuss are public and currently on Zillow/Redfin, along with all the other information. I'm not noting out bidder names or license plates ... simply mentioning public sales. It's less about the buyer (who is not mentioned) and more about how far from basics prices has actually wandered.
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leakycap 5 hours ago|root|moms and dad|next -

> And yeah, I'm considering 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 attempting to pity buyers by listing addresses.
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proc0 12 hours ago|prev|next -

It's most likely investment driven. I resided in a couple structures with really bad property manager business that essentially didn't appreciate the conditions of the structure. I had to call city authorities because there was a rat infestation. 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 type of in a trance attempting to avert due to the fact that 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 accountability for the management that makes bad decision after bad choice (although of course they are making excellent decisions for the individuals who have the status and money).
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Compzilla 12 hours ago|parent|next -

It seems completely seems possible that investment groups might be responsible for this ... the loading on of more suffering to the crippling price crisis there. Do you think they would stop if someone pointed out that they were definitely 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 property manager business and the city government to some degree, I'm simply not exactly sure exactly how and don't understand much about it, but it's clear the concerns of the city do not prefer the average SF person. The only way to handle the corruption has to be holding the leadership of the city liable through mass modification in ballot. 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 service 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 accountable for any change to happen.
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vouaobrasil 12 hours ago|prev|next -

If you have actually got enough wealth to put a deposit even on 1M, not really much compassion here for this "madness", since you could simply relocate to a more affordable location and quit whatever task requires remaining in the SF location.
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Compzilla 11 hours ago|moms and dad|next -

Yes, asset. Even a healthy correction won't restore cost. A great start would be for those with this sort of wealth to stop paying too much even if they have some ingrained desire to reside in SF.
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msgodel 5 hours ago|prev|next -

PG says you require to vacate there for the startup culture but stuff 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 remain illogical longer than you can remain solvent. The value 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.
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Compzilla 10 hours ago|parent -

Yes! I would love to hear somebody discuss to me how they validated purchasing such a miscalculated piece of realty. How they allowed themselves to participate in a bidding war for a condo. I suggest this kind of realty is the most vulnerable to volatility, even in SF. If condos aren't dangerous enough, what about occupancies in typical (yikes). SFHs are going to be far more stable of course.