Meanwhile, better systems with more space or an additional bath sit for weeks unsold.Am I missing out on something? I understand this area is preferable, however $1.5 M for a 1-bath apartment without any garage feels like 2021 energy. I require to vent!Genuinely asking ... are people still panic-buying? Is this just 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, discover it a lovely city but I'm not particularly attached to it, so I rent.The area where that residential or commercial property is situated is truly excellent, I live close by. I believe the residential or commercial property deserves that quantity, since someone spent for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's likewise a good offer compared to its previous 2019 price ($ 1.4 M), so it's likely it was intentionally priced below market, the owner never meant to offer it at the asking price.The city just has so, a lot of rich people, it's hard to understand. I, a complete nobody, understand a lot of people in their 20s with $10M+ net worth. I remain 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 beautiful city with such a limited stock. I don't think that residential or commercial property worth will considerably drop any time soon, if ever.You are entitled to your own opinions and venting, however it might be more productive to just vote with your feet and leave, if this is too discouraging to handle.
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tossandthrow 2 hours ago|moms and dad|next -

The housing market in SF is certainly a sign of concentrated 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 no one, not even in SF terms, with $6M liquid (assuming that there are quite a bit of financial investments on top of that). This would either need some effective speculative investments, high-level position in a successful business, inheritance, or successful exits. just inheritance with a long prudent family tree would yield a rich no one.
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megamike 12 hours ago|prev|next -

I recall as a traveler going to some 25 years back and was shocked by how much a breakfast was at IHOP this was in the Golden Park area and than was more stunned when down the street at a real estate agents office 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 condo Has SF always been goofy overpriced?
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PopAlongKid 11 hours ago|parent|next -

> Has SF always been wacky overpriced?It's not simply SF, it's California. Even returning 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 been substantially more pricey than national average. 0 unless it has an ocean view
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Compzilla 11 hours ago|parent|prev|next -

It has always been a bit wackadoodle, however I keep in mind 22-23 years back, rates were high, but within earth's atmosphere.
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leakycap 8 hours ago|prev|next -

Ask yourself if your lifestyle is improved by the increased cost of living in that area.I'm not ready to move to Texas, however it is amazing how easily you can save a huge quantity of cash just by opening to other areas that would make you happy.Housing prices do not decrease unless awful thing take place; even then, sometimes they go up.I didn't list the address of the individual that outbid me on my last house purchase, however. Maybe you must think about not publishing the addresses unless you have a great reason.
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Compzilla 7 hours ago|parent|next -

Well, you are entitled to your opinion. That stated, I'm not attempting to pity private buyers. It is more simply recording sales that reflect a broken or speculative market. I believe that is a legitimate "reason."All the addresses I point out are public and currently on Zillow/Redfin, together with all the other details. I'm not noting out bidder names or license plates ... simply pointing out public sales. It's less about the buyer (who is not pointed out) and more about how far from basics rates has wandered.
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leakycap 5 hours ago|root|parent|next -

> And yeah, I'm considering beginning a "Wall of Shame" recording these types of sales. Exhibit 1: this onePerhaps your wording wasn't well considered if you're not attempting to pity purchasers by noting addresses.
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proc0 12 hours ago|prev|next -

It's probably investment driven. I lived in a couple buildings with really bad proprietor 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 infestation. Meanwhile I was paying nearly 2K and this was 5-10 years ago.There's something deeply incorrect with that city, and everyone is a type of in a trance attempting to avert due to the fact that they're all in the exact same political group 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 decision (although of course they are making great decisions for individuals who have the status and cash).
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Compzilla 12 hours ago|parent|next -

It appears completely seems possible that financial investment groups could be accountable for this ... the heaping on of more anguish to the crippling cost 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 proprietor companies and the city government to some degree, I'm just not sure exactly how and don't understand much about it, however it's clear the concerns of the city do not favor the average SF resident. The only way to deal with the corruption needs to be holding the leadership of the city accountable through mass change in ballot. Otherwise the exact 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 only be a little part. I think people require to break out of their steadfast loyalty in order to hold the system responsible for any modification to occur.
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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 "madness", since you might just transfer to a less expensive area and give up whatever job needs remaining in the SF area.
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Compzilla 11 hours ago|parent|next -

Yes, asset. Even a healthy correction will not restore price. A good 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 states you need to vacate there for the startup culture however 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 deal cost at in an arms length transaction.Go ask the purchasers why they paid what they paid. Knock on doors, speak with real estate agents. All realty is local.
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Compzilla 10 hours ago|moms and dad -

Yes! I would enjoy to hear someone explain to me how they justified purchasing such an overvalued piece of property. How they permitted themselves to participate in a bidding war for a condo. 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 much more stable naturally.