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 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 reside in SF, discover it a gorgeous city but I'm not particularly attached to it, so I rent.The location where that residential or commercial property lies is really great, I live close by. I think the residential or commercial property is worth that quantity, because 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 listed below market, the owner never meant to offer it at the asking price.The city just has so, many rich people, it's hard 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 effective in my peer group. It's not unreasonable to drop that much in a lovely city with such a limited inventory. I do not think that residential or commercial property value will significantly drop any time soon, if ever.You are entitled to your own viewpoints and venting, however it might be more productive to just vote with your feet and leave, if this is too frustrating 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 - fairly few participants are required to price the marketplace. This holds true for housing, stocks (where ETF-holder do not perform pricing), etc.You are likewise most likely not a nobody, 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 successful speculative financial investments, high-level position in a successful company, inheritance, or effective exits. just inheritance with a long prudent family tree would yield a wealthy nobody.
reply

megamike 12 hours ago|prev|next -

I remember as a traveler checking out some 25 yrs ago and was stunned by how much a breakfast was at IHOP this was in the Golden Park area 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 'unit' for 350,000 and reading even more it was a garage made into some sort of condo Has SF constantly been crazy overpriced?
reply

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, almost any place in between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has been significantly more costly than national average. 0 unless it has an ocean view
reply

Compzilla 11 hours ago|moms and dad|prev|next -

It has actually constantly been a bit wackadoodle, but I remember 22-23 years ago, rates 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 cost of living because area.I'm not about to relocate to Texas, however it is amazing how easily you can conserve a substantial quantity of cash just by opening to other locations that would make you happy.Housing costs do not decrease unless awful thing take place; even then, in some cases they go up.I didn't list the address of the individual that outbid me on my last house purchase, however. Maybe you ought to consider not publishing the addresses unless you have a great factor.
reply

Compzilla 7 hours ago|parent|next -

Well, you are entitled to your viewpoint. That stated, I'm not trying to shame individual purchasers. It is more just recording sales that show a damaged or speculative market. I think that is a valid "reason."All the addresses I point out are public and already on Zillow/Redfin, together with all the other information. I'm not listing out bidder names or license plates ... just pointing out public sales. It's less about the buyer (who is not mentioned) and more about how far from basics rates has actually wandered.
reply

leakycap 5 hours ago|root|parent|next -

> And yeah, I'm thinking about beginning 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 shame purchasers by noting addresses.
reply

proc0 12 hours ago|prev|next -

It's probably investment driven. I lived in a couple structures with really bad property manager business that essentially didn't care about the conditions of the building. I needed to call city authorities because there was a rat invasion. 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 sort of in a trance attempting to look away because they're all in the very same political group or something like that. People suffer voluntarily as a form of strange self-sacrifice, so there is no responsibility for the leadership that makes bad decision after bad choice (although naturally they are making great choices for individuals who have the status and money).
reply

Compzilla 12 hours ago|parent|next -

It appears totally appears plausible that investment groups could be responsible for this ... the loading on of more misery to the debilitating affordability crisis there. Do you think they would stop if somebody pointed out that they were absolutely doing civic damage? That last bit was not to be taken seriously.
reply

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

There's definitely corruption with the proprietor business and the city government to some degree, I'm just not exactly sure exactly how and don't know much about it, but it's clear the concerns of the city do not favor the average SF resident. The only method to handle the corruption needs to be holding the management of the city liable through mass modification in voting. Otherwise the same people keep running the place and it will never ever change.So yes, pointing it out and exposing them is most likely part of the solution however it would just be a little part. I believe people require to break out of their steadfast loyalty in order to hold the system responsible for any change to take place.
reply

vouaobrasil 12 hours ago|prev|next -

If you've got enough wealth to put a deposit even on 1M, not really much sympathy here for this "insanity", since you might simply transfer to a cheaper area and give up whatever job needs remaining in the SF location.
reply

Compzilla 11 hours ago|moms and dad|next -

Yes, asset. Even a healthy correction won't bring back price. A good start would be for those with this kind of wealth to stop overpaying even if they have some ingrained desire to reside in SF.
reply

msgodel 5 hours ago|prev|next -

PG says you require to move out there for the startup culture however things like this is why I 'd rather be homeless on the East Coast.
reply

toomuchtodo 11 hours ago|prev -

The market can stay unreasonable longer than you can remain solvent. The value is the deal cost at in an arms length transaction.Go ask the buyers why they paid what they paid. Knock on doors, talk with real estate agents. All realty is regional.
reply

Compzilla 10 hours ago|parent -

Yes! I would love to hear somebody describe to me how they validated purchasing such a miscalculated piece of realty. How they enabled themselves to enter into a bidding war for a condo. I suggest this kind of property is the most vulnerable to volatility, even in SF. If condos aren't risky enough, what about tenancies in common (yikes). SFHs are going to be much more steady of course.