Meanwhile, better systems with more space or an additional bath sit for weeks unsold.Am I missing out on something? I know this location is desirable, but $1.5 M for a 1-bath apartment without any garage seems like 2021 energy. I need to vent!Genuinely asking ... are people still panic-buying? Is this simply wealth inertia? Tech optimism? Delusion?And yeah, I'm considering beginning 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 stunning city but I'm not especially connected to it, so I rent.The location where that residential or commercial property is located is truly excellent, I live close by. I believe the residential or commercial property is worth that amount, given that somebody spent for it in a competitive market, that terrace with views of Sutro tower is incredible. It's likewise a bargain compared to its previous 2019 price ($ 1.4 M), so it's most likely it was purposefully priced below market, the owner never ever meant to offer it at the asking price.The city simply has so, numerous rich people, it's difficult to understand. I, a complete nobody, know a great deal of individuals in their 20s with $10M+ net worth. I remain 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 think that residential or commercial property value will substantially drop at any time quickly, if ever.You are entitled to your own viewpoints and venting, but it might be more productive to simply 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 - fairly few participants are required to price the marketplace. This is the case for housing, stocks (where ETF-holder do not carry out rates), etc.You are likewise likely not a no one, not even in SF terms, with $6M liquid (presuming that there are a fair 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. only inheritance with a long frugal family tree would yield a wealthy nobody.
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megamike 12 hours ago|prev|next -

I remember as a tourist going to some 25 years earlier and was surprised by just how much a breakfast was at IHOP this remained in the Golden Park area and than was more surprised 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 reading 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|moms and dad|next -

> Has SF constantly been goofy overpriced?It's not simply SF, it's California. Even returning 40 years, nearly any place in between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has 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 actually constantly been a bit wackadoodle, but I keep in mind 22-23 years ago, prices were high, but 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 expense of living in that area.I'm not ready to transfer to Texas, however it is amazing how quickly you can save a big quantity of money simply by opening to other areas that would make you happy.Housing rates do not go down unless horrible thing take place; even then, often they go up.I didn't note the address of the individual 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|parent|next -

Well, you are entitled to your viewpoint. That said, I'm not trying to embarassment specific buyers. It is more simply recording sales that show a damaged or speculative market. I believe that is a valid "factor."All the addresses I discuss are public and already on Zillow/Redfin, along with all the other details. I'm not listing out bidder names or license plates ... just pointing out public sales. It's less about the purchaser (who is not pointed out) and more about how far from principles prices has wandered.
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leakycap 5 hours ago|root|moms and dad|next -

> And yeah, I'm considering starting a "Wall of Shame" recording these kinds of sales. Exhibit 1: this onePerhaps your wording wasn't well considered if you're not trying to embarassment 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 very bad property manager companies that basically didn't appreciate the conditions of the structure. I had 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 incorrect with that city, and everybody is a kind of in a hypnotic trance trying to avert because they're all in the same political group or something like that. People suffer voluntarily as a form of strange self-sacrifice, so there is no accountability for the management that makes bad decision after bad decision (although of course they are making good choices for the individuals who have the status and cash).
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Compzilla 12 hours ago|parent|next -

It appears totally appears possible that financial investment groups might be responsible for this ... the loading on of more misery to the debilitating price crisis there. Do you think they would stop if someone pointed out that they were certainly doing civic harm? That last bit was not to be taken seriously.
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proc0 8 hours ago|root|moms and dad|next -

There's certainly corruption with the proprietor business and the city government to some degree, I'm just not exactly sure precisely how and do not know much about it, however it's clear the concerns of the city do not prefer the average SF person. The only way to handle the corruption needs to be holding the management of the city responsible through mass change in voting. Otherwise the very same people keep running the place and it will never change.So yes, pointing it out and exposing them is probably part of the solution however it would only be a small part. I believe people need to break out of their undeviating loyalty in order to hold the system accountable for any modification to happen.
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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 sympathy here for this "madness", due to the fact that you might simply relocate to a less expensive area and quit whatever job needs remaining in the SF location.
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Compzilla 11 hours ago|parent|next -

Yes, asset. Even a healthy correction won't bring back price. A great start would be for those with this sort of wealth to stop overpaying simply due to the fact that they have some deep-seated desire to reside in SF.
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msgodel 5 hours ago|prev|next -

PG says you require to leave there for the start-up 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 marketplace can stay illogical longer than you can stay 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, speak to real estate agents. All property is local.
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Compzilla 10 hours ago|moms and dad -

Yes! I would enjoy to hear someone describe to me how they validated purchasing such an overvalued piece of real estate. How they enabled themselves to participate in a bidding war for a condominium. I mean this kind of realty is the most vulnerable to volatility, even in SF. If apartments aren't risky enough, what about occupancies in typical (yikes). SFHs are going to be much more steady of course.