Meanwhile, better systems with more space or an extra bath sit for weeks unsold.Am I missing something? I know this area is desirable, however $1.5 M for a 1-bath condo with no garage feels like 2021 energy. I need to vent!Genuinely asking ... are individuals still panic-buying? Is this just 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 gorgeous city however I'm not particularly connected to it, so I rent.The area where that residential or commercial property is situated is really great, I live nearby. I think the residential or commercial property deserves that amount, because someone spent for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's also a great offer compared to its previous 2019 list price ($ 1.4 M), so it's most likely it was deliberately priced listed below market, the owner never indicated to sell it at the asking price.The city simply has so, so many rich people, it's hard to comprehend. I, a total nobody, know 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 inventory. I don't think that residential or commercial property worth will significantly drop any time soon, if ever.You are entitled to your own viewpoints and venting, however it may 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|parent|next -

The housing market in SF is certainly an indicator of focused wealth.That stated - relatively few individuals are required to price the market. This holds true for housing, stocks (where ETF-holder do not carry out prices), etc.You are also most likely not a no one, not even in SF terms, with $6M liquid (presuming 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 an effective company, inheritance, or successful exits. only inheritance with a long penny-wise family tree would yield a rich nobody.
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megamike 12 hours ago|prev|next -

I recall as a tourist visiting some 25 yrs 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 'unit' for 350,000 and reading further it was a garage made into some sort of apartment Has SF always been wacky overpriced?
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PopAlongKid 11 hours ago|parent|next -

> Has SF constantly been goofy overpriced?It's not just 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 pricey than national 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, however I remember 22-23 years earlier, rates 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 enhanced by the increased cost of living in that area.I'm not about to move to Texas, but it is amazing how easily you can conserve a huge quantity of money just by opening up to other places that would make you happy.Housing rates do not go down unless terrible thing take place; even then, in some cases they go up.I didn't note the address of the person that outbid me on my last house purchase, however. Maybe you should think about not publishing the addresses unless you have a good factor.
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Compzilla 7 hours ago|parent|next -

Well, you are entitled to your opinion. That stated, I'm not attempting to shame individual buyers. It is more just recording sales that show a broken or speculative market. I think that is a valid "factor."All the addresses I discuss are public and currently on Zillow/Redfin, together with all the other details. I'm not listing out bidder names or license plates ... just citing public sales. It's less about the purchaser (who is not mentioned) and more about how far from fundamentals rates has wandered.
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leakycap 5 hours ago|root|parent|next -

> And yeah, I'm considering starting a "Wall of Shame" documenting these kinds of sales. Exhibit 1: this onePerhaps your phrasing wasn't well considered if you're not attempting to shame buyers by listing addresses.
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proc0 12 hours ago|prev|next -

It's most likely investment driven. I lived in a couple buildings with really bad proprietor companies that essentially didn't appreciate the conditions of the structure. I needed to call city authorities since there was a rat problem. 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 avert due to the fact that they're all in the exact same political team or something like that. People suffer willingly as a kind of odd self-sacrifice, so there is no responsibility for the management that makes bad choice after bad choice (although obviously 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 appears possible that financial investment groups might be accountable for this ... the loading on of more misery to the crippling cost crisis there. Do you believe they would stop if somebody mentioned that they were absolutely 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 local government to some degree, I'm simply not sure exactly how and don't know much about it, but it's clear the priorities of the city do not prefer the typical SF resident. The only method to handle the corruption needs to be holding the management of the city responsible through mass modification in ballot. Otherwise the same individuals keep running the place and it will never ever change.So yes, pointing it out and exposing them is probably part of the option but it would only be a small part. I believe individuals need to break out of their unwavering loyalty in order to hold the system responsible 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 actually much compassion here for this "insanity", because you might just relocate to a cheaper area and quit whatever task requires being in the SF area.
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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 kind of wealth to stop overpaying even if they have some ingrained desire to reside in SF.
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msgodel 5 hours ago|prev|next -

PG says you need to vacate there for the startup 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 market can stay unreasonable longer than you can remain solvent. The value is the transaction price 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 property is regional.
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Compzilla 10 hours ago|parent -

Yes! I would love to hear someone discuss to me how they validated buying such an overvalued piece of realty. How they enabled themselves to participate in a bidding war for a condo. I suggest this kind of real estate is the most susceptible to volatility, even in SF. If condos aren't dangerous enough, what about occupancies in typical (yikes). SFHs are going to be much more stable of course.