SF Housing Madness. Fed up with Screaming into the Void
Meanwhile, much better systems with more area or an extra bath sit for weeks unsold.Am I missing something? I understand this area is preferable, but $1.5 M for a 1-bath condominium with no like 2021 energy. I require to vent!Genuinely asking ... are people still panic-buying? Is this just wealth inertia? Tech optimism? Delusion?And yeah, I'm considering starting a "Wall of Shame" documenting these kinds of sales. Exhibit 1: this one.
deanmoriarty 6 hours ago|next -
I reside in SF, discover it a stunning city but I'm not especially connected to it, so I rent.The area where that residential or commercial property is located is truly great, I live nearby. I think the residential or commercial property is worth that quantity, because someone spent for it in a competitive market, that terrace with views of Sutro tower is magnificent. It's also a good deal compared to its previous 2019 list price ($ 1.4 M), so it's most likely it was intentionally priced below market, the owner never ever meant to sell it at the asking price.The city just has so, a lot of rich people, it's hard to comprehend. I, a total nobody, 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 successful in my peer group. It's not unreasonable to drop that much in a stunning city with such a limited stock. I do not believe that residential or commercial property value will substantially drop at any time quickly, if ever.You are entitled to your own opinions and venting, but it may be more efficient 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 focused wealth.That stated - reasonably couple of individuals are needed to price the market. 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 (presuming that there are a fair bit of financial investments on top of that). This would either need some successful speculative investments, high-level position in a successful business, inheritance, or effective exits. only inheritance with a long economical lineage would yield a wealthy nobody. reply
megamike 12 hours ago|prev|next -
I remember as a traveler visiting some 25 yrs ago and was shocked by just how much a breakfast was at IHOP this was 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 checking out further it was a garage made into some sort of apartment Has SF constantly been goofy overpriced? reply
PopAlongKid 11 hours ago|moms and dad|next -
> Has SF always been crazy overpriced?It's not just SF, it's California. Even returning 40 years, nearly any location 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 -
yandex.com
It has actually constantly been a bit wackadoodle, but I remember 22-23 years back, rates were high, however within earth's atmosphere. reply
leakycap 8 hours ago|prev|next -
Ask yourself if your lifestyle is improved by the increased expense of living in that area.I'm not about to relocate to Texas, but it is amazing how easily you can conserve a huge amount of money simply by opening up to other areas that would make you happy.Housing costs don't go down unless dreadful thing occur; even then, sometimes they go up.I didn't note 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 an excellent factor. reply
Compzilla 7 hours ago|parent|next -
Well, you are entitled to your viewpoint. That stated, I'm not trying to pity specific purchasers. It is more simply recording sales that show a broken or speculative market. I believe that is a valid "factor."All the addresses I point out are public and already on Zillow/Redfin, together with all the other details. I'm not listing out bidder names or license plates ... simply pointing out public sales. It's less about the buyer (who is not discussed) and more about how far from principles rates has actually wandered. reply
leakycap 5 hours ago|root|moms and dad|next -
> And yeah, I'm thinking about starting a "Wall of Shame" recording these types of sales. Exhibit 1: this onePerhaps your wording wasn't well thought about if you're not attempting to shame purchasers by listing addresses. reply
proc0 12 hours ago|prev|next -
It's most likely financial investment driven. I resided in a couple buildings with really bad property owner business that essentially didn't appreciate the conditions of the structure. I had 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 wrong with that city, and everybody is a sort of in a trance trying to look away since they're all in the very same political team or something like that. People suffer voluntarily as a type of unusual self-sacrifice, so there is no responsibility for the leadership that makes bad decision after bad decision (although naturally they are making good choices for the people who have the status and cash). reply
Compzilla 12 hours ago|moms and dad|next -
It seems absolutely appears possible that investment groups could be accountable for this ... the heaping on of more anguish to the crippling price crisis there. Do you think they would stop if someone mentioned that they were definitely 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 companies and the local government to some extent, I'm simply unsure exactly how and don't know much about it, however it's clear the top priorities of the city do not prefer the typical 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 people keep running the location and it will never change.So yes, pointing it out and exposing them is probably part of the solution but it would only be a small part. I believe individuals require to break out of their steadfast loyalty in order to hold the system accountable for any modification to happen. reply
vouaobrasil 12 hours ago|prev|next -
If you have actually got enough wealth to put a down payment even on 1M, not truly much compassion here for this "madness", because you might simply transfer to a more affordable location and stop whatever job requires remaining in the SF area. reply
Compzilla 11 hours ago|moms and dad|next -
Yes, good point. Even a healthy correction won't bring back cost. A good start would be for those with this kind of wealth to stop overpaying even if they have some deep-seated desire to live in SF. reply
msgodel 5 hours ago|prev|next -
PG states you need to leave there for the start-up culture however stuff like this is why I 'd rather be homeless on the East Coast. reply
toomuchtodo 11 hours ago|prev -
The market can stay illogical longer than you can stay solvent. The value is the deal rate at in an arms length transaction.Go ask the purchasers why they paid what they paid. Knock on doors, speak to real estate agents. All genuine estate is regional. reply
Compzilla 10 hours ago|parent -
Yes! I would like to hear somebody describe to me how they validated buying such a miscalculated piece of property. How they allowed themselves to get in into a bidding war for a condo. I mean this type of property is the most susceptible to volatility, even in SF. If apartments aren't dangerous enough, what about tenancies in common (yikes). SFHs are going to be a lot more stable of course.