SF Housing Madness. Tired of Screaming into Deep Space
Meanwhile, much better systems with more area or an extra bath sit for weeks unsold.Am I missing out on something? I understand this area is preferable, however $1.5 M for a 1-bath condo with no garage seems like 2021 energy. I need to vent!Genuinely asking ... are individuals still panic-buying? Is this simply wealth inertia? Tech optimism? Delusion?And yeah, I'm thinking about beginning a "Wall of Shame" recording these kinds of sales. Exhibit 1: this one.
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deanmoriarty 6 hours ago|next -
I live in SF, find it a gorgeous city but I'm not especially connected to it, so I rent.The location where that residential or commercial property lies is actually great, I live nearby. I believe the residential or commercial property is worth that amount, since somebody paid for it in a competitive market, that terrace with views of Sutro tower is . It's also a bargain compared to its previous 2019 price ($ 1.4 M), so it's most likely it was deliberately priced listed below market, the owner never suggested to offer it at the asking price.The city simply has so, a lot of rich people, it's difficult to understand. I, a complete nobody, understand a lot 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 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 believe that residential or commercial property value will considerably drop at any time soon, if ever.You are entitled to your own opinions and venting, but it may be more productive to just vote with your feet and leave, if this is too discouraging to handle. reply
tossandthrow 2 hours ago|moms and dad|next -
The housing market in SF is definitely an indicator of concentrated wealth.That stated - relatively few participants are needed to price the market. This is the case for housing, stocks (where ETF-holder do not perform prices), etc.You are likewise most likely not a nobody, not even in SF terms, with $6M liquid (presuming that there are quite a bit of investments on top of that). This would either require some successful speculative investments, high-level position in an effective company, inheritance, or effective exits. only inheritance with a long penny-wise lineage would yield a wealthy nobody. reply
megamike 12 hours ago|prev|next -
I recall as a tourist checking out some 25 yrs ago and was stunned by just how much a breakfast was at IHOP this was in the Golden Park location and than was more stunned 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 even more it was a garage made into some sort of condominium Has SF always been wacky 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 location between Bay Area and San Diego that's within 50 miles of the ocean and is not rural 0 has been considerably more expensive than national average. 0 unless it has an ocean view reply
Compzilla 11 hours ago|moms and dad|prev|next -
It has constantly been a bit wackadoodle, but I keep in mind 22-23 years earlier, costs were high, however within earth's environment. reply
leakycap 8 hours ago|prev|next -
Ask yourself if your lifestyle is enhanced by the increased expense of living in that area.I'm not ready to move to Texas, but it is remarkable how quickly you can conserve a big amount of money just by opening to other locations that would make you happy.Housing prices don't go down unless awful thing take place; even then, often they go up.I didn't list the address of the person that outbid me on my last house purchase, though. Maybe you must consider not posting the addresses unless you have a great reason. reply
Compzilla 7 hours ago|moms and dad|next -
Well, you are entitled to your viewpoint. That said, I'm not trying to pity individual purchasers. It is more just recording sales that reflect a broken or speculative market. I believe that is a valid "factor."All the addresses I mention are public and currently on Zillow/Redfin, in addition to all the other details. I'm not noting out bidder names or license plates ... just mentioning public sales. It's less about the purchaser (who is not discussed) and more about how far from basics rates has actually drifted. reply
leakycap 5 hours ago|root|moms and dad|next -
> And yeah, I'm thinking about starting a "Wall of Shame" documenting these kinds of sales. Exhibit 1: this onePerhaps your wording wasn't well considered if you're not attempting to pity purchasers by listing addresses. reply
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 building. I needed to call city authorities due to the fact that there was a rat invasion. Meanwhile I was paying almost 2K and this was 5-10 years ago.There's something deeply wrong with that city, and everybody is a type of in a trance trying to avert because they're all in the exact same political team or something like that. People suffer voluntarily as a kind of strange self-sacrifice, so there is no accountability for the leadership that makes bad choice after bad choice (although of course they are making excellent decisions for the individuals who have the status and money). reply
Compzilla 12 hours ago|parent|next -
It appears completely seems plausible that investment groups could be responsible for this ... the heaping on of more torment to the crippling price crisis there. Do you think they would stop if somebody mentioned that they were absolutely doing civic harm? That last bit was not to be taken seriously. reply
proc0 8 hours ago|root|moms and dad|next -
There's absolutely corruption with the proprietor companies and the local government to some level, I'm simply not sure precisely how and do not understand much about it, but it's clear the top priorities of the city do not favor the average SF citizen. The only method to deal with the corruption needs to be holding the management of the city liable through mass change in ballot. Otherwise the exact 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 solution but it would only be a little part. I think individuals need to break out of their unwavering commitment in order to hold the system accountable for any modification to take place. reply
vouaobrasil 12 hours ago|prev|next -
If you've got enough wealth to put a deposit even on 1M, not truly much sympathy here for this "insanity", due to the fact that you might simply transfer to a cheaper location and give up whatever job requires remaining in the SF area. reply
Compzilla 11 hours ago|parent|next -
Yes, asset. Even a healthy correction won't bring back cost. A great start would be for those with this sort 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 but stuff like this is why I 'd rather be homeless on the East Coast. reply
toomuchtodo 11 hours ago|prev -
The marketplace can remain illogical longer than you can remain solvent. The value is the deal rate 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 regional. reply
Compzilla 10 hours ago|moms and dad -
Yes! I would like to hear someone explain to me how they validated buying such a misestimated piece of realty. How they enabled themselves to get in into a bidding war for a condo. I suggest this type of property is the most susceptible to volatility, even in SF. If condos aren't risky enough, what about occupancies in common (yikes). SFHs are going to be much more steady obviously.
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