SF Housing Madness. Fed Up With Screaming Into Deep Space
Meanwhile, better systems with more space or an additional bath sit for weeks unsold.Am I missing out on something? I understand this area is desirable, but $1.5 M for a 1-bath condominium without any garage feels like 2021 energy. I need to vent!Genuinely asking ... are individuals still panic-buying? Is this simply wealth inertia? Tech optimism? Delusion?And yeah, I'm considering beginning a "Wall of Shame" documenting these kinds of sales. Exhibit 1: this one.
deanmoriarty 6 hours ago|next -
I reside in SF, find it a beautiful city but I'm not particularly connected to it, so I rent.The area where that residential or commercial property lies is truly great, I live nearby. I think the residential or commercial property is worth that quantity, given that someone spent for it in a competitive market, that terrace with views of Sutro tower is spectacular. It's likewise a good deal compared to its previous 2019 list price ($ 1.4 M), so it's most likely it was intentionally priced listed below market, the owner never ever implied to sell it at the asking price.The city simply has so, so lots of rich people, it's difficult to understand. I, a total no one, know a lot of people 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 gorgeous city with such a limited inventory. I do not believe that residential or commercial property value will considerably drop any time quickly, if ever.You are entitled to your own opinions and venting, however it might be more productive to just vote with your feet and leave, if this is too aggravating to deal with.
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tossandthrow 2 hours ago|moms and dad|next -
The housing market in SF is certainly an indication of focused wealth.That stated - relatively couple of individuals are needed to price the market. This holds true for housing, stocks (where ETF-holder do not carry out pricing), etc.You are also 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 require some successful speculative investments, high-level position in an effective company, inheritance, or successful exits. only inheritance with a long penny-wise lineage would yield a wealthy nobody.
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megamike 12 hours ago|prev|next -
I recall as a traveler visiting some 25 years earlier and was shocked by how much a breakfast was at IHOP this was in the Golden Park area and than was more stunned when down the street at a real estate agents office with the for sale listings on the window and there was a listing for a 'unit' for 350,000 and checking out further it was a garage made into some sort of condominium Has SF always been goofy overpriced?
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PopAlongKid 11 hours ago|moms and dad|next -
> Has SF always been crazy overpriced?It's not simply SF, it's California. Even going back 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 actually been significantly more expensive than nationwide average. 0 unless it has an ocean view
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11 hours ago|parent|prev|next -
It has always been a bit wackadoodle, however I keep in mind 22-23 years back, rates were high, however within earth's atmosphere.
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leakycap 8 hours ago|prev|next -
Ask yourself if your lifestyle is improved by the increased expense of living because area.I'm not about to transfer to Texas, but it is amazing how easily you can save a substantial amount of money simply by opening up to other places that would make you happy.Housing rates do not go down unless terrible thing happen; even then, often they go up.I didn't note the address of the individual that outbid me on my last house purchase, though. Maybe you should think about not publishing the addresses unless you have a good reason.
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Compzilla 7 hours ago|parent|next -
Well, you are entitled to your opinion. That said, I'm not attempting to pity specific buyers. It is more just documenting sales that show a broken or speculative market. I think that is a legitimate "factor."All the addresses I discuss are public and currently on Zillow/Redfin, in addition to all the other information. I'm not noting out bidder names or license plates ... simply citing public sales. It's less about the purchaser (who is not pointed out) and more about how far from fundamentals prices has drifted.
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leakycap 5 hours ago|root|parent|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 pity purchasers by noting addresses.
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proc0 12 hours ago|prev|next -
It's most likely financial investment driven. I resided in a couple buildings with extremely bad landlord business that generally didn't care about the conditions of the building. I had to call city authorities because there was a rat problem. Meanwhile I was paying almost 2K and this was 5-10 years ago.There's something deeply incorrect with that city, and everybody is a type of in a hypnotic trance attempting to look away since they're all in the exact same political group or something like that. People suffer voluntarily as a kind of unusual self-sacrifice, so there is no responsibility for the leadership that makes bad choice after bad decision (although naturally they are making good choices for individuals who have the status and money).
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Compzilla 12 hours ago|moms and dad|next -
It appears absolutely seems plausible that investment groups might be accountable for this ... the loading on of more misery to the crippling price crisis there. Do you think they would stop if someone 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 property manager companies and the city government to some extent, I'm just unsure exactly how and don't understand much about it, however it's clear the top priorities of the city do not favor the average SF citizen. The only way to handle the corruption needs to be holding the management of the city accountable 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 solution but it would just be a small part. I think individuals require to break out of their steadfast commitment in order to hold the system liable for any modification to take place.
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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 "insanity", since you could simply move to a less expensive area and give up whatever task requires remaining in the SF area.
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Compzilla 11 hours ago|parent|next -
Yes, good point. Even a healthy correction won't restore price. A great start would be for those with this sort of wealth to stop paying too much simply because they have some deep-seated desire to reside in SF.
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msgodel 5 hours ago|prev|next -
PG states you need to vacate there for the startup culture but stuff 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 remain irrational longer than you can stay solvent. The worth is the deal cost at in an arms length transaction.Go ask the buyers why they paid what they paid. Knock on doors, talk to real estate agents. All genuine estate is local.
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Compzilla 10 hours ago|parent -
Yes! I would enjoy to hear somebody describe to me how they validated purchasing such an overvalued piece of property. How they enabled themselves to participate in a bidding war for a condominium. 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.