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Old 04-17-2024, 04:53 PM
 
Location: SF Bay Area
7,765 posts, read 4,062,263 times
Reputation: 5678

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Quote:
Originally Posted by gizmo980 View Post
Nah, that's some kind of error or unknown factor. Even SF doesn't have THAT unstable of a market! To go from $247K to almost $1M, then back down to under $300K in just a few years? Probably something to do with it being BMR; perhaps the high purchase price was a developer or something.
I've noticed that sometimes for new developments, realtor.com lists the purchase price of the land where the development is located. Then they'll list the homes at $4.5 million or something stupid like that. But I've never seen it for an established development.
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Old 04-18-2024, 08:23 AM
 
Location: SF/Mill Valley
8,802 posts, read 3,964,139 times
Reputation: 6191
Quote:
Originally Posted by 87112 View Post
I was thinking 10 percent drop in SF area or 20 percent at the most. You don't read much about the extreme drop in home prices in SF because the lefty media won't allow it.
It’s not a conspiracy; you haven’t read about an ‘extreme’ city-wide drop because it hasn’t happened. SF did see a decrease to $1.24M (average home value) from $1.32M last year, and it has essentially remained flat. However, context matters as well as the specific type of property i.e. SFH vs. low, mid or high-rise (luxury) condo and its location.

Per Kiplinger, SF is the 4th most expensive housing market in the country (and three of the top five are in California).

1. Manhattan
2. Honolulu
3. San Jose
4. San Francisco
5. Orange County

That said, don’t fret; the sky isn’t falling, and it doesn’t sound as though you’ll be moving here anytime soon. :-)
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Old 04-18-2024, 11:33 AM
 
Location: az
14,025 posts, read 8,179,548 times
Reputation: 9494
Not a condo but...

Once-hot tech office in SF's SoMa sells for a fourth of its 2019 price
https://www.sfgate.com/local/article...e-19408862.php
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Old 04-18-2024, 12:01 PM
 
7,326 posts, read 4,687,664 times
Reputation: 23838
My friend in the east bay just sold her little condo for 120k more than she paid for it 3 years ago.
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Old 04-18-2024, 12:21 PM
 
Location: SF Bay Area
7,765 posts, read 4,062,263 times
Reputation: 5678
Quote:
Originally Posted by john3232 View Post
Not a condo but...

Once-hot tech office in SF's SoMa sells for a fourth of its 2019 price
https://www.sfgate.com/local/article...e-19408862.php
That's happening all over downtown.

Burdened by debt, savvy SF office owners get creative
https://sfstandard.com/2024/04/18/sa...ore-discounts/
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Old 04-18-2024, 12:22 PM
 
Location: SF Bay Area
7,765 posts, read 4,062,263 times
Reputation: 5678
Quote:
Originally Posted by Teacher Terry View Post
My friend in the east bay just sold her little condo for 120k more than she paid for it 3 years ago.
The housing situation is fubar, no doubt.
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Old 04-18-2024, 01:54 PM
 
Location: In the Redwoods
30,438 posts, read 52,094,860 times
Reputation: 23952
Quote:
Originally Posted by 87112 View Post
Wow, did not know this. I was thinking 10 percent drop in SF area or 20 percent at the most. You don't read much about the extreme drop in home prices in SF because the lefty media won't allow it.
Haha, sure... that's it!

As CorporateCowboy explained, there's nothing to "cover up" here. And you know how to use a computer, right? So use it to look for "righty" media coverage if you're really that curious. Do you even live here?
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Old 04-25-2024, 09:48 AM
 
3,487 posts, read 5,302,434 times
Reputation: 3267
Quote:
Originally Posted by 87112 View Post
Wow, did not know this. I was thinking 10 percent drop in SF area or 20 percent at the most. You don't read much about the extreme drop in home prices in SF because the lefty media won't allow it.
Well 50% drops are not the average, they report the average. This may be a problem for this particular building though. Some parts of town have deteriorated much worse than others. Other parts of town have continued to increase in value. That's why the averages and the case studies are interesting
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Old 04-25-2024, 09:49 AM
 
3,487 posts, read 5,302,434 times
Reputation: 3267
We sold our condo in Emeryville in 2018, thinking we would never be able to get back into the Bay Area real estate market. 6 years later, it's worth less than we sold it for. We had no idea it was at its recent peak.
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Old Yesterday, 06:10 PM
 
44 posts, read 28,266 times
Reputation: 55
Quote:
Originally Posted by Wes927 View Post
I like the rooftop amenities
During my 35 years in the City, my thing was living well. And I did, like bigly. Not taking credit, mind you, most of it was down to luck (if you believe in that kind of thing).

The beauty of this 'tude was, and after having lived in the City from grade school through retirement, how insanely living well is out here in flyover country.

One of the great things out here in the real world too is that the Bay area 'tude is like beyond totally non-existent. There are exceptions, of course, but they're so narrow and confined that we normals only hear or engage with them at memorial services or the odd extremely high-end car show.
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