Wonderful SF New Construction Condo lowers price from $589,000 to $499,000

[OliverHeldens]

https://www.zillow.com/homedetails/1...83153213_zpid/

Really nice looking place in a great location. I would 100% be buying this place if I lived in SF.

Prices really dropping significantly in many US locations right now. Florida, Texas, SF. It's only a matter of time before this thing spreads nationwide.

[5431]

prices in SF are dropping because tech cels are on suicide watch. not seeing that in the rest of the country. everything still inflated and you will put in offer in over asking and still get rejected because people are offering all cash with no contingencies

[OliverHeldens]

prices in SF are dropping because tech cels are on suicide watch. not seeing that in the rest of the country. everything still inflated and you will put in offer in over asking and still get rejected because people are offering all cash with no contingencies

So I'll agree with you on one point. Move in ready starter homes in lower cost of living areas are gangbusters right now. $400k starter homes in near downtown areas selling for $450k with multiple cash offers in 3 days. Howevr, outside of this market, it's not nearly as good. And Florida and Texas are getting ass rammed right now, especially in coastal areas.

However, outside of that market

[radrd]

Do you honestly believe chit hole SF a good real estate bellwether? Seems like a reach.

[OliverHeldens]

Do you honestly believe chit hole SF a good real estate bellwether? Seems like a reach.

Of course. They're just 3 years ahead of everybody else.

[frankdtank20]

It will take another 18-24 months for that to be commonplace across the US. And when it spreads far enough bailouts will be given, banks first. Some boomers will suicide themselves. Speaking of, more bank failures are absolutely on the menu this year.


Every wave crashes, it's a matter of how it breaks and how strong the undertow is.

[coast2coastam]

I've been watching San Antonio and SW Florida, and while prices are dropping, they're still way higher than they even were in 2021, when prices had already ridiculously ballooned out of control. For example, pre-covid, in 2019, a house was $500k. In 2021 it was $700k. Now they want a million, don't get it, and cut it to $900k where it stays on the market for 6 months. That's where this area's at.

SW Florida is even worse. $70k shacks are listing for $500k. Yeah they'll cut the price, but it's still 4x to 5x what it should be in some scenarios. Inventory is even higher out there, but is it meaningful inventory when prices are so insane? Until things return to at least 2020 prices, the market is ridiculously overpriced. Even at 2020 prices, with higher rates, the prices would need to go lower than that. I feel like there needs to be a real recession that everyone thinks is happening for that to happen. I think this will eventually happen, but we're nowhere near that now.

[OliverHeldens]

It will take another 18-24 months for that to be commonplace across the US. And when it spreads far enough bailouts will be given, banks first. Some boomers will suicide themselves. Speaking of, more bank failures are absolutely on the menu this year.


Every wave crashes, it's a matter of how it breaks and how strong the undertow is.

Just had a bank failure last week, the first major one since BTFP ended. I'd imagine there will be an onslaught this Summer.

[OliverHeldens]

I've been watching San Antonio and SW Florida, and while prices are dropping, they're still way higher than they even were in 2021, when prices had already ridiculously ballooned out of control. For example, pre-covid, in 2019, a house was $500k. In 2021 it was $700k. Now they want a million, don't get it, and cut it to $900k where it stays on the market for 6 months. That's where this area's at.

SW Florida is even worse. $70k shacks are listing for $500k. Yeah they'll cut the price, but it's still 4x to 5x what it should be in some scenarios. Inventory is even higher out there, but is it meaningful inventory when prices are so insane? Until things return to at least 2020 prices, the market is ridiculously overpriced. Even at 2020 prices, with higher rates, the prices would need to go lower than that. I feel like there needs to be a real recession that everyone thinks is happening for that to happen. I think this will eventually happen, but we're nowhere near that now.

Look at Cape Coral Florida, prices are plummeting.

$389k for this nice home with an in ground pool and lanai. Other homes are under $500k for water access with a pool.

Seriously, check out how fuking cheap these homes are. And price drops galore.
https://www.zillow.com/cape-coral-fl/


https://www.zillow.com/homedetails/4...45428139_zpid/

[BK909]

5K a month for 1 bed 1 bath......

[SuperHercules]

Wouldn't live in that chithole for free

[VegasLifter26]

i feel like prices wont drop until unemployment starts going up

[VegasLifter26]

https://www.zillow.com/homedetails/1...83153213_zpid/

Really nice looking place in a great location. I would 100% be buying this place if I lived in SF.

Prices really dropping significantly in many US locations right now. Florida, Texas, SF. It's only a matter of time before this thing spreads nationwide.

almost $1,000/month HOA fee + $766/month property tax

[Omnivium]

You really gonna post a single property, in san francisco of all places, as proof that prices are dropping? The cherry picking and cope are off the charts

[coast2coastam]

Look at Cape Coral Florida, prices are plummeting.

$389k for this nice home with an in ground pool and lanai. Other homes are under $500k for water access with a pool.

Seriously, check out how fuking cheap these homes are. And price drops galore.
https://www.zillow.com/cape-coral-fl/


https://www.zillow.com/homedetails/4...45428139_zpid/

That's really interesting, I always skip Cape Coral because there are no large lots there, and I've been down there a few times and didn't like it. I mainly look at the Naples area where things are still extremely overpriced.

https://www.zillow.com/homedetails/3...45466292_zpid/

This house is listing for close to what it was in 2006 not adjusted for inflation. Granted it's still probably $100k+ more than before covid, which is a ton on a house like that, but things are on their way down a bit finally.

[JoeWinko]

ehh, im still too broke for it

[GhostofCricket]

5K a month for 1 bed 1 bath......

lmao

[KantusEpicus]

Can someone explain US high house prices (or Aussie's for that matter) to me ?

You have tons of land for the most part, cheap labour - from what I gather - and cheap materials. Why aren't more built ?

Do empty states like Dakota also command these inflated prices or is just in coastal more desirable areas ?

Update: answered my own question : https://www.zillow.com/homedetails/2...66538686_zpid/ - that's decent for the price isn't it ?

Having said that - that last link : https://www.zillow.com/homedetails/4...45428139_zpid/

I'm going on totally OTT UK prices, but equally that looks decent value for money ?

[ChewYourFood]

1k /mo maintenance fee?

San Fransisco in 2024?

just lmao

[nutsy54]

Once again, OP scours the listings to find one example every few weeks of an unreasonable listing price

Meanwhile...


https://www.redfin.com/city/17151/CA...housing-market

[nutsy54]

Can someone explain US high house prices (or Aussie's for that matter) to me ?

You have tons of land for the most part, cheap labour - from what I gather - and cheap materials. Why aren't more built ?

OP is focused on cherry-picking homes in high-cost areas that don't have wide-open expanses of land available.

[NinGood]

That's a big price drop on the new construction condo! Seems like a great deal if you are looking to buy in San Francisco. Make sure to compare it with other similar properties in the area to see if it's really a good buy. Also, dealing with property management can be tricky, so good customer service, like what you get with hemlane customer service , can really help. If you feel interested, definitely check out the place in person to get a feel for it.

[WoofieNugget]

almost $1,000/month HOA fee + $766/month property tax

Welcome to why nobody wants to buy it. That's over $1 a square foot just for condo fees.

Plus it's in downtown SF where you're surrounded by homeless and crime. Not surprised it isn't moving.

[Adam16121]

Welcome to why nobody wants to buy it. That's over $1 a square foot just for condo fees.

Plus it's in downtown SF where you're surrounded by homeless and crime. Not surprised it isn't moving.

This. The pictures don’t show you homeless encampments and whatnot in the area, which are likely not that far away.

[5431]

Look at Cape Coral Florida, prices are plummeting.

$389k for this nice home with an in ground pool and lanai. Other homes are under $500k for water access with a pool.

Seriously, check out how fuking cheap these homes are. And price drops galore.
https://www.zillow.com/cape-coral-fl/


https://www.zillow.com/homedetails/4...45428139_zpid/

isn't cape coral where all the hurricanes hit a while back? no wonder no one wants to buy there