There's something deeply wrong with that city, and everyone is a kind of in a trance trying to look away because they're all in the same political team or something like that. People suffer willingly as a form of weird self-sacrifice, so there is no accountability for the leadership that makes bad decision after bad decision (although of course they are making good decisions for the people who have the status and money).

Go ask the buyers why they paid what they paid. Knock on doors, talk to realtors. All real estate is local.

I'm not about to move to Texas, but it is amazing how easily you can save a huge amount of money just by opening up to other locations that would make you happy.

Housing prices don't go down unless terrible thing happen; even then, sometimes they go up.

I didn't list the address of the person that outbid me on my last house purchase, though. Maybe you should consider not posting the addresses unless you have a good reason.

The area where that property is located is really good, I live nearby. I think the property is worth that amount, since someone paid for it in a competitive market, that terrace with views of Sutro tower is spectacular. It’s also a good deal compared to its previous 2019 sale price ($1.4M), so it’s likely it was intentionally priced below market, the owner never meant to sell it at the asking price.

The city just has so, so many wealthy people, it’s difficult to comprehend. I, a complete nobody, know a lot 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 beautiful city with such a scarce inventory. I don’t think that property value will significantly drop any time soon, if ever.

You are entitled to your own opinions and venting, but it might be more productive to just vote with your feet and leave, if this is too frustrating to deal with.

Now predicting when the big one hits, good luck