REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

It's now worth $700k

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the true cuckhome

who the fuck would buy this

chinks

WHAT THE FUCK

THIS IS BULLSHIT

Communist detected.

>who the fuck would buy this
Someone who likes glowing trees

This. My parents are landlords and I work hard for them. Why should anyone be entitled to something they didn't work for?

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id live there honestly. Its all about location.

/thread

can someone fill me in on exactly wtf happen to sanfransisco ?
I heard something about the tech bubble burst but really just wtf

The American government subsidizes home ownership to an absurd extent so that home values generally always increase regardless of their location. Combine this with federal investment in Silicon Valley which is the sole reason why it even exists and you have the disaster that is SF.

3800 sq ft lot size. at least this house is dignified

so why is this resulting in a fuckload of drug addicts in the park and high unemployment tho

why would you want a pool? lol just get your acre of land next to a beach obviously

this
landlords are bloodsuckers

Rapid increases in rent prices have been associated growing numbers of homeless people.

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because gentrification pushes out the poor people. they can't afford to live there anymore. and instead of being fucking reasonable and moving somewhere cheaper, they'd rather live on the street.

1.11million in Sydney

realestate.com.au/sold/property-house-nsw-redfern-127020598

how cool are asset bubbles and free trade and open borders!!!

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>instead of being fucking reasonable and moving somewhere cheaper, they'd rather live on the street.
There is nowhere else. There is not a single state in the US where a person making minimum wage can afford a two bedroom apartment. Also paying more than 50% of your wages in rent is very close to slavery.

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>realestate.com.au/sold/property-house-nsw-redfern-127020598

that is a very central location though. grab the neighboring properties and you could probably try and redevelop into a 3 storey multifamily dwelling.

This

30 years ago you could buy a house outright for only a year's salary on the median wage for an area.
Today a fucking empty plot of land anywhere within a 3 hour drive is 4x my above average salary or 6x the median salary. Expect to pay 80k more than that if you want the shittiest shit tier house.

>you deserve $15/hr for your work

you mean to tell me that all the people making minimum wage cannot live in a 2 bed room apartment in any state of the US?

Australia doesn't have open borders.

>dude just buy the neighbouring properties and then build a new property its so simple this is a great investment

property bulls are insane

thank got QE is over and QT gets to send lots of you to the dole queue

Australia has a higher rate of migration than 99% of the world

Australia has the most open borders

nah it's not simple, it definitely would require work to develop it into a multi family dwelling. given it's central location though the possibility is there which is factored into the price. it looks like a nice central spot though but i don't live in Australia, yet.

The fuck are you talking about? My backyard is twice that whole lot. That's like .07 acre.

Can’t wait until the 2nd property bubble pops. Looks like that’s already happening.

It's on like donkey kong.

Clearance rates have a direct correlation with price change, as clearance rates drop so does prices: Sydney twitter.com/ShaneOliverAMP/status/1061916517032292352 and Melbourne twitter.com/ShaneOliverAMP/status/1061916812936245251

Price falls in Sydney and Melbourne faster than during the great recession or any other event in at least 30 years: Sydney twitter.com/DocNicolaPowell/status/1055939261554319360 and Melbourne twitter.com/DocNicolaPowell/status/1055950182574055426

Melbourne down 4% in a quarter: domain.com.au/news/melbourne-house-prices-drop-4-per-cent-in-three-months-776913/

Clearance rates worst in a generation: twitter.com/ShaneOliverAMP/status/1053562178626678784?s=20

Only in 3 other extreme events have clearance rates been in the 30s in Sydney: twitter.com/LouiChristopher/status/1053585757351231488 (they'll be revised down to ~38% once the full results come in) - Oct/Nov 2008 (GFC), May 2004 (NSW vendor stamp duty) and July 1989 when the cash rate hit 17%. Sydney buyers are responding with the same recluctance to buy as during the worst recession in our generation, the highest new purchase tax in our generation, and the highest interest rates in the boomers generation.

i love these types of posts
because it reveals of shit at economies Jow Forums is.

God forbid we apply supply and demand when alot of people with high networths/salary live in a specific area zone.

just to drive it home for reeing-tards
you arent paying 350k for the house, you're paying for opportunity to live in that area. The house will likely be torn down.

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keep waiting faggots as along as a tonne of high income people want to live in a certain area youll always have expensive property. even if the property prices went down 50% you faggots still couldnt afford it

whats you point?

oh my god why is berkshire hathyway stock like 300k
but but but amazon is like $1200

REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

>landlord
>working hard
>implying kikes knows what working hard mean

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>WAITING

LOL

>On CoreLogic figures released this month, Sydney house values have fallen 8.2 per cent from their peak in the middle of 2017. Melbourne is down 4.7 per cent over the same period.

>On ANZ figures, Sydney prices are now 9 per cent below the June 2017 peak, and, by the end of this month, the fall will be larger than the 9 per cent fall in 1988–91.

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>the place itself might be strategic

yeah, in 49 million years when the tectonic plates readjust after the 2085 earthquake/tsunami

Right... and someone put a 50K house on it and its worth 700K, explain...

not in a major city FAGGOT

>On CoreLogic figures released this month, Sydney house values have fallen 8.2 per cent from their peak in the middle of 2017. Melbourne is down 4.7 per cent over the same period.

WOOOOOOOW A WHOLE 8%
GEE JOLLY MISTER thats like a total market crash
NOT!!!

can you afford 8% discount on a 1million AUD property what about 20% 25%, i doubt it so stfu.
learn about basic supply and demand and realestate price fluctations. 10 to 25% discount is nothing

that much money could get you a mansion anywhere else if you buy a house that small but that expensive you're a retard

supply and demand, read a basic economic book.

>can you afford 8% discount on a 1million AUD property what about 20% 25%, i doubt it so stfu.
>learn about basic supply and demand and realestate price fluctations. 10 to 25% discount is nothing

yes. i can afford now but im not big on buying a depreciating asset. maybe you can show me how its done chang?

10-25% on a 1m property is 100,000-250,000 discount. thats without interest added in. thats without opportunity cost or return on equity calculated. chinks dont know this stuff because theyre only 20 years out of full blown banned economics communism.

youre gonna be broke buddy

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Supply and demand determines price, not value.

Im simply saying that the market is delusional to pay a 300K premium on renovating a shitshack.

the level of retardation im observing in this thread is dizzing. do people in Jow Forums honestly expect everywhere to be the same price.
they dont even realize theres likely places more expensive than this lot.

but value is relative between peoples. it's ridiculous to use 'value' in a macro argument. it may not have 'value' to you but its 'value' to the general populace determines its price. what the buyer and seller agree to.

>WOOOOOOOW A WHOLE 8%
>GEE JOLLY MISTER thats like a total market crash
>NOT!!!

Property bubbles move slower than stocks, Xing Pe. See if you can figure out why. See if you can figure out why -10% yoy after years of +10% yoy is significant!

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>that much money could get you a mansion anywhere
sure you could, but the location where million dollar mansion is located isnt competing for employees with 300k to 500k a year salaries employed to multibillion/trillion dollar companies.

>Im simply saying that the market is delusional to pay a 300K premium on renovating a shitshack.

you arent just paying the shack dipshit, youre paying for the land and the area the land is in and the macro economics of that as well.

honestly, how much do you think this plot of land (with the shack) would be if it was located right next to the prime Manhattan properties?
you honestly think you could snap it it for like $5k cuz its just a shack?

In no rational world is 2 months of renovations worth 300K. By the way, I don't think you understand the difference between price and value. Distortions between price and value happen all the time. Just like always, the gap will eventually close when the market inevitably cools down.

I dont think you understand.

This house was on sale for $350K, someone bought it and put in 50K worth of renovations and shortly put it up for 700K. Youre taking this out of context.

A lot of good goys bought into the bubble in the last 10 years and they're gonna defend their bags until the bottom

The bagholder fears the data

this is misleading, you're not buying the house you're buying this for a piece of land to build on. No ones's living there.

ive been hearing about an australian property bubble for the past 13 years. LARP harder
when property in america was down 50 to 60% faggots like you missed your chance thinking it would go down more where you buy housing for a penny like the delusional faggots you are.

Now property prices are back to 2008 and above levels youre bitching you didnt buy and that prices to go down again, but thats not gonna happen for a long ass time bro. most youll see is 10 to 20% decline than another upward recovery. Also alot of these Austrlian and vancouver properties were bought with cash not mortgages so interests will not factor in that much.

Past 13 years? Past 12 months lad

>On CoreLogic figures released this month, Sydney house values have fallen 8.2 per cent from their peak in the middle of 2017. Melbourne is down 4.7 per cent over the same period.

>On ANZ figures, Sydney prices are now 9 per cent below the June 2017 peak, and, by the end of this month, the fall will be larger than the 9 per cent fall in 1988–91.

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>the gap will eventually close when the market inevitably cools down.

yawn.
again larp harder.

You could get that plus 10 more acres on a lakefront for that in my area

'value' is hypothetical value that a entity places on a good or service. price is the actual value determined by the free market. any amount of entities can have varying amounts of hypothetical value of a good or service. your mileage will vary, which makes it a real shit way to empirically define value if it your concept of value varies greatly depending on who you ask.

was the original selling price of 300k too low? what recent developments have happened in that neighborhood? has there been any rezoning nearby?

again 8% so what

Heres the price history

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>Also alot of these Austrlian and vancouver properties were bought with cash not mortgages so interests will not factor in that much.

Actually they were depositted on and when China banned chink buys from taking more money out over the past 12 months theyve defaulted on their mortgages and now not only do they not own property in China they also dont own property overseas

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t. Aspirational midwesterner who has never had to live in one of the filth-encrusted chinkpoo hive-arcologies that now stand in for major cities in the west
I guess it's also possible you're just a söyperson who really values access to authentic e. coli tacos

WTF

>>Land: $444,108.00
>>Structure: $190,332.00

the structure value seems far too high for this building. it's 765sqft and the interior does not look like its high end materials. I don't know how they calculated that number.

> I don't know how they calculated that number.
average build cost
whats the average build cost+permits

martinkovicmilford.com/residential-architecture-and-renovation-costs-in-san-francisco/

Semi-custom projects
If your project is at the lower end of the custom home design range, expect to pay between $300-$400 per square foot for construction. This figure applies to projects with relatively straightforward design solutions, and commonly available and easily sourced finishes, fixtures and fittings.

Mid-range custom projects
Quality mid-tier projects with tailored solutions and eye-catching architecture or interior design typically come in between $450-$600 per square foot. The majority of projects will fall within this range – including developer projects and highly liveable contemporary single-family residences.

falls in line with this project ($265 per sqft)

a brand new rebuild is around 200-300 a sqft. this is a renovation from a old timer, over 100 years old. you don't need as many permits if you aren't building from the ground up. most of the work seems cosmetic aside from the roof. it doesn't say that the foundation or studs were redone. the structure value is too high for what it is.

WHERE?!!?

I NEED TO KNOW NOW

think about all the arabs that are going to take care of you though

kek the house right beside it is
>> Address: 22 DE LONG ST
>>Parcel: 7156040
>>Assessed Values:
>> Land: $175,411.00
>> Structure: $140,327.00
>> Building Area: 1,500 sq ft
>>Parcel Area: 1,646 sq ft
>> Year Built: 1953

i have no idea how San Francisco assess their properties but something is really fucked up. how can one houses land value worth 2x what the next door is worth given the fact that they are the same size?

in some states the assessed value is re tabulated after a sale. When was the 22 de long house sold or bought

A body of water that large on the moon without freezing over or boiling in the vacuum would cost more than a million DUMBASS. God you're so fucking dumb.

Look at NZ we have twice your immigration rate per capita

figures. that is a real inefficient way to assess properties. the two houses beside it have not been sold in 10 years. 16 de long st land value jumped from 31,390 to 285,600 after it was sold

>99% of the world
>Thinks naming the 1% disproves this when it actually just proves it

god

why post

Fucking chink. Same shit is happening in Sweden too. First it's a small drop, then a 10% then the Gov announces they wont be building anymore homes, then they ask for more immigrants hoping to drive the prices up and then it returns to normal, increases in price and then stagnates before the fall. You can't undo history, those prices didn't fall for some random reason.

The gov tries its best to save the market before its too late.

>open borders

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iberal states are the best places for property since they increase demand via immigration and restrict building to outter parts via environmentalism.
im not a liberal but in this i can see a method to their madness

Costs minimum $500 per square foot to build in San Francisco on a spec house.

Countries with open borders accept less people.
If you accept more people per capita than 99% of the planet how can you say you have closed borders? Look at what happens rather than rhetoric.

im totally for open borders now, lets fold it in guys. Imagine how nuts it would be if 60million people came to these liberal states.
all the properties prices would go through the fucking roof. Which makes me think thats one of the real reasons for the push for open borders. the clear profit incentive

You're not wrong. The problem is the problem is still there and then it pops.
Two decades ago they were practically giving housing for free and now we are in an inflation period that will start harming our economy.
Our defunct gov have been asking for an update on interest rates and the banks refuse to answer because "it's not time yet". In other words: We are fucked.

People can't pay anymore.

right for a complete rebuild, not for a fairly simple renovation on a single floored building with fairly cheap materials. and without needed any serious foundation work or stud work.

san fran is all fucked. how the fuck does the structure value of properties keep increasing without any renovations being done? the structure value should be worth less over time with wear and tear.

14 de long st goes from 117,008 structure value to 171,727 value in 9 years? how the fuck does the value of a house go up the longer you live in it?

This. It's called supply and demand faggots.

It's a bubble. But the cost of construction work in SF is exploding.

Some study looked at the value of housing over hundreds of years. They studied the home prices in central Amsterdam because they had good records over several centuries and they found home prices rise a little over the rate of inflation long term like sub 1%.

>overheated housing market
>Jow Forums: this is becoming ridiculous, surely its not sustainable
>free market retards: ITS FINE WHAT ARE YOU TALKING ABOUT READ AN ECONOMICS TEXTBOOK REEEEEEEEEEEEEEEEEEEEEEEE

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Finance and economics are not the same thing. Finance is a science. Economics is a religion.