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Just in case you forgot that people who live in San Francisco are crazy

By mmmarvel following x   2017 Oct 5, 6:21am 431 views   15 comments   watch   quote     share  

So here is a house that is a whopping 4500 square feet and "The home has severe fire & water damage throughout. The home is un-inhabitable" that has a pending offer for $1.4 million dollars. My goodness, snatch this one up, quick put in a bid for $1.5 million before it gets away. What more can I say???


89 Belle Ave,
San Francisco, CA 94132

Studio· -- baths· 4,533 sqft
1 Philistine   2017 Oct 5, 6:42am   ↑ like (1)   ↑ dislike (1)     quote        
I hear ya, but you're really just paying $1.4mill for the land at this point. If it had a decent house on the plot, it'd probably be $2-ish or more. Some asshole with money to park will do a tear down.
2 Bellingham Bill   2017 Oct 5, 6:54am   ↑ like (1)   ↑ dislike (1)     quote        
https://www.zillow.com/homedetails/89-Belle-Ave-San-Francisco-CA-94132/2117956541_zpid/
Formerly 3 unit multifamily, I don't know SF zoning but a quarter acre lot could hold maybe 10 new units.

Excellent commuter location to get on the 280.

$1.4M would be a steal if you could replace this with a 10 unit midrise.

"Location, Location, Location"

3 BayArea   2017 Oct 5, 7:03am   ↑ like (2)   ↑ dislike (2)     quote        
Why do people get so fixated on the worthless rotting wood, nails, and drywall?

Location and land is what you’re paying for.
4 Patrick   2017 Oct 5, 7:46am   ↑ like (1)   ↑ dislike (1)     quote        
The house is irrelevant.

They paid for the land alone.

These stories never mention that fact.
6 Tenpoundbass   2017 Oct 5, 8:43am   ↑ like (1)   ↑ dislike (1)     quote        
A 1.5 million dollar 4500 sqft concrete shell can be made in to 4 1,000 sqft 1 million dollar units.
7 Patrick   2017 Oct 5, 9:39am   ↑ like (2)   ↑ dislike (2)     quote        
In the SF Bay Area, the house itself often has negative value. The building is worth less than zero.

When it's a piece of shit, it just has to be demolished, and demolition costs money. So the sale price for that address in the article would be higher if the building were not there at all. But the article always fails to mention that.

The same article gets printed over and over, just changing the address and the price, because:

1. realtors want people to believe that that the housing market is better than it really is: "See what this crappy house sold for!"
2. journalists are corrupt and simply print the articles that realtors feed to them
3. the story propagates virally because it seems so "shocking" that such an uninhabitable house should sell for so much

But now you know that the house was not sold at all in this case. Only the land.

Let's start counting the number of times the same article gets published. This was instance n of a million, but let's start the counter over. Call this number 1.
8 joeyjojojunior   2017 Oct 5, 9:43am   ↑ like (0)   ↑ dislike (0)     quote        
I think that's the point of the article. To show how valuable the land is...
9 Heraclitusstudent   2017 Oct 5, 10:36am   ↑ like (0)   ↑ dislike (0)     quote        
mmmarvel says
Just in case you forgot that people who live in San Francisco are crazy

Not crazy... just a few fries short of happy meals...
10 E-man   2017 Oct 5, 10:37am   ↑ like (0)   ↑ dislike (0)     quote        
Bellingham Bill says
https://www.zillow.com/homedetails/89-Belle-Ave-San-Francisco-CA-94132/2117956541_zpid/
Formerly 3 unit multifamily, I don't know SF zoning but a quarter acre lot could hold maybe 10 new units.

Excellent commuter location to get on the 280.

$1.4M would be a steal if you could replace this with a 10 unit midrise.

"Location, Location, Location"



Only you knew then what you know now. If history is any guidelines, you don't wait to buy real estate. You buy real estate and wait...... in the Bay Area.
12 FortWayne   2017 Oct 8, 7:08pm   ↑ like (3)   ↑ dislike (3)     quote        
LA needs one of those at least to avoid the damn hepatitis outbreak. Homos and hobos... that's all Democrats brought to California!!!
13 Quigley   2017 Oct 8, 7:20pm   ↑ like (1)   ↑ dislike (1)     quote        
We have the police clear the homeless camps out every month or so when they start to fester. Then again, I live in Orange County. We pay high taxes here in my zip and expect the police to keep our neighborhood nice and free of derelicts.
14 HEY YOU   2017 Oct 9, 1:15am   ↑ like (0)   ↑ dislike (0)     quote        
Think how bad San Fransisco would suck if all Patnetters lived there!
15 curious2   2017 Oct 9, 3:10am   ↑ like (0)   ↑ dislike (0)     quote        
FortWayne says
Homos and hobos... that's all Democrats brought to California!!!


So, which are you, and who brought you to California?

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