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“Pent-up Supply” Floods San Francisco Housing Market

By Patrick follow Patrick   2020 Jul 26, 9:36pm 707 views   28 comments   watch   nsfw   quote   share    


https://wolfstreet.com/2020/07/17/pent-up-supply-floods-san-francisco-housing-market-most-since-housing-bust/

San Francisco is now flooded with homes for sale. “Active listings” surged to 1,344 homes in the week ended July 5, up 65% from the same week last year, and the highest number since the housing bust, amid a 145% year-over-year surge in “new listings.”

There normally is a seasonal surge in active listings after Labor Day that peaks in late October. But this month, the surge of active listings (1,344) has already blown by those peaks in October, including the multi-year peak of 1,296 in October 2019. This is “pent-up supply” coming on the market at the wrong time of the year when supply normally declines (chart via Redfin):


2   Ceffer   ignore (4)   2020 Jul 26, 10:10pm     ↓ dislike (0)   quote   flag      

My beautiful Covid policy devastated, shit stained and needle strewn real estate market! How could this possibly have happened?
4   TrumpingTits   ignore (4)   2020 Jul 26, 10:39pm     ↓ dislike (0)   quote   flag      

My heart just bleeeeeds!
5   Blue   ignore (0)   2020 Jul 26, 11:45pm     ↓ dislike (0)   quote   flag      

Fake news. RE must go up all the time.
6   APOCALYPSEFUCKisShostakovitch   ignore (56)   2020 Jul 27, 2:38am     ↓ dislike (0)   quote   flag      

Fugitive PRC Army officers and Saudi princes will quintuple prices and wipe out supply by Christmas.

Everyone knows that.
7   Onvacation   ignore (5)   2020 Jul 27, 4:39am     ↓ dislike (0)   quote   flag      

APOCALYPSEFUCKisShostakovitch says
Fugitive PRC Army officers and Saudi princes will quintuple prices and wipe out supply by Christmas.

Everyone knows that.

Everyone!
8   Al_Sharpton_for_President   ignore (6)   2020 Jul 27, 6:56am     ↓ dislike (0)   quote   flag      

Sadly, Wolfstreet.com has become an echo chamber for either like-minded posters and/or subscribers. If you run counter to Wolf's dogma and aren't a subscriber, your posts enter moderation hell, sometimes never to be seen, but always quite delayed.
10   Booger   ignore (7)   2020 Aug 2, 5:40pm     ↓ dislike (0)   quote   flag      

#FuckCalifornia
11   Onvacation   ignore (5)   2020 Aug 2, 5:43pm     ↓ dislike (0)   quote   flag      

Booger says
#FuckCalifornia

NO! Fuck the fuckers that fucked up California. Fuck Gavin, Nancy, Barbara, and all those other fuckers. Fuck them.
12   FuckCCP89   ignore (6)   2020 Aug 3, 6:51am     ↓ dislike (0)   quote   flag      

Onvacation says
Booger says
#FuckCalifornia

NO! Fuck the fuckers that fucked up California. Fuck Gavin, Nancy, Barbara, and all those other fuckers. Fuck them.


This!

Now everybody go out and sign that recall petition: https://recallgavin2020.com/
13   EBGuy   ignore (1)   2020 Aug 3, 1:14pm     ↓ dislike (0)   quote   flag      

Large fresh water supply, check.
Defensible perimeter, check.
Winter skiing, check.
All roads lead to Lake Tahoe.
'They just want to be here at all costs’: Tahoe real estate inventory can’t keep up with demand.
14   Ceffer   ignore (4)   2020 Aug 3, 1:43pm     ↓ dislike (0)   quote   flag      

Nobody can fuck California more than it has fucked itself.

#UnFuckCalifornia Good luck with that.
15   ForcedTQ   ignore (0)   2020 Aug 3, 2:29pm     ↓ dislike (0)   quote   flag      

FuckCCP89 says
Onvacation says
Booger says
#FuckCalifornia

NO! Fuck the fuckers that fucked up California. Fuck Gavin, Nancy, Barbara, and all those other fuckers. Fuck them.


This!

Now everybody go out and sign that recall petition: https://recallgavin2020.com/


Also, fuck Bassura. Recall the AG: https://ranaf.org/recalltheag
16   bill   ignore (0)   2020 Oct 10, 10:35am     ↓ dislike (0)   quote   flag      

Exodus Part II -- People are leaving SF at a shocking rate. Work from home is a license to work anywhere.

https://www.msn.com/en-us/money/realestate/covid-exodus-home-for-sale-listings-soar-as-pandemic-s-economic-impact-grips-san-francisco/ar-BB19Tpjt

The paragrah below is very AMBIGUOUS (either that or I'm [shudder ..] losing it. It is the use of the word WERE!!! Don't they mean ARE now $2,592.00? So what was the price before the DROP? It seems totally credible that a house goes for $4.4 million on average, however.

Median two-bedrooms were renting for a cost $2,592 while one-bedrooms were going for $2,240. It was a much different snapshot of the local market at the start of the year before the COVID outbreak triggered layoffs, furloughs and employees being forced to work from home.
17   Ceffer   ignore (4)   2020 Oct 10, 11:09am     ↓ dislike (0)   quote   flag      

Take a gander at actual pictures of the city council members, various officials and infrastructure heads, mayors, police chiefs, DAs, and hear standard recordings of how they speak and conduct themselves, and you can get a pretty clear concept of what a city will amount to and whether you should live there or not. Don't even need to listen to the clattering clanks of their alleged politics.

San Francisco has floated on an inflated and undeserved 'charm' based on geographic beauty, shallow history and perhaps a clubby wealth elite who like SF as an outpost and being close to the wine country. They fund a narrow range of culture. It's now like a fashion model with open meth sores, and the beautiful locale can't hide the decay.

Tech wealth was a temporary crutch, but that tide seems to be receding.
19   mell   ignore (6)   2020 Oct 12, 1:26pm     ↓ dislike (0)   quote   flag      

SF has become one of the dirtiest shitholes. They require you to wear a mask outside but there is human and dog feces everywhere. Corrupt leftoids can destroy the most beautiful cities.
20   WookieMan   ignore (5)   2020 Oct 12, 1:36pm     ↓ dislike (1)   quote   flag      

mell says
SF has become one of the dirtiest shitholes. They require you to wear a mask outside but there is human and dog feces everywhere. Corrupt leftoids can destroy the most beautiful cities.

I'm younger, but my first visit to SF was when I was about 12 and then 18. Seemed like a shit hole from my memory at that time. More homeless/hobos (at that time) then I've seen in any other city I've visited in the country since then. Maybe pre-'95 it was better, but I don't have a good memory of that place being a beautiful city.
21   mell   ignore (6)   2020 Oct 12, 2:16pm     ↓ dislike (0)   quote   flag      

WookieMan says
mell says
SF has become one of the dirtiest shitholes. They require you to wear a mask outside but there is human and dog feces everywhere. Corrupt leftoids can destroy the most beautiful cities.

I'm younger, but my first visit to SF was when I was about 12 and then 18. Seemed like a shit hole from my memory at that time. More homeless/hobos (at that time) then I've seen in any other city I've visited in the country since then. Maybe pre-'95 it was better, but I don't have a good memory of that place being a beautiful city.


It depends on the neighborhood. Downtown and soma have always been dirty where most people go. There are some nice areas. It's gotten worse since then.
22   B.A.C.A.H.   ignore (0)   2020 Oct 12, 2:25pm     ↓ dislike (0)   quote   flag      

As bad as all the sidewalk stuff has been, the Smugness has been worse.
23   WookieMan   ignore (5)   2020 Oct 12, 3:25pm     ↓ dislike (0)   quote   flag      

B.A.C.A.H. says
the Smugness has been worse.

That will be found in every city though. Classic NIMBY(ism). I want these rule for these places but don't do it here. I'll never live full time in a city ever again. Maybe a short term rental, but I can't do it. Cities warp your sense of reality into thinking it's your way or the highway. I'll take rural America having done city, suburban and now rural 10 out of 10 times.

I mean maybe some of you have, but how many of you've had your State (not federal) Rep. knock on your door and ask you what they can do better in SF or in most place in CA? I'm guessing none unless you're active in the party. I had a nice chat with mine pounding the pavement, knocking on doors and being prepared. Knew my name even though I didn't recognize him until he mentioned it. I'm independent, but he's got my vote for just doing the work and not throwing money at it. That doesn't happen in cities. They have minions for that.
24   Patrick   ignore (1)   2020 Oct 12, 5:35pm     ↓ dislike (0)   quote   flag      

The San Francisco Chronicle is whining about income disparity in San Francisco, and guess what country the Chronicle likens San Francisco to?

Rwanda. Really.

The Chronicle uses a standard of measuring income inequality called the Gini Coefficient, which gives an area a score of zero if it fulfills the socialist dram of everyone sharing wealth equally, and a score of 1 of one person has all the wealth. On that scale, San Francisco rated a score of .523, when using figures derived from the American Community Survey, which is a part of the U.S. Census Bureau. Rwanda scored a .508, which meant it has a more balanced distribution of wealth than San Francisco.


https://www.breitbart.com/local/2014/05/19/sf-chronicle-san-francisco-s-income-inequality-worse-than-rwanda-s/
25   Ceffer   ignore (4)   2020 Oct 12, 5:45pm     ↓ dislike (0)   quote   flag      

The tech work-at-home refugees and low interest rates are creating a suburban bubble around the Bay Area for sure. House across the street from me sold within days of posting for full asking, if not more on bid.

We knew the owners for many years. They moved quite suddenly to be near children in SoCal and the place has been a rental for couple of years. I saw him and talked with him because he came up to speak with the agent and oversee the transaction. He said they wanted to sell because he thinks prices will drop in the future due to the mass bail out of well heeled upper middle class and BoomFucks from the State. Likely wealthy foreigners only in the neighborhood in future. The house next to his is a rental, and I think the occupant is Russian mafia, as was his predecessor. Not too old, with young wife and kid, and Mercedes SUVs and Land Rovers around the place.

Santa Cruz has likewise become suddenly inflated, with every rat shack going for excessive prices.

I think routine million dollar prices on nice manufactured homes in mobile home parks in Santa Cruz are just around the corner. It is a good time to cash out and leave the tender mercies of California.
26   GlocknLoad   ignore (0)   2020 Oct 12, 6:55pm     ↓ dislike (0)   quote   flag      

Patrick says
The San Francisco Chronicle is whining about income disparity in San Francisco, and guess what country the Chronicle likens San Francisco to?

Rwanda. Really.

The Chronicle uses a standard of measuring income inequality called the Gini Coefficient, which gives an area a score of zero if it fulfills the socialist dram of everyone sharing wealth equally, and a score of 1 of one person has all the wealth. On that scale, San Francisco rated a score of .523, when using figures derived from the American Community Survey, which is a part of the U.S. Census Bureau. Rwanda scored a .508, which meant it has a more balanced distribution of wealth than San Francisco.


https://www.breitbart.com/local/2014/05/19/sf-chronicle-san-francisco-s-income-inequality-worse-than-rwanda-s/

I've been saying, for a long time now, that wealth/income inequality, if it gets bad enough, is very bad for a country. Lots of turmoil.
27   mell   ignore (6)   2020 Oct 12, 10:01pm     ↓ dislike (0)   quote   flag      

That gini coeff is obviously crazy in SF due to the tech wealth but it has nothing to do with Rwanda.
28   steverbeaver   ignore (1)   2020 Oct 12, 10:31pm     ↓ dislike (0)   quote   flag      

@Patrick thanks for the xkcd resurrection- totally forgot about that. Alas, most "vooters" are boobs who can't see past their nose.

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