We bought the ~330th property we visited (open houses over 7 months - nearly all of them seriously targeted) - and we visited 20 more properties while waiting to close - just in case we wouldnt close (very strange sellers).

I would do it all over again. We set a foot in our house and at the second - we KNEW it was the right one. And yes, it needed some serious cosmetic - something very easy to do compared to adding a 1000sqft extention (needed in many houses we visited). We got it - and we were the ONLY offer - something totaly unexpected considering the war that went on about a very similar close-by property the same week. WHO KNOWS????

Anyway. Dont give up. Alex is a great agent - knows the city very well and I believe he’s appreciated and respected by most good agents in the city - your wild card if needed.

We thought for all of your trouble you went through listing those properties above, we’d post your comment on the front page as it’s own post for any of those that would like to discuss it with more people than are just following this thread, which should remain about 636 Steiner, if possible. Thanks.

There are so many people who have hand outs from mom and dad or grandma. There are 30 yr olds, yes 30 yr olds who still get help from Mom & Dad to buy in SF, and kids who live at home with grandma with no shame. This is the competition for buyers out there.. not a normal $300k/yr couples but 300k/yr + help from mom & dad.

The 23 yr old kids making $115,000 will go on to make $300,000 by the time they are 30, pretty much guaranteed.

Quality of life is all about, and if renters can pay my mortgage and then some, and if my assets continue to rise while my debt gets inflated away, i’m all for it!

Take a look at 2255 Washington St. for $1.498 mil. Open house was crazy today. Square footage? Not even 1,200sqft with no view. Bt this sells for asking within 3 weeks. Lower unit condo too.

I’m so impressed with someone age 23 just out of school making $115 k.

And I’m more impressed with the “kids” on Boomtimes block who live at home in their mid-20s with granny..Wow..these are the future leaders of our country.

Yea, right..

John, I’m so glad I bought in the ‘peak’ of 1998, 2002, 2003, and 2005. And I’m so glad i’m buying again at the peak in 2007. Donno how old you are, or how your finances are, but i’m doing just fine thank you. I just feel so sorry for so many people who had the means to buy in 1997,98,99,00,01,02,03,04,05,06,07 and who’ve watch asset prices run away from them. Look at [some other real estate bloggers]. [One is] an ex-investment banker who could have bought over the past 10 years. He’s 38 now and developed a blog to help cope. All is good, but I wouldn’t want to be him.

[Editor's note: We're trying not to point fingers, so we edited the name. Keep that in mind for the future.]

1330 Chestnut St. anyone? In contract after one Sunday open house for $1.495 million purchased last yr for $1.025 mil with a 200K remodel.

2255 Steiner St., a 2/2 asking $1.498 mil at under 1,500sqft with no view. Impressive! I bet it gets into contract by another $500,000/yr couplbe.

2249 Washington St., a 2/2 in contract for $1.525 mil. Who’s buying this?

2745 Laguna st., a 3/2 in contract for over $1.55 mil, purchased for $$1.20 mil a couple yrs ago? Who’s buying this?

3042 Jackson, a 2/2 in contract for $1.595 mil, who’s buying this?

2865 Jackson, a 3/2, 1700sqft place with $775/month HOAs… who’s buying this?

2138 Beach st, a 3/2 in contract for $1.799+ mil. Nice location, lower unit. Who’s buying this?

The list goes on, and on and on. I’ve never seen so much strength in th $1.3 and higher condo market. Personally, I would look to buy a SFH over a condo in this price range, but maybe these buyers just want simplicity?

The key is LOCATION and distinction of the property. Think about the best properties sitting a top a pyramid. The base, which is demand, gets wider and wider due to rising incomes, inflation, population =demand, as the supply remains fixed. Think of fine art appreciating over time. Same thing, and that’s why I’m amazed people are plunking down $1,000sqft+ for new properties in SOMA where there is an endless supply, and NEW becomes NOT NEW in 5 years. People start screaming the market is falling when a SOMA condo gets reduced. I’m just giddy b/c prices there imo should be no more than $600/sqft, yet people are paying $800-1,600sqft.

Finally, I have met an incredible amount of people in SF who have help from Mom & Dad. Even kids in their lat 20’s and older are getting help from Bank of Mom & Dad. Heck, on my block there are two 26 yr old kids living at home with Grandma! One underestimates the wealth in SF.

Have a great weekend all. And Alex, if we can revisit all these properties in several weeks, that’d be great!

BOOMtime

Keep your chin up and enjoy the city — soon enough you’ll have a mortgage and all the fun stress that comes with being a homeowner!

As far as we’re concerned, we simply shrug and move on. We know we can’t control the market, but we have total control over our budget. So when it climbs out of our reach, it’s really no problem to let those more flush stake their claim. We’ve been pretty picky thus far in tendering our offers, and note that this City is full of similar shoppers w/discriminating eyes. Crap properties sit until the price is right. Good ones go and go fast. I’d like to think we’ve got the vision to discern a cosmetic fixer from a tear down, but frankly we’re not seeing many of those out there either. Supply and demand is a powerful force, and right now (heck, this whole year), there’s simply a lack of decent inventory (discounting all the new construction, of course).

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