SF Real Estate Prices
From the May, 2004 Gold Mining Report:
Anyone with exposure to commodities, from milk and eggs to steel and gasoline, knows that there is more price inflation on the horizon. Real estate is a category unto itself, and speaking as someone who lives in the San Francisco area, I would have my home on the market tomorrow if I viewed it as an investment, rather than where I’ve lived for the past 26 years. A small home around the corner from ours just sold for a ridiculous amount of money, the winner the highest of 17 bidders, all of whom came in at premiums to the offering price. The word that comes to mind is unsustainable.
17 bidders! Jeez, man. I think the balloon is going to pop as well. I just got our a year-end report for a condo my parents own in San Diego area and in it, they say that in the last 3 years, SD property prices have appreciated 125% on average and the condo which we own has appreciated 165%! I was shocked. I told my parents to sell that crap because they bought it super cheap in 1989 when they first moved to America (yes, I’m a fob, god damn it). Unfortunately, they were too lazy to sell b/c the lady living there has no limit when paying rent. She started off at like $1200 5 years ago and now she’s sitting on $1650. I was telling them to sell and buy something close to the beach in La Jolla! I was close :-).
