"I think the big thing on the psychology here is the fact that so many people can swoop in with a lot of cash over ask."
Yeah, above certain pricing tiers ($1M+ listings), the city seems to be catering to the young and monied without family concerns.
I saw a 1BR / 1 BA in mid-Market listed at $1.39M a few months ago. I thought to myself, how much higher could that ever really go? It's a freaking 1 bedroom. Sure enough, it sold at over-asking, all cash, to what a realtor friend of mine assured me was a twentysomething buyer. Probably Facebook money.
On a semi-related note, these days it seems as if developers are making a serious attempt to gentrify the Tenderloin. Lots of new luxury boutique buildings going up or being converted there. There's a $5M+ penthouse in the heart of the 'Loin for sale right now. And I guess it makes sense, in a way. Provided gentrification can push all the homeless out of the area, it's really centrally located and convenient for people who work in the financial district or general Market / Union Square area.
To your point, though: where do all the homeless people go? They seem to be getting pushed further and further south, especially now that SOMA (South Beach in particular) is the most expensive neighborhood in the city. And if the 'Loin turns posh, what the f- happens to all of them there?
Yeah, above certain pricing tiers ($1M+ listings), the city seems to be catering to the young and monied without family concerns.
I saw a 1BR / 1 BA in mid-Market listed at $1.39M a few months ago. I thought to myself, how much higher could that ever really go? It's a freaking 1 bedroom. Sure enough, it sold at over-asking, all cash, to what a realtor friend of mine assured me was a twentysomething buyer. Probably Facebook money.
On a semi-related note, these days it seems as if developers are making a serious attempt to gentrify the Tenderloin. Lots of new luxury boutique buildings going up or being converted there. There's a $5M+ penthouse in the heart of the 'Loin for sale right now. And I guess it makes sense, in a way. Provided gentrification can push all the homeless out of the area, it's really centrally located and convenient for people who work in the financial district or general Market / Union Square area.
To your point, though: where do all the homeless people go? They seem to be getting pushed further and further south, especially now that SOMA (South Beach in particular) is the most expensive neighborhood in the city. And if the 'Loin turns posh, what the f- happens to all of them there?