$1 million city: S.F. median home price hits 7 figures for 1st time

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    Jul 17, 2014 8:07 PM GMT
    hellooooo, whats up gays, how much sq ft do you get for this? icon_eek.gif


    http://www.sfgate.com/business/networth/article/1-million-city-S-F-median-home-price-hits-7-5626591.php
  • metta

    Posts: 39104

    Jul 17, 2014 11:53 PM GMT
    This is what $1 million buys you

    http://www.realtor.com/soldhomeprices/San-Francisco_CA/price-1000000-1100000
  • Webster666

    Posts: 9217

    Jul 17, 2014 11:55 PM GMT
    I'm sitting on a fortune, but, if I sold it, where would I go ?
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    Jul 19, 2014 1:54 AM GMT
    Webster666 saidI'm sitting on a fortune, but, if I sold it, where would I go ?

    I'm not sitting on a fortune. But I'm in a similar situation. I'm the LA area. The houses in my neighborhood/city appreciated so much in the past few years. If I sold now, I would make a small profit. But I'm essentially priced out of the area and couldn't buy another house. icon_neutral.gif
  • metta

    Posts: 39104

    Jul 19, 2014 3:03 AM GMT
    My home is still about $100k-200k below the previous peak. Many areas of California have gone way above the previous peak. In the last 2 weeks, several homes have been put on the market in my neighborhood. So I don't think that prices will increase more at the moment. A few months ago, there was almost nothing for sale. But then again, seeing what the minimum prices will be for the new homes that are going to be coming up for sale in the next phases in another development in the same city, that will make it to previous peak pricing. So maybe....

    I have thought about downsizing but it would not save me that much money even if moved to a place that would be almost half of the space that I live in now. And, I have some great neighbors and live in a very unique area. How many neighborhoods have a neighborhood vulture...we call him Fred....or can look out a window and see a mountain lion, a bunch of deer, egrets, bats, foxes, bobcats, a bear, eagles, hawks, etc. And when we get rain...hearing the sound of a pack of coyotes running down the creek and howling at the moon. And I <3 when we get waterfalls going down the canyon walls. ;)
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    Jul 19, 2014 7:09 AM GMT
    Webster666 saidI'm sitting on a fortune, but, if I sold it, where would I go ?


    Well, one choice would be to Detroit. This nice looking home last sold for $30,000. in 2012. That's it. Not joking. Zillow recorded the sale. The late Elaine Stritch grew up there. Still a beautiful neighborhood. (I checked out some of the good looking houses on the street).

    Elaine!.jpg?noredirect=1

    18210 Birchcrest Dr, Detroit, MI 48221
    5 beds, 3 baths, 2,800 sqft
    Sold: $30,000
    Sold on 05/31/12
    3 Stories of pure pleasure pleasure, awesome floor plan for entertainment and family fun. The home has tons of amenities, with a library, family room, 3.5 baths, deck, 2 car garage and more. A Must see to really enjoy. Buyer to assume all city responsibilities
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    Jul 19, 2014 7:22 AM GMT
    ISwcrguemd8xwj.jpg

    A recent sale in San Francisco.

    2746 Buchanan St, San Francisco, CA 94123
    4 beds, 4.5 baths, 4,080 sqft
    Sold: $5,495,000
    Sold on 03/07/14
    Zestimate®: $5,444,081
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    Jul 19, 2014 11:00 AM GMT
    Only a million...... seems affordable, let me just do a ARM Interest only Mortgage that would be a sound Idea......LOL icon_eek.gif
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    Jul 19, 2014 4:06 PM GMT
    Curious?
    How much does earthquake insurance run, early on a million dollar home?
  • metta

    Posts: 39104

    Jul 19, 2014 4:17 PM GMT
    dustin_K_tx saidCurious?
    How much does earthquake insurance run, early on a million dollar home?


    It is going to probably depend on many factors...location...age of the home, etc. I would think that if you live close to a major fault line, that the cost would be substantially more.

    I get mine through the state plan but I have found that barely anyone in my neighborhood (Los Angeles County) even have it because they found that the coverage is not very good. I have been talking to some insurance people recently about my mom's home....like I said...it really depends on the area...but I would guess it would be around $1k-$1.5k/yr.

    With the recent forest fires around me, it has become really difficult to find homeowners insurance...not alone the earthquake insurance. Some neighbors have even had their policies canceled.


    Only 17% of California's homeowners have earthquake insurance. A
    http://www.latimes.com/la-homeauto-story1-story.html#page=1

    If you really want an estimate you can fill out this form:

    But I think that they may base the value of the coverage on the cost of rebuilding the home....not necessarily including the value of the land.

    http://www.earthquakeauthority.com/RateCalcHomeowner.aspx?edate=12&pid=3&vchoice=Y
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    Jul 19, 2014 4:17 PM GMT
    dustin_K_tx saidCurious?
    How much does earthquake insurance run, early on a million dollar home?

    I'm not sure if it's true, but my one hour off working in San Francisco my one trip there the former Haight Ashbury hippie who cabbed me around town on a lunch tour pointed to a magnificent art deco Pacific Heights townhouse and said that right after the big '90s earthquake that entire restored single family home, intact, could've been had for $150K.
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    Jul 19, 2014 7:20 PM GMT
    SF is such a transient city, high rent mortgage prices. I'd buy a cute condo in West Hollywood or Hillcrest San Diego if I have $1 mil laying around. You just get more bang for your bucks in SoCal.
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    Jul 19, 2014 7:23 PM GMT
    LAXWill10 saidSF is such a transient city, high rent mortgage prices. I'd buy a cute condo in West Hollywood or Hillcrest San Diego if I have $1 mil laying around. You just get more bang for your bucks in SoCal.

    Really? I think LA is more transient than SF. But LA is definitely more affordable. I dunno if I could handle WeHo. The traffic around there is awful.
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    Jul 19, 2014 7:34 PM GMT
    xrichx said
    LAXWill10 saidSF is such a transient city, high rent mortgage prices. I'd buy a cute condo in West Hollywood or Hillcrest San Diego if I have $1 mil laying around. You just get more bang for your bucks in SoCal.

    Really? I think LA is more transient than SF. But LA is definitely more affordable. I dunno if I could handle WeHo. The traffic around there is awful.


    LA is transient because of all those models, actors who move there every year. LA and SF are close up there. I like WeHo, last time I checked on Trulia A 2 bath 2 beds in Weho was like 395k on King rd or Westbourne?. Traffic in LA is bad yeah. Lol don't come on the weekend.
  • Webster666

    Posts: 9217

    Jul 20, 2014 4:28 AM GMT
    Jockbod48 said
    Webster666 saidI'm sitting on a fortune, but, if I sold it, where would I go ?


    Well, one choice would be to Detroit. This nice looking home last sold for $30,000. in 2012. That's it. Not joking. Zillow recorded the sale. The late Elaine Stritch grew up there. Still a beautiful neighborhood. (I checked out some of the good looking houses on the street).

    Elaine!.jpg?noredirect=1

    18210 Birchcrest Dr, Detroit, MI 48221
    5 beds, 3 baths, 2,800 sqft
    Sold: $30,000
    Sold on 05/31/12
    3 Stories of pure pleasure pleasure, awesome floor plan for entertainment and family fun. The home has tons of amenities, with a library, family room, 3.5 baths, deck, 2 car garage and more. A Must see to really enjoy. Buyer to assume all city responsibilities



    Omg, that makes my heart hurt. LOL.
    I could pay cash for that house, and rent out my SF condo.
    Wow. The big drawback for me would be that awful winter weather ( I grew up in NY State).
  • Webster666

    Posts: 9217

    Jul 20, 2014 4:31 AM GMT
    dustin_K_tx saidCurious?
    How much does earthquake insurance run, early on a million dollar home?



    No idea.
    It wasn't the earthquake (1906) that destroyed the City, but the fires, afterward.
    I don't have earthquake insurance...
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    Jul 20, 2014 7:14 AM GMT
    Webster666 said
    Omg, that makes my heart hurt. LOL.
    I could pay cash for that house, and rent out my SF condo.
    Wow. The big drawback for me would be that awful winter weather ( I grew up in NY State).



    Its true Winters in Mich can get cold......this last winter was insane. But then again the spring summer and fall are always good so Tradeoffs I suppose.
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    Jul 20, 2014 1:18 PM GMT
    A fool is born every day.