<p>dstark, there are pockets of expensive (and Very Expensve) in DC proper and it’s suburbs. The hot spots here are in the urban villages within walking distance to Metro stations, both in DC and the suburbs. I’ll be downsizing (and up-pricing) to one of those urban centers in 2015. But it will be twice the size of that SF condo and only 16% more expensive.</p>
<p>Don’t tell me SF City RE never go down. In late 2010, I had a chance to buy 10 Pacific Heights condos for $1M cash with financing in place. I was too chicken to buy, otherwise, it might just worth $1M each now.</p>
<p>Were they foreclosures in need of significant repairs, artlovers?</p>
<p>We just sold our house today! It went on the market in early October and we had an offer in the first few days. The buyers needed to wait until after Thanksgiving to close. We got a decent price, still lower than the market’s height but much higher than the low point and we weren’t in the most fashionable, walkable neighborhood (DC suburbs, inside the beltway Maryland). It’s a very different world in those fashionable neighborhoods, but our experience was good and we’re glad to have it behind us.</p>
<p>OTOH, where we moved to, New Orleans, still has some houses on the market that were there a few months ago when we were looking. They’re all in good, walkable neighborhoods, but there’s something wrong with each of them (lots of rehab needed in one, across from a blighted property in another, flood zone in another). The good ones are fought over, the decent ones sell quickly, and the rest just wait.</p>
<p>jym</p>
<p>yes they were foreclosures but did not need a lot of rehab. Many were rented, some vacant. I visited two… they were nice. </p>
<p>But SF has rent control.</p>
<p>Didnt think all of SF was rent controlled. Depends on the age of the building or such, yes?</p>
<p>And 2 of the 10 could have been ok and the other 8… not so much. Watching that “flip or flop” really opened my eyes to the risks of busing some of those properties.</p>
<p>no, I was told those 10 are all nice. You can check after the offer is accepted for those occupied units. It was an “insider” agency job. </p>
<p>I think ALL SF has rental controls. I had two problems with that deal.</p>
<ol>
<li><p>If I rent them out, first, there is rent control and the rent may not be able to cover the mortgage and hoa at the time, so I will have negative cash flow all the time. </p></li>
<li><p>I might have problem to terminate the lease as SF is notorious for that. If I buy the vacant ones and don’t rent it out I definitely will have negative cash flow, OTOH, I can sell it today for 3x what I paid for, with leverage, its like 10 fold. In other words, I paid $100k and sell for $1Million less financing.</p></li>
</ol>
<p>I could buy those vacant ones only, but who has a 20x20 eye knows in 4 years you get a wind full?</p>
<p><a href=“http://homeguides.sfgate.com/san-francisco-rent-control-information-43270.html”>http://homeguides.sfgate.com/san-francisco-rent-control-information-43270.html</a>
</p>
<p>As I said, artlovers, rent control depends on the age of the building.</p>
<p>Congrats, greenwitch!! Where in NOLA will you be living?? Lots of beautiful places uptown!</p>
<p>Those offered was old brownstones, definitely has rent controls. I was not in the market for newer buildings, so I did not know. </p>
<p>Just clarifying for you that not all SF rentals are rent controlled.</p>
<p>And its kinda funny that buildings built 35 years ago (1979) are considered “newer”. Lots of old buildings around there. DS looked at a house built in 1872. Still had the post out front to hitch your horse. Very important is assuring the house has been retrofitted to anchor the house to the foundation.</p>
<p>Mominva, thanks for the information. Enjoy your future new place.</p>
<p>Greenwitch, congrats on the sale. Enjoy your new place.</p>
<p>
Darn it. I could have put my daughter in one of those units. :)</p>
<p>Thanks jym and dstark. We are near the streetcar and all the tasty places on Magazine street so things are very happy here!</p>
<p>dstark</p>
<p>All of us are living in “could have” “should have” “may have” and “darn it”… LOL</p>
<p>Lol! Yeah!</p>
<p>The 2006-2010 years don’t happen that often here. Every ten years or so…we do seem to have a small drop or a flattening market.</p>
<p>1985- 1994- 2007…2018?</p>
<p>actually opportunities are all around us, in one form or another. You just have to catch it in time.</p>
<p>My biggest regret is not to buy Ebay for 25c a share when Pierre and Jeff were starting in the garage. But, nevertheless, I caught the 2008 RE down turn at the tail end and did a little bit killing…</p>
<p>That is nice. </p>
<p>I don’t know if I am going to do the apartment deal. There is a bigger hitter interested. I am going to have a small stake. This means I am going to have zero say if he participates. So, one example, if the guy wants to pay off the loan, I have to contribute more or become diluted. </p>
<p>I am not happy about this development. </p>
<p>as I told you TIC with 4 partners is never a good deal. If you have 50 TIC partners and a general manager with professional management, that is good or else, buy it on your own.</p>