He must not live in a very good neighborhood. :-) That's cheap for SF these
days. Well, not cheap, but not the top of the market either.

--
"j" ganz @@
www.sailnow.com

"Maxprop" wrote in message
ink.net...

"Peter Wiley" wrote in message
. ..

No such thing as overvalued or undervalued in a free market, except in
someone's perceptions. It's worth what you can sell it for, when you
want to or have to sell it. Period.

There is a lot of rhetoric here now about "overvalued" real estate. The
term is perhaps a misnomer, but it refers to what property will be worth
when the market cools and the prices readjust. This happens in places
like San Francisco, Miami, and Chicago from time to time. My brother's
home in SF, which he purchased in '74 for $58K, appreciated to over $400K,
and then readjusted in a slump to around $275K back in the 90s. Now it is
over $850K and still rising, but he strongly expects a readjustment
somewhere down the road. So the market gurus speak over "overvaluation."
Ultimately, however, the trend is always up over the long haul. That's
why interest-only loans are dispensed like candy in such areas these days.

Max