San Francisco housing mania: Badly charred home that is uninhabitable sells for $186,000 over asking price.
ByI remember reading a book on the Dutch tulip bubble and could only shake my head thinking that people were trading property, jewels, and other valuables for what amounted to a basic plant that you can get at Home Depot at the checkout line. I’m sure when the mania was over many people must have thought “what in the world was I thinking?” You see that facial reaction in Las Vegas when someone hunkers out of a high roller room with empty pockets. Yet today in San Francisco, you have absolute craziness going on. The median price for a home is over $1 million dollars and most are pieces of crap. But someone is paying for this, right? Of course. Someone paid a lot for those tulips as well just like someone bought at the top AOL stock or any other failed investment. I guess my point is that human psychology still hasn’t changed much over this short historical period. Need proof in terms of housing? Housing values were up in the stratosphere just in 2007 and the mind had every useful reason to justify prices. Today we highlight a home in San Francisco that sold for more than $186,000 and was charred like a forgotten hot dog left on the grill by a Taco Tuesday baby boomer…
