One thing most people don’t realize about the SF Bay Area real estate market: condos haven’t been appreciating that much in the last few years. The runaway equity gains you hear about are all single family homes. See https://www.paragon-re.com/trend/dynamic-updated-market-analytic-charts …
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The money is in the land, and the right to have a unit. The actual pile of lumber and drywall is not worth all that much.
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