Buy land, they ain’t making any more of it.

mars_panorama
Available: Cheap Land on Mars -- Panoramic Views

Ever wonder how much that would cost you in San Francisco? Ever think it might make sense to buy your own little piece of heaven and build the house of your dreams on it rather than pay through the nose for an old Victorian lady wearing a lot of make-up and suffering from 100 year-old plumbing?

First off, you may spend a lot of time looking. Since 2005, there have only been 216 undeveloped land sales in San Francisco. I’ve tabulated the results by ZIP code for the 208 for which there was sufficient information to calculate the price per square foot.
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Horror Headline (just in time for Halloween): SF home prices down 24.8%!!!

Yup, that’s right folks.  According to the well-known and well-respected Case-Shiller Index published by Standard and Poor’s, San Francisco home prices in July 2008 were down a whopping 24.8% from a year previous.  How can this be, when you read right here that median prices were down YOY (year over year) a “mere”  11.3% in September  (see Oct 23 blog below) and just 5.5% YOY for July 2008 — see my market trends archive.)  More realtor fluffery, you huff, designed to make the credulous public believe that things are not so bad. ...  Additional Details