The area where that property is located is really good, I live nearby. I think the property is worth that amount, since someone paid for it in a competitive market, that terrace with views of Sutro tower is spectacular. It’s also a good deal compared to its previous 2019 sale price ($1.4M), so it’s likely it was intentionally priced below market, the owner never meant to sell it at the asking price.
The city just has so, so many wealthy people, it’s difficult to comprehend. I, a complete nobody, know a lot of people in their 20s with $10M+ net worth. I’m in my 30s with a $6M liquid net worth and I’m the least successful in my peer group. It’s not unreasonable to drop that much in a beautiful city with such a scarce inventory. I don’t think that property value will significantly drop any time soon, if ever.
You are entitled to your own opinions and venting, but it might be more productive to just vote with your feet and leave, if this is too frustrating to deal with.