You sitting down? Just when I posted on theFrontSteps about a possible cooling of the frenzy market, stories of buyer carnage came at me hot and heavy.
Perhaps you saw our crushing loss on 1850 Church? Top floor condo in Noe Valley/Glen Park, 3 bed, 2 bath, 2 car parking, listed $1,195,000, we wrote at $1,350,000, my colleague called me while I was in Canada to tell me they wrote at $1,410,000 and didn't win. We found out soon after (7 day close) the property sold for $1,435,000, cash! That was a doozy. But here's another one hot off the presses.
Have a look at 49 Ford in San Francisco's Castro District aka Eureka Valley/Dolores Park:
Top Floor, 3 bed, 1.5 bath, 1 car parking really nice property. Had a funky porch area off the back and a descent worthy of hiring a sherpa to get to the back yard to bbq. Kitchen and living area was nice, but then it got all crazy Victorian and chopped up, not much flow from front to back. Rooms were good size, details were nice. Don't get me wrong, it was nice. Here is what I've been told by a VERY reliable source (can't verify actual sales price til it sells, but this is reliable info). Listed at $1,195,000, the property received 11 offers. (Maybe it was 14? Ah, they're all melding together.) Anyway, a boat load of offers came in, all the reasonable buyers came in around $1,350,000 to $1,450,000, and there was probably one offer around $1.5. Well, somebody came in, the last offer to come in, all cash, close in 7 days, $1,600,000 (roughly)! Are you kidding me!?
Here is another one in a completely different neighborhood: 130 21st Ave in San Francisco's Lake Street District:
Four bedrooms, 2.5 baths, single family home, yada yada, it's nice. Not drop dead OMG! WTH! nice, but it's nice. A good "big" single family home in a great San Francisco neighborhood that could use a little lipstick. Asking $1,950,000, six offers, in contract north of $2.3M!! Heilige Scheisse!
I have more stories, but I'll stop there, and bring you the Top 10 Overbids of the Week that you'll certainly want to discuss among friends and family wherever you happen to be imbibing this evening.
The Top 10 Overbids Of the Week:
63 Sears St Listed: $288,888; Sold: $450,000 or 55.77% Over
2527 16th Ave Listed: $788,000; Sold $1,129,000 or 43.27% Over
102 Anderson St Listed: $810,000; Sold: $1,105,000 or 36.42% Over
1612 York St Listed: $959,000; Sold: $1,265,000 or 31.91% Over
918 Teresita Blvd Listed: $745,000; Sold: $975,000 or 30.87% Over
620 Haight Listed: $1,099,000; Sold: $1,430,000 or 30.12% Over
220 Jersey St Listed: $1,795,000; Sold: $2,315,000 or 28.97% Over
217 Ellsworth St Listed: $1,150,000; Sold: $1,450,000 or 26.09% Over
1200 Page St Listed: $1,695,000; Sold: $2,137,000 or 26.08% Over
2482 17th Ave Listed: $500,000; Sold: $630,000 or 26.00% Over
It's nutty out there folks! Give me a shout and let's get your property featured as the number one overbid of the week.
More data to come in the next issue (I always say that, I know), but for now you can click "the Goods" to track sales and new listings in your area, and you can always forward this newsletter to a friend. I would appreciate it.
If you want more real estate and market information than what I provide here, you can always visit theFrontSteps.com, or better yet, give me a shout.
Fellow Realtors, you can send The Goods to your clients too. Contact me, and I'll tell you how.
Happy Alohoa Friday!