218 Cole: Damnit! It happened Again

Recently, I wrote an offer for some clients on 256 Page, and if you click that link, you’ll see we got completely blown out of the water. Well, we just wrote another offer on 218 Cole, and again got blown out of the water.
218cole.jpg

Here’s the story: The property is a nice…nothing stellar…3 bed, 1 bath condo on Cole between Hayes and Fell. It has parking, a tiny deck (more like large stair landing), is on the top floor of a three unit building, and has tons of charm and old-school detail. But again…nothing stellar. Asking $849,000, on the market a few days..maybe a week, took offers, and received nine of them! Our offer was $895,000, 30 day close, 5 day appraisal, 21 day financing, and at least 20% down. Not happening…. “$1,005,000. no contingencies. 18% over! There were two offers in the high range, the other had contingencies. This is the price after the counters and dust settled.”
Do we need to say more? Never saw that price coming. If anyone was a bit uncertain about the market, there’s a pretty good example. And as someone said, “One buyer out…8 more to go.” Meaning there were nine offers, one found a place, the other 8 that wrote an offer are still out there.

[update 6/7/07:] Our source was dead on correct.  Closed escrow this week for $1,005,000. 

-218 Cole [MLS]
-Why’s This Keep Happening to Me? [sfn BLOG]

3 thoughts on “218 Cole: Damnit! It happened Again”

  1. Another interesting boom time datapoint! My question is, what do you think this place would have sold 12 months ago? $925K? [Editor: Probably less...more like $879,000. The consensus was $925k was a fair price for it today. Apparently not. We heard the winning bid was a buyer that had been beat up on a few previous offers. Happens a lot. Make five offers...get frustrated...next offer, blow the lid off the competition. Thanks for the comment]
    It is even hotter in District 7, Pac Heights/Cow Hollow/Marina.[Editor: 7 will be a lucky number for a very, very long time.]
    Just watch 3117 Buchanan St….. $799K asking for a 950sqft 2/1. I think it goes to $900K.[Editor: Should we take wagers?

  2. ON 3117 Buchanan St., sure I wager $900K. I gotta check in a couple weeks I guess. I may have to rely on you as I don’t have the easy means to do so.

    218 Cole for $1.05 million. That’s niiice.

  3. yeap. got it for 18% above asking price – but unlike the avg. charts / values / comps: this house is the best living space we’ve seen during a long search and many houses.
    Generous spaces, natural light, ventilation and great views along with very good location and neighbors make it a keeper.
    Good luck with your search – come and visit when you’re around.
    [editor's note: We're not kidding when we say, you lucky dawgs!!!!! Congratulations, and glad to know you're reading. We'll bring the wine.]

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