Let’s step aside for a minute, forget about the price and how quickly this property sold, and ask ourselves…what the hell is with this picture and what the hell does it have to do with selling a house? Okay, back to the scoop.
142 Cervantes is a very nice 3 bed, 3 bath, 2260 square foot home in the Marina. It came on the market in June at $2,290,000, spent seven (yes 7) days on the market and sold for $2,360,000 (3% over and $1,044 per square foot.) Pause for a second…..
Let’s not focus on the overbid, let’s focus on the fact that really the only reason the prices go over is that there is more than one buyer interested in this property. The others who lost out are still out there waiting for the next $2.36M Marina district home stumbling distance from all the fine Marina meat markets, and other fine Marina establishments. (We really like the Marina, we’re just poking fun.)
Taking it one step further, this home last exchanged in 1999 for $1,250,000 (4% over asking then) which put the ppsf at $553. Does basic math put that at $159,000 appreciation per year since it last sold (assuming 7 years)? We’re talking real basics here. The point being, if we were the sellers, we could give two sh*ts about prices last year, because we didn’t buy it last year, we bought it in 1999, and this year (2007) we did just fine thanks. (Yes, we know they may have done better last year, but you get the point.)
And thanks to “boomtime” for forcing us into posting this. ;-)
–1771 North Point, a done deal and no price :-(“ [theFrontSteps]
–142 Cervantes [mls]