From sfnewsletter:
We’re really trying to stop publishing these things, but they just keep coming up. This week we have 2956 Webster in the oh so popular Cow Hollow District. This is a 2 bed, 2 bath condominium that was asking $1,279,000 was absolutely swarmed, received eight (yes 8 ) offers, four of them all cash, and ultimately closed at $1,410,000. Yes…that much over ($131,000).
Forget for a minute this property sold above asking, because as we’ve said before there are some grey areas regarding sales above asking. What we all need to focus on is that there are still seven (yes 7) very hungry buyers for two bedroom condos in this area at this price that were beat out, and those were the buyers that stepped up to write an offer. There were probably more that didn’t even want to compete. Guess what? Those buyers are likely still out there.
and most likely, there is still $3.900.000 in ones and twenties looking for another property. (not counting the down payments of the other 4 offers).
why bother reading about mortgages crap and regulations? WHAT mortgages?
unhealthy!
Sophie, when R.E. people say “all cash” we really mean “enough cash to make the appraisal and loan irrelevant.”
kenny – not sure about that. I’ve seen too many real 100% cash offers. (of course, the higher the price, the more likely the cash)
but still – the 7 losers piggy banks together are still an impressive lot of money… waiting.. .waiting.
Anybody wants to sell? :-)
Hey, sure, it CAN be literally all cash. But I’m speaking generally here. Like in this instance if the buyers had 500K to put down on a $1.41M purchase. That might go down as “all cash.”
If I was one of the losing bidders, I’d just select one of the other 20 condos for sale in that area. Don’t have to be that picky. I’d much rather get better value, and no bidding competition for a property that might not be 100% perfect, that go into a bidding war and win.
All about finding the 7 out of 10, or 8 out of 10 property instead of always trying to get the 9 out of 10 or 10 out of 10 property.
I was one of the 8 losing bidders. I bid $100,000 over… or $1.38 mil. I make $380,000/yr, up from $300,000 in 2006. I work in management consulting, and the market is HOT. Whatever you want to buy, so will everybody else. Whatever you don’t want to buy, so will others not.
I agree with Resort, I’m going to buy another property in the area, that has one or two minor negatives, but overall, much better value at $850-900/sqft. I pity the winning bidder!
“Whatever you don’t want to buy, so will others not.”
Are you Yoda? Do you “consult” Yoda?
Great grammar. Good to see that consulting isn’t letting a lack of command of the English language hinder its hiring practices.
Nice to see that a “management consultant” making three-eighty large per year can’t write a sentence.
Rocket science was really the wrong business for me. With my ability to speak coherently I could have reamed out the business-consultant world. I’d be a billionaire by now.
management consultant – see Dobert
The whole post seemed to be an excuse to trumpet his/her income, as I see no other real reason for having mentioned it. Feh.