I just published my most recent issue of sfnewsletter (sign up at sfnewsletter.com), complete with a couple market stories and a new link to awesome things like Top 20 Overbids, Top 20 Underbids (they exist), Recent Sales, New Listings, and Stalefish (Properties on the market 30+ days):
Although I’ve been out and about and trying to enjoy summer, clearly the Overbid factory didn’t get the memo. Check out the most recent craziness, including one architect/owner designed house on 15th Ave that sold almost 40% over asking! To all of those that think things slow down in Summer…think again.
Top 10 Overbids for San Francisco:
|414 Missouri St||4/3.00/N/A||6||$950,000||$1,410,000||48.42%|
|671 Alvarado St||2/1.00/||12||$899,000||$1,305,000||45.16%|
|1426 6th Ave||3/3.00/N/A||13||$1,595,000||$2,300,000||44.20%|
|609 Precita Ave||2/2.00/N/A||42||$825,000||$1,175,000||42.42%|
|531 Sanchez St||2/1.00/N/A||8||$995,000||$1,400,000||40.70%|
|2570 Folsom St||4/3.00/N/A||14||$1,595,000||$2,210,000||38.56%|
|45 Richland Ave||3/1.50/N/A||10||$650,000||$900,500||38.54%|
|2628 15th Ave||3/1.50/N/A||12||$849,000||$1,175,000||38.40%|
|656 Arguello Blvd||2/2.00/3||21||$799,000||$1,104,713||38.26%|
|80 Jersey St||3/2.00/||14||$1,195,000||$1,650,000||38.08%|
Want the top 20, sign up for sfnewsletter @ sfnewsletter.com.
[Update: Business Insider Just Shared 13 Properties all Selling For $1M or more over...]
Have a great weekend!
It’s Friday, that means it’s time for the Top 10 Maximum Overbids of the week. As usual, there are some doozies, but nothing I would consider ultimate shockers like a few of the last weekly Top 10’s we’ve seen. The number one spot goes to the “Contractor’s Special” on Nevada in Bernal Heights that fetched 65% over (totally in line with market sales price, and not easy to price this type of property). The number 10 spot goes to my clients that finally won after so many years searching – 538 Baker in NOPA that was “only” 32% over asking and the winner out of 15 other offers, two of which were actually higher than ours and all cash. We had a loan. But we “won”.
Anyhow, on with the show. The Top 10 Overbids for San Francisco this past week:
|270 Nevada St||1/1.00/N/A||14||$530,000||$876,000||65.28%|
|866 Cayuga Ave||4/3.00/N/A||20||$928,000||$1,380,000||48.71%|
|27 Day St||3/1.00/N/A||43||$895,000||$1,310,000||46.37%|
|1271 15th Ave 1273||4/3.50/||13||$1,795,000||$2,550,000||42.06%|
|307 Parker Ave||3/2.00/N/A||13||$1,250,000||$1,710,000||36.80%|
|25 Miraloma Dr||3/2.00/N/A||10||$1,050,000||$1,420,000||35.24%|
|1150 Holloway Ave||2/1.00/N/A||35||$889,000||$1,200,000||34.98%|
|320 Castenada Ave||3/1.50/N/A||26||$1,695,000||$2,250,000||32.74%|
|471 Hickory St||2/1.00/N/A||5||$1,060,000||$1,400,000||32.08%|
If you’re curious what your property might sell for, give me a shout.
Have a great weekend!
-Top 20 Overbids Delivered to Your Door (Inbox) [sfnewsletter.com]
-Are Overbids A Result Of Intentional Underpricing? It’s Competitive Pricing [theFrontSteps]
-Top 20 Underbids [sfnewsletter.com]
Before we get down to the top 10, I thought you all might like a bit of first hand story to ponder over lunch or dinner with your friends.
This property: 1850 Church, technically in Glen Park, practically in Noe Valley.
It is a top floor, three bedroom, two bath, down to the studs remodel including moving the bedrooms from the back of the house to the front, moving kitchen to the back, blowing out walls, opening up space, adding a deck, and basically making it awesome…and it has two car parking and a yard. For all practical purposes, it’s pretty sweet. It is however bordered by a shack on the right and left of the property, which can either lend to its appeal or detract, depending on your tolerance for jungle overgrowth. But enough about that. What happened?
Listed for $1,195,000, maybe a bit low, but probably pretty fair, all reasonable comps suggested a sales price in the high $1.2s to mid $1.3s. Single family homes are selling for that, and this is a condo! After all the dust settled, there were seven offers. My clients wrote at $1,350,000, my colleague’s clients wrote at $1,410,000 (You doing the math? That’s already $215,000 over asking.), and neither of us won. Go figure. So any day this property is going to close at $1,435,000 with a cash offer that came with zero contingencies, which equates to $240,000 over the asking price, and right into the range of insanity. Exact square footage is not known, but a ballpark would put this property to at least $1000/psf, and at 20% over asking, it doesn’t even get on the top 10 list!
Isolated incident? Sadly no. The pattern is the same. Buyer loses once. Buyer loses twice. Buyer loses three times or more. Buyer gets fed up, goes crazy big, blows our minds, blows everyone else out of the water, and sets the bar that much higher for the next. It’s a vicious cycle we’re in.
In case one anecdotal sale isn’t enough for you, I present San Francisco’s top 10 Overbids of the week.
|2820 Sacramento St 2822||2-4 Units||11||$1,825,000||$2,550,000||39.73%|
|360 Guerrero St||1/1.00/404||11||$599,000||$780,000||30.22%|
|1013 Rhode Island St||2/2.00/N/A||9||$1,099,000||$1,410,000||28.30%|
|125 Bella Vista Way||3/2.00/N/A||42||$749,000||$960,000||28.17%|
|664 Teresita Blvd||2/1.00/N/A||9||$699,000||$891,000||27.47%|
|26 Pleasant St 30||2-4 Units||75||$2,395,000||$3,020,000||26.10%|
|1335 31st Ave||2/2.00/N/A||14||$795,000||$1,000,000||25.79%|
|415 Missouri St||3/1.00/||19||$995,000||$1,250,000||25.63%|
|3380 22nd St||3/1.00/||70||$849,000||$1,060,000||24.85%|
|2446 17th Ave||3/2.00/N/A||15||$729,000||$908,000||24.55%|
So when will this madness end? I’m guessing not anytime soon. I’ve been saying it’s a great time to be a seller, but if you’re a seller needing to buy in San Francisco and stay here, not so fun.
To you out of town readers that have waited for your time to unload your SF property, are you going to keep rolling the dice and bet things get hotter, or get out while the gettin’s good?
The most recent top 10 overbids in San Francisco Real Estate. Hope you all had a great Thanksgiving! If you’re selling and getting out of dodge, you have much for which to be thankful.
|306 Guerrero St 308||2-4 Units||18||$849,000||$1,300,000||53.12%|
|1032 Castro St||3/2.00/N/A||35||$959,000||$1,340,000||39.73%|
|3303 Folsom St||2/2.50/N/A||6||$1,095,000||$1,510,000||37.90%|
|1001 Ashbury St||2/1.00/N/A||35||$998,000||$1,325,000||32.77%|
|2341 Cecilia Ave||2/2.00/N/A||17||$799,000||$1,050,000||31.41%|
|19 Delano Ave||3/1.50/N/A||11||$789,000||$1,033,000||30.93%|
|76 Ramona Ave||2/1.00/||8||$898,999||$1,168,000||29.92%|
|3311 Jackson St||3/2.50/N/A||15||$2,880,000||$3,701,000||28.51%|
|1156 Florida St||3/2.00/N/A||72||$995,000||$1,275,000||28.14%|