1447-1449 Guerrero Sells $705,000 Over, But There Is More…

I’m going to make you cry…and then I’m going to make you cry more. Here’s how:

Last sold in 2007 for $995,000, 1477-1479 Guerrero just clinched this week’s top spot on the list of insane overbids coming in a meager $705,000 above the $995,000 asking price (note…same asking price as selling price in 2007) and closing for a cool $1,700,000. It might even come with this guy:

guerrero

If that doesn’t make you cry, or at least make your head spin, this will. According to MLS, this property was marketed only two years ago in June of 2013 at $1,295,000 with the EXACT same marketing spiel (including proximity to tech shuttles), same great photos, same great tenants, but it didn’t sell and was pulled off the market a short time later. Fast forward two years, add $500,000 and it’s sold! The Maximum Overbid of The Week.

As for the top 10, here you go:

Address BR/BA/Units DOM List Price Sold Price Overbid
1477 Guerrero Street 1479 2-4 Units 8 $995,000 $1,700,000 70.85%
734 39th Avenue 4/2.00/N/A 12 $1,049,000 $1,550,000 47.76%
139 San Leandro Way 4/2.50/N/A 9 $1,895,000 $2,635,000 39.05%
4301 Cesar Chavez Street 3/2.00/N/A 2 $1,795,000 $2,380,000 32.59%
1919 Jennings Street 2/1.00/N/A 22 $495,000 $655,000 32.32%
935 Avalon Avenue 2/1.00/N/A 26 $669,000 $870,000 30.04%
3519 Lawton Street 3/2.00/N/A 14 $925,000 $1,200,000 29.73%
1726 48th Avenue 4/3.00/N/A 12 $829,000 $1,050,000 26.66%
4010 San Bruno Avenue 3/1.50/N/A 15 $699,000 $880,000 25.89%
1001 Portola Drive 3/2.00/N/A 27 $995,000 $1,250,000 25.63%

Keep in mind these properties got into contract on average 30 days ago. There might be a little shift in the market happening, but we’ll have to wait a bit to see. A note to you buyers…if a property is on the market, has an offer date, doesn’t get offers, then reduces their price, and your agent advises you to come in OVER asking (often times over the original list price), find out what they’re smoking, because I want some.

Have a great weekend!

Top 10 Overbids Of The Week, And One Mind Bender On Church That Wouldn’t Even Make The List

[Update: Most recent Overbids can be found here, and delivered to you biweekly via email at 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.
1850church
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.

Address BR/BA/Units DOM List Price Sold Price Overbid
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?

1850 Church [Property Detail]
Noe Valley, Glen Park comps for 1850 Church [MLS]
Overbids you may have missed [theFrontSteps]