Here we have a 3 bed, 1.5 bath condo at 256 Page built in 1885 asking $899,000 (perhaps a little low, but that’s how you get the activity), received 4 offers on Thursday, of which we were one of them. Our original offer was $925,000 (scared by all the media reports of a “down” market, we thought we’d go conservative.) We got blown out of the water on our original offer, were countered (multiple counter offers) at $995,000, could only go to $950,000, and we’re told it is in contract over $1+MM, with a solid backup offer, also over $1MM. So HOW IS the market? I forgot to add, the offer that ultimately is the highest was apparently already above $1MM before counter offers were even written up.
[Update 4/24/2007: It has sold for $1,015,000]
The market is very hot in SF right now, especially for certain properties. There has been a recent overbid of over $650k on a $1.295M dollar listing. To some degree this is because many seller’s got scared that prices were going down, and decided not to list their properties, partly the market is traditionally hot in early spring because it takes a while for supply of listings to catch up with demand from buyers. The market will likely be more balanced by summer, however well located properties in good condition with parking are likeley to continue selling very briskly.
we’re seeing the multiple bids all the way down the peninsula and into the East Bay too!