From Janis Stone–
“Spring has been hot (market-wise, not weather-wise) and it looks like summer will be even hotter. I can not stress to you enough how the absence of inventory can cause double-digit appreciation, when the few listings we do have sell, and it often creates multiple offer situations.
A new listing I had in Laurel Heights was marketed for 8 days, received several offers and sold well in excess of the asking price of $1,495,000. [editor’s note: The property is 32 Collins, and the sales price was $1,610,000.] We had 2 open houses, broker’s tours and then looked at offers. I sold this property to them in 2001 and when they sold this time around, they received close to 10% annual appreciation on their condo. San Francisco real estate is a GREAT INVESTMENT!”
So as not to think we only report about the properties selling over asking, have a look at yesterday’s post regarding 2340 Larkin #2, and a $296,000 price reduction…not to mention our totally lousy bet on that property. We still think it’s a sweet pad. You might also want to look at 99 Surrey going for under asking.
–32 Collins [Janis Stone]
–32 Collins [MLS]