This is more of a tell than ask. From a reader, and sorry, we don’t have the time to get all of those links for you right now either.
“Hello,
Just got a newsletter that highlights all the homes sold since Feb. Was surprised to see over half sold for over asking. Do you have MLS links for these? Or at least some? Would love to know what sup.
1659 Beach St for 7.585mil
1940 Broadway #6 for 4.91 mil
2835-2839 Broderick for $2.35mil
1501 Greenwich #603 for 2.125 mil, sold for asking but curious.
3440-3442 Scott St. for 1.98mil
1930 Jackson St. for $1.825mi
1818-1820 lombard st for $1.662625 mil
1914 Filbert St. #C for $1.55 mil
3716 Sacramento for $1.47 mil
2421 Franlin St. for $1.388 il.
2114 Divis for $1.325mil
All of these sold for over asking, and up to $620,000 over asking There’s about 5 more, but I’m too lazy to type them all out.
thnx!”
Have some self-respect for your blog. Shall I write in with another letter detailing all the properties that sold for under the asking? (“Would love to know what sup.”)
This belonged in a comment, not as an article. Even for a pro-market blog like yours.
[Editor’s note: Send that list, we’ll publish it. Better yet, sign up for my sfnewsletter and you’ll see the countless properties that sell both over and under asking every week. Eddy is right, it’s meaningless in the grand scheme of things, but important to note on occasion, especially if the reader takes the time to not only research the properties, but put them in a list and email them to us. We’d do the same for you…so send your list.]
I think the point Sorbet, is that everybody knows there are a lot of stalefish or below asking sales. However, this person is surprised that more than 50% of the sales since Feb were over asking, and some way over. I know a couple of those listings, but i’m shocked to see that many at that high a price point.
You are welcome to highlight all the below asking home sales, but that is seemingly the norm, which is un interesting.
RSC
Asking price is arbitrary and gamed all the time. Selling price is all that matters. It’s so frustrating to watch people quibble over the % +/- relative to asking. It doesn’t matter. if all the realtors start pricing properties 10% below market and all properties sell for 10% over asking, what does that tell you? It certainly doesn’t mean that the market is hot. Same on the down side .
Exactly Eddy, that’s why if TFS can post the links and provide us detail about the specific properties above, it would be great to do our own analysis, instead of just look at a number.
There is one thing I do not have a lot of…time. So, here is list of everything that sold in districts 7,8 since Feb 1, 2008. Have fun.
I normally do an “Over, Under, At” on my very own blog, but have been lax in doing it the last few weeks. First, it takes a hell of a lot of work, and second – well, I believe that whether a property sells over asking or under asking has MUCH more to do with the listing agent’s pricing strategy than it has to do with the true state of the market.
Where this information really becomes helpful is when you are selling a property to deterime the optimal list price (to get the most offers and thus the best price) or when you’re buying a property (to see whether you need to make an offer over, under or at the asking price).