But It’s A Buyer’s Market

Any of you see this article on Yahoo! about US Cities Where Homes Sell The Fastest?

Gather ’round…I have a story for you.

Yesterday, on behalf of my clients, I presented a full asking price, ALL CASH (that’s $1,350,000 George Washingtons), two week to close, sellers may “rent-back” ’til November offer on 49 Alma Street in Cole Valley. This is a home that was listed late 2010 for $1,475,000 and withdrawn in January of 2011.

…and our offer was not enough! We were one of FIVE offers!

We expected multiple offers, but here is the kicker – four of the five offers were also all cash! Are you kidding me!? Hang on…it gets better. Our offer was almost the lowest in price. One other offer below us. The winning offer had zero contingencies. That’s all cash, significantly over asking, no contingencies, two weeks til the seller gets their coin…Is it 2003-2005 all over again? WTF!

I know the details of the other offers, but for the sake of the lucky and thrilled seller, and the lucky and thrilled buyer, some things in a transaction are better not to publish until it closes and cash and keys are transferred. Job well done by listing and selling agent combined, and the buyer for blowing our minds.

Okay, I have another anecdotal bit of story for you.

Seven Divisadero hit the market a couple of weeks ago. Barely two or three days on the market…Bam! In contract, all showings canceled.

You cancel showings when you have an extremely good offer that you’re not afraid is going to fall apart. My guess is another all cash offer over asking with one simple inspection contingency.

That leaves several all cash buyers with over $1,000,000 to burn still out there looking.

But it’s supposed to be a buyer’s market…right?

US Cities Where Homes Sell The Fastest
Battle Royale: Cole Valley Versus Noe Valley [theFrontSteps]
Multi Millions On A Monday [theFrontSteps]
49 Alma Street [Property Website and Photo Credit]
7 Divisadero [Property Website and Photo Credit]

5 thoughts on “But It’s A Buyer’s Market

  1. I am shocked this went for what and how it did. The house is so small. Someone just paid over $1.35MM, all cash, no contingencies for a small cottage in Cole Valley?

  2. The current owners paid 100k over asking in 2006 where it sold for $1.325 and they put substantial work into home. I’d say they put about 10% of their purchase price into the home based on the new kitchen area / floorplan in the rear, plus bathroom(s?) and some landscaping. All done very well and tastefully. So it will be curious to see if they get over their late 2010 asking price.

    This is the second home I’ve seen re-listed in 2011 (and selling fast) after being pulled in 2010. 350 Valley is the other. It also sold fast and over asking.


    If I had a client in this price range I’d be looking at ~2010 Withdrawls like

    160 Shrader St
    40 Day

  3. That’s a story about a pretty strong market alright. The national news coverage about a “buyer’s market” is obviously a wide overstroke. Here in Austin, it’s a very healthy, balanced market. Our inventory is only 6.3 months, list prices are up, inventory is down, sales are up and so are prices. Thank goodness we live in healthy markets.

  4. Sold for $1,416,500; so they didn’t get their 2010 listing price but they got 66k over asking and 91k over their buy price. Not a terrible outcome; but not great either. The high transaction costs in SF really make it tough here.

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