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One Million Dollars Over Asking. Market "Crazier Now Than In '05 And '06"

Where on Earth!? Right here, 2821-2823 Broderick, San Francisco, CA 94123.

As if $1,000,000 over asking wasn’t enough, how about a two (yes 2) day close of escrow. Still shows Pending in MLS, so look for it to close on Tuesday.

How do I know?
A legit friend of mine offered $3.515 and didn’t get it. I don’t know exact price, heard from another friend the seller accepted $3.56 but not confirmed. Asking price was $2.495. I also tried to buy 2740 Lake St a few weeks ago, it went to an all cash buyer, 5 day close for $620k over asking. There was another house on El Camino in Sea Cliff that went like $1.2MM over asking recently. Market feels crazier now than it did in ’05 and ’06.“–A Trusted Developer Here in San Francisco
2821-2823 Broderick, Cow Hollow 2 Unit Asking $2,495,000 [MLS]
Google Earth Fun with 2821-2823 Broderick [Google]


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alexclark

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3 thoughts on “One Million Dollars Over Asking. Market "Crazier Now Than In '05 And '06"”

  • fancy rental

    May 25, 2012 at 6:44 pm

    indeed closed at $3,560,000

    Reply
  • Financial Samurai

    May 27, 2012 at 8:33 am

    May I ask whether Alex and you guys think $3.56 mil is a fair price for the property? Good location, views, just needs an overhaul.
    Do you think if they started at $3.39 mil, they would have still got the same results?

    Reply
    • thefrontsteps

      May 29, 2012 at 7:29 am

      Financial Samurai,
      It’s really hard to say. Part of me likes to think they would have achieved the same result, but somehow pricing low kicks emotions into high gear and rational thinking gets pushed a bit higher. It’s clearly a fair price for the property given the demand, but it seems pretty rich for a fixer. Probably going to be an owner occupied property and super high end remodel for a family to move into. Just a guess.

      Reply

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