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Top 10 Overbids Of The Week, And One Mind Bender On Church That Wouldn't Even Make The List

[Update: Most recent Overbids can be found here, and delivered to you biweekly via email at sfnewsletter.com]
Before we get down to the top 10, I thought you all might like a bit of first hand story to ponder over lunch or dinner with your friends.
This property: 1850 Church, technically in Glen Park, practically in Noe Valley.
1850church
It is a top floor, three bedroom, two bath, down to the studs remodel including moving the bedrooms from the back of the house to the front, moving kitchen to the back, blowing out walls, opening up space, adding a deck, and basically making it awesome…and it has two car parking and a yard. For all practical purposes, it’s pretty sweet. It is however bordered by a shack on the right and left of the property, which can either lend to its appeal or detract, depending on your tolerance for jungle overgrowth. But enough about that. What happened?
Listed for $1,195,000, maybe a bit low, but probably pretty fair, all reasonable comps suggested a sales price in the high $1.2s to mid $1.3s. Single family homes are selling for that, and this is a condo! After all the dust settled, there were seven offers. My clients wrote at $1,350,000, my colleague’s clients wrote at $1,410,000 (You doing the math? That’s already $215,000 over asking.), and neither of us won. Go figure. So any day this property is going to close at $1,435,000 with a cash offer that came with zero contingencies, which equates to $240,000 over the asking price, and right into the range of insanity. Exact square footage is not known, but a ballpark would put this property to at least $1000/psf, and at 20% over asking, it doesn’t even get on the top 10 list!
Isolated incident? Sadly no. The pattern is the same. Buyer loses once. Buyer loses twice. Buyer loses three times or more. Buyer gets fed up, goes crazy big, blows our minds, blows everyone else out of the water, and sets the bar that much higher for the next. It’s a vicious cycle we’re in.
In case one anecdotal sale isn’t enough for you, I present San Francisco’s top 10 Overbids of the week.

Address BR/BA/Units DOM List Price Sold Price Overbid
2820 Sacramento St 2822 2-4 Units 11 $1,825,000 $2,550,000 39.73%
360 Guerrero St 1/1.00/404 11 $599,000 $780,000 30.22%
1013 Rhode Island St 2/2.00/N/A 9 $1,099,000 $1,410,000 28.30%
125 Bella Vista Way 3/2.00/N/A 42 $749,000 $960,000 28.17%
664 Teresita Blvd 2/1.00/N/A 9 $699,000 $891,000 27.47%
26 Pleasant St 30 2-4 Units 75 $2,395,000 $3,020,000 26.10%
1335 31st Ave 2/2.00/N/A 14 $795,000 $1,000,000 25.79%
415 Missouri St 3/1.00/ 19 $995,000 $1,250,000 25.63%
3380 22nd St 3/1.00/ 70 $849,000 $1,060,000 24.85%
2446 17th Ave 3/2.00/N/A 15 $729,000 $908,000 24.55%

So when will this madness end? I’m guessing not anytime soon. I’ve been saying it’s a great time to be a seller, but if you’re a seller needing to buy in San Francisco and stay here, not so fun.
To you out of town readers that have waited for your time to unload your SF property, are you going to keep rolling the dice and bet things get hotter, or get out while the gettin’s good?
1850 Church [Property Detail]
Noe Valley, Glen Park comps for 1850 Church [MLS]
Overbids you may have missed [theFrontSteps]


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alexclark

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4 thoughts on “Top 10 Overbids Of The Week, And One Mind Bender On Church That Wouldn't Even Make The List”

  • Ashley Savageau (@Ashley_Savageau)

    April 15, 2014 at 10:46 am

    I lost 35 TIMES. All bids over asking, no contingencies. Just won on our 36th offer (and that’s just the houses I remember, it might be more).
    In…wait for it…SAN JOSE. This isn’t limited to SF.

    Reply
    • thefrontsteps

      April 15, 2014 at 5:12 pm

      Holy hell! That is nuts. Good on ya for sticking to it.

      Reply
  • Michael D. Healy (@MichaelDHealy)

    April 15, 2014 at 11:04 am

    Could you post the analysis broken out by transaction type?
    All cash, financed and anything else?

    Reply
    • thefrontsteps

      April 15, 2014 at 5:13 pm

      Ahhh…that is a lot of digging for info, which sadly I do not have time to do. Happy to dig into specific properties if you wanted to contact me directly.

      Reply

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