Pacific Heights Property Fetches $1,706,000 Over Asking

You read that correctly, 2224 Jackson Street, a Pacific Heights trophy three unit property listed at $2,095,000, just knocked out last week’s stunner at 2514 Gough (Sold $1.4M over), to take the cake for most insane insanity ever in real estate anywhere, ever, by selling for $1,706,000 over asking price, or a grand total of $3,801,000. It is a vacant multi unit property in one of the best areas of town, but still – that’s nuts.

That was the winner, but there were more. Second place was a paltry $600,000 over asking– that one got kicked off the list today. See the top 10 Overbids list below.

Address BR/BA/Units DOM List Price Sold Price Overbid
2224 Jackson St 2-4 Units 13 $2,095,000 $3,801,000 81.43%
1783 Noe St 2/1.00/N/A 24 $1,195,000 $1,705,000 42.68%
390 Franconia St 2/1.00/N/A 6 $895,000 $1,262,375 41.05%
239 Judah St 3/2.00/N/A 27 $1,199,000 $1,661,000 38.53%
2200 Lyon St 3/2.50/N/A 19 $2,100,000 $2,900,000 38.10%
141 2nd Ave 3/3.50/N/A 9 $1,900,000 $2,600,000 36.84%
3700 Folsom St 2/2.00/N/A 12 $1,049,000 $1,425,000 35.84%
79 Everson St 3/2.50/N/A 24 $1,195,000 $1,610,000 34.73%
5725 Diamond Heights Blvd 4/3.00/N/A 8 $1,595,000 $2,139,250 34.12%
727 35th Ave 5/4.50/N/A 13 $1,525,000 $2,025,000 32.79%

I need a drink. You?

2 thoughts on “Pacific Heights Property Fetches $1,706,000 Over Asking

  1. hate to play the socketsite advocate, but does the amount over asking mean anything? i understand that realtors like to claim that they are the best in the world because they sold a place for way over asking, but the asking price is irrelevant and the differential is just realtor marketing hype. shouldn’t a buyer or seller only care about the price the property transfers for? btw, the new blog design isn’t cleaner and easier, it’s more crowded and difficult to navigate.

    1. Thanks for the feedback Wow. It’s a work in progress, and always subject to change. Without blogging as much, it’s less blog, more website used to showcase my ugly mug and expertise. I’ll keep tweaking it.

      Regarding overbids, you’re mostly right. However, in many instances we don’t know where to price property because it’s still the death of a listing if you price too high. We err on the side of caution, price low, and exactly to your point, let the market take it to where it will/should sell. That said, what is shocking in this case, as well as in the case of the Gough street property is that agents are advising their clients to offer more than a million dollars over asking, right out of the gates! Why don’t agents list it closer to the actual sales price? Don’t know. It’s just how it works in our market.

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