This week’s top 10 list of mind-bending overbids looks like a tour around the world – Cambridge, Greenwich, Jersey, Munich. Alas we’re still in San Francisco, Dorothy.
San Francisco’s Top 10 Overbids
|657 Cambridge Street||3/2.00/N/A||20||$950,000||$1,300,000||36.84%|
|2643 Greenwich Street 2645||2-4 Units||7||$1,595,000||$2,100,000||31.66%|
|1494 42nd Avenue||3/1.00/N/A||12||$788,000||$1,036,000||31.47%|
|829 Cole Street||2/2.00/||9||$1,299,000||$1,610,000||23.94%|
|563 Munich Street||2/1.00/N/A||13||$799,000||$985,000||23.28%|
|945 Capp Street||2/1.00/4||13||$898,000||$1,100,000||22.49%|
|4106 20th Street||3/2.00/N/A||0||$1,750,000||$2,137,500||22.14%|
|218 Grafton Avenue||2/1.00/N/A||34||$625,000||$762,000||21.92%|
|26 Caine Avenue||4/3.00/N/A||12||$799,000||$970,000||21.40%|
I say “mind-bending” mostly because it is still alarming our market works so incredibly efficiently by generally under-pricing properties to let buyers take it to market value, and it’s worked this way for the better part of a decade. By all accounts 99% of every overbid appraises at value when it comes time to get a loan. So don’t think every buyer is paying more than what a property is worth, just to win. They aren’t. They’re paying market value…in most cases. There are outliers, for sure, but for the most part, just because it’s an overbid, doesn’t mean it is overvalued.
As always, for a list of the top 20 Overbids, Top 20 Underbids, Recent Sales, New Listings, and Stalefish, check out my Market Tracker at www.thegoods-sf.com/theFrontSteps. Important to note, the Goods runs a 14 day tally, my tally here is on a 7 day cycle, so there will be some slight variations.
Thinking about selling your property to cash in and get out on top? I’d be happy to help. Just give me a shout.