Before I get to it, I truly hope that you and your loved ones are safe, and I very much hope you are all practicing Social Distancing, including NOT inviting friends over for cocktails, dinner, lunch, etc. Don’t be this guy. Save it for later.
With that said Wow! what a couple of weeks, eh? Unprecedented times are upon us, the future is very uncertain, and I’m sure many of you readers, property owners, and clients of ours are wondering WTF. You are not alone.
With open houses and public meetings banned, keeping 6 feet away a must, new listings all but vanished, and cabin fever brewing in each and every one of us, one would expect a major shutdown in our market, and shutdown it has. But a shutdown is not forever, and a shutdown does not mean things have tanked.
Keep in mind, our market pretty much shuts down in July and August, and again during Holiday season EVERY SINGLE YEAR. Granted, this is significantly different, but we must look to the future of our real estate market, as much as the present pains us. (I’m cursing my choice not to put more money in San Francisco real estate over the past couple of years instead of the stock market.)
Despite all of this turmoil, some properties are being listed, shown (Jury still out on the legality of that, but Los Angeles county has deemed transacting real estate an “essential business” function, so we suspect San Francisco to follow suit), and sold here in San Francisco.
Below is the top 10 list of Overbids in San Francisco FROM THE PAST 14 DAYS. It is important to note, most of these properties were on the market, and went into contract before the shelter in place order, and before things got real.
| Address | BR/BA/Units | DOM | List Price | Sold Price | Overbid |
|---|---|---|---|---|---|
| 2166 47th Avenue | 3/2.00/N/A | 7 | $1,095,000 | $1,550,000 | 41.55% |
| 1426 Ortega Street | 2/1.00/N/A | 15 | $1,049,000 | $1,450,000 | 38.23% |
| 360 Valdez Avenue | 4/3.00/N/A | 13 | $1,875,000 | $2,500,000 | 33.33% |
| 366 Chenery Street | 2/1.00/N/A | 12 | $1,395,000 | $1,800,000 | 29.03% |
| 55 Murray Street | 3/2.00/N/A | 15 | $1,749,000 | $2,255,000 | 28.93% |
| 2226 Ortega Street | 2/1.75/N/A | 13 | $999,000 | $1,270,000 | 27.13% |
| 1001 17th Street | 1/1.00/102 | 13 | $899,000 | $1,130,000 | 25.70% |
| 801 Indiana Street | 2/2.00/462 | 2 | $1,198,000 | $1,500,000 | 25.21% |
| 1510 25th Avenue | 2/1.00/N/A | 11 | $1,095,000 | $1,370,000 | 25.11% |
If you’d like to see ALL of San Francisco’s Recent Sales (follow this link). The list updates daily, so you can track with all of this extra time on your hands.
The big question, will this be the last of overbids? No, we’ll see some next week, and likely 2-4 weeks more (for the properties currently in contract), and we’ll bring them to you, as always. After that, I suspect a big pause, but the pent up buyer demand looming will certainly be there when this blows over, and it’s my belief Overbids will return. At what prices is still TBD, but I’ve been selling real estate here for 18 years, and I’ve helped clients through the dot com crash, and financial crash. We will get through this. If you’re considering a sale, get ready now for when this blows over.
With the Overbid list behind us, in our current environment, and to support me telling you our market has damn near stopped, it’s important to follow with NEW LISTINGS ON THE MARKET THE PAST 14 DAYS. There are not many. As of time of post today, there are only 14 new listings on the market…typically this time of year, on any given Friday, there would be at least 75-100 new listings, if not more. Spring is our best season to sell.
| Address | BR/BA/Units | DOM | List Price |
|---|---|---|---|
| 451 Anderson Street | 2/1.00/N/A | 1 | $949,000 |
| 201 Harrison Street | 1/1.00/1022 | 2 | $668,000 |
| 1490 Ocean Avenue | 3/2.00/403 | 2 | $1,495,000 |
| 231 Wilde Avenue | 0/1.00/N/A | 2 | $699,000 |
| 225 Duboce Avenue | N/A/N/A/6 | 2 | $2,950,000 |
| 338 Main Street | 1/1.00/8H | 3 | $1,150,000 |
| 1 Crescent Way | 3/2.00/1112 | 3 | $988,000 |
| 2422 Fulton Street 2426 | 2-4 Units | 3 | $2,995,000 |
| 16 Iris Avenue A | 1/1.50/ | 4 | $800,000 |
| 16 Iris Avenue | 2/2.00/ | 4 | $1,349,000 |
| 249 Shipley Street | 1/1.50/11 | 4 | $1,050,000 |
| 425 1st Street | 2/2.00/1902 | 4 | $1,950,000 |
| 2448 Lombard Street | 1/1.00/307 | 4 | $377,542 |
| 42 Meda Avenue | 4/3.00/N/A | 5 | $1,229,000 |
| 666 Post Street | 1/1.00/301 | 5 | $649,000 |
| 517 Nevada Street | 4/2.00/N/A | 6 | $1,800,000 |
| 601 Van Ness Avenue | 0/1.00/448 | 1 | $575,800 |
| 203 Guerrero Street | 3/3.00/ | 7 | $2,199,000 |
| 81 Lansing Street | 1/1.00/410 | 0 | $980,000 |
| 1758 32nd Avenue | 2/1.00/N/A | 7 | $1,150,000 |
| 2038 44th Avenue | 5/3.00/N/A | 7 | $1,299,000 |
| 1382 Thomas Avenue | 4/2.00/N/A | 4 | $938,000 |
| 2318 Quintara Street | 5/3.00/N/A | 8 | $1,495,000 |
| 1338 28th Avenue | 2/1.00/N/A | 8 | $1,198,000 |
| 595 Bright Street | 3/1.50/N/A | 8 | $1,359,000 |
| 1099 23rd Street | 2/2.50/16 | 8 | $1,549,000 |
| 1219 York Street | 6/2.50/N/A | 8 | $1,049,000 |
| 1219 York Street | 2-4 Units | 8 | $1,049,000 |
| 733 Laguna Honda Boulevard | 4/2.00/N/A | 8 | $1,595,000 |
| 1830 Pine Street | 3/2.50/ | 7 | $1,849,000 |
| 1828 Pine Street | 4/3.50/ | 7 | $2,399,000 |
| 1828 Pine Street 1830 | 2-4 Units | 7 | $4,248,000 |
| 46 Cook | 4/3.00/N/A | 7 | $2,799,000 |
| 176 Yerba Buena Avenue | 5/5.50/N/A | 8 | $2,895,000 |
| 115 Gladstone Drive | 2/1.00/N/A | 7 | $959,000 |
| 3341 Jackson Street | 3/2.00/ | 8 | $2,950,000 |
| 302 Valley Street | 2/2.50/4 | 8 | $1,599,000 |
| 1454 20th Avenue | 5/2.00/N/A | 7 | $1,495,000 |
| 336 Juanita Way | 5/3.00/N/A | 8 | $1,995,000 |
| 607 Shotwell Street A | 1/1.00/A | 7 | $799,000 |
| 555 Innes Avenue | 1/1.00/307 | 9 | $579,888 |
| 105 Foote Avenue | 3/2.00/N/A | 8 | $950,000 |
| 192 Marview Way | 3/2.00/N/A | 9 | $1,575,000 |
| 1483 Sutter Street | 1/1.00/1502 | 9 | $799,500 |
| 173 Gambier Street | 3/3.00/N/A | 9 | $1,598,000 |
| 5 Lucerne Street | 1/1.50/D | 8 | $1,149,000 |
| 260 King Street | 2/2.00/1603 | 8 | $1,595,000 |
| 83 McAllister Street | 2/1.00/501 | 10 | $599,900 |
| 95 McCoppin Street | 2/1.00/E208 | 7 | $995,000 |
| 1343 Palou Avenue | 4/3.00/N/A | 10 | $1,359,000 |
All of this said, it is in everybody’s best interest to shelter in place, and avoid contact with others, accept the pause, and be ready for the dark cloud to lift. If you are in a position of needing to sell now, we can do 100% of your transaction with zero human contact (more on this in another blog post to come), and if you’re in a position of needing or wanting to sell when this blows over, let’s get you teed up now, so you’re ready to roll later.
There you have it. Every time I have sat down to write these blog posts in the past, I wondered when something like this would happen again, and happening it is. Make sure to subscribe to our blog posts as we continue to update you on all things San Francisco real estate.
Speaking of Social Distancing, how about some Social Distortion!! Turn it up, get loose! Throw your kids, house mate, mom, dad, anyone around. We’ll get through this.