Outer Sunset Gold, Overbids, and More…

Wow what a week! And you all know I’m not talking real estate, so why don’t we take our mind off the election for a second and actually do talk real estate.

Kicking things off, I have a new listing in the Outer Sunset that is pure gold. You may have seen it quietly pop up on my Featured Listings page this past week (you had your chance), but now it goes to the masses. Hitting MLS in about 3 seconds…

I suspect it will get quite a bit of interest, so if you, or anyone you know, are looking for a traditional Outer Sunset home close to all of the action and Ocean Beach, look no further than 1662 47th Ave. Asking price is $1,395,000. We need to sell this quickly, so let’s get you in for a look. Details on the webpage by following this link.

I haven’t posted weekly overbids for a spell, but they’re still happening, so here you go…

Top 10 Overbids in San Francisco Real Estate week ending 11/6/2020

AddressBR/BA/UnitsDOMList PriceSold PriceOverbid
85 5th Avenue 3/2.00/N/A15$1,998,000$2,758,00038.04%
2146 21st Avenue 2/1.00/N/A28$1,195,000$1,575,00031.80%
40 Mangels Avenue 2/1.00/N/A6$1,099,000$1,420,00029.21%
349 7th Avenue 2-4 Units132$1,895,000$2,438,00028.65%
939 Stanyan Street 3/2.00/11$1,395,000$1,725,00023.66%
2050 22nd Avenue 3/2.00/N/A2$1,195,000$1,474,00023.35%
350 Day Street 2/1.00/N/A8$1,195,000$1,445,00020.92%
224 Naylor Street 3/1.00/N/A12$995,000$1,200,00020.60%
2119 41st Avenue 2/1.00/N/A6$1,350,000$1,600,00018.52%
2739 39th Avenue 3/2.00/N/A38$1,288,000$1,500,00016.46%

I was successful in getting a few buyers into contract on a few amazing properties (two of which are Off market), but details on that won’t come your way until those deals actually close.

I still have a couple amazing properties for sale. Why they are still available is beyond me, but ’tis the world we currently live in.

Opportunity to restore a true San Francisco gem. With tax records showing a healthy 6825 Square feet, and including an undeveloped attic, your imagination can run wild with all the wonderful things this property could become. Period details galore, wood floors, storage space, yard, and a great NOPA location.

Escape the confines of typical city living in this wonderful urban oasis designed in 1904 by famous San Francisco architect,  Conrad Meussdorffer, and redesigned by Riaz Taplin in 2013. Set in a stunning Russian Hill location perfectly situated to catch amazing Bay views from the sunken living room (with fireplace) or the expansive deck, which spans the entire width of the property, you can find your solitude in the private (exclusive use) garden, or walk the hills of one of San Francisco’s quintessential neighborhoods just out your door.

Every so often a property in San Francisco will come around that not only has the location so many people seek, but has been completely remodeled to the finest level of finishing work, and you simply must have it – 11 Shephard is that property.

As for the market, it continues to fire on all cylinders in places, and is totally out of gas in others. Borrowing from Corcoran Global Living’s market report:

The More Things Stay the Same, the More they Change
Some things have weathered the pandemic. Median Sales Price (MSP) remained steady in the third quarter (Q3). Single family homes are the most desirable property type in San Francisco. As we’ve come to expect, the best properties sold quickly with multiple offers over asking.

Of course, other parts of the market have shifted. The months supply of inventory (MSI) of single family homes has only been higher once in the last 15 years. The MSI of condos is at an all time high of 7.9 months! Q3, 2020 has almost double the amount of inventory of Q3, 2019, and that’s only counting what’s in the MLS. Many new construction buildings don’t put their condo stock in the MLS choosing instead to market directly to brokerages and buyers.

Since the SIP order went into place, we have had more condo sales each month. However, the amount of inventory is stifling. MSI makes a normally strong sales quarter (711 condo sales) look like a drop in the bucket.

Bigger is Better
MSP for 2 bedroom homes has increased 1%, and sales have increased 7.6% compared to Q3, 2019. In that same time, the MSP of 3 bedroom homes increased 8% and sales are up 25.7%. 1 bedroom condos experienced a 0.9% decrease in sales compared to Q3, 2019; 2 bedroom condos, on the other hand, have experienced a 43.5% increase in sales, and sales of 3 bedroom condos are up 25.8%.

1 and 2 bedroom condos are generally less expensive than single family homes, which makes them more sought after by buyers at a lower price point. A 3 bedroom condo, on the other hand, is often in the same price range as an entry level single family home, so buyers tend to lean toward the single family home.

-Corcoran Global Living

And with all of that, I send you into the weekend, and hope we reach 270 by the time happy hour rolls around. Looks like the weather is finally going to change. A little storm dropping down, precipitation and even SNOW in the forecast for California, cooler temps, and a fair bit of wind. Choose your outdoor recreation accordingly this weekend, and make it a great one.

Happy Aloha Friday!

Track the market in real time, on your time: The Goods (Overbids, Underbids, Recent Sales, and Hot New Listings – Always)

If you, or anyone you know, are in the market to buy or sell San Francisco / Bay Area real estate (on or off the market), give me a shout.

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