Maximum Overbid: Great Recession Loser Returns With a Vengeance

Sometimes an overbid gives you perspective on the past as well as the current market–and boy can perspective knock you for a loop.

Case in point, this week’s number one spillover is 2242 17th Avenue, a three bed, three bath Parkside house that sold this week for more than $2.2 million, 47-plus percent more than its nearly $1.5 million asking price from August.

What’s interesting is that the last time this house sold back in 2009 it resulted in a small underbid, a difference of a few thousand dollars. That was during the nadir of the housing crisis, and while San Francisco bounced back from that grim period with truly surprising speed, 2009 still marked a definite low point.

When adjusted for inflation, that 2009 price of $991,500 is about $1.2 million today, meaning that in a little over a decade this asset added more than $1 million to it balance sheet and bumped itself up from a minor losing prospect to a maximum overbid.

And all it had to do was stick around.

AddressBR/BA/UnitsDOMList PriceSold PriceOverbid
2242 17th Avenue3/3.00/N/A14$1,495,000$2,208,00047.69%
151 Hearst Avenue3/1.00/N/A32$995,000$1,450,00045.73%
255 Topaz Way4/4.00/N/A11$2,195,000$3,100,00041.23%
116 Corbett Avenue1/1.00/8$799,000$1,125,00040.80%
774 Lakeview Avenue3/1.00/N/A18$998,000$1,325,00032.77%
4524 Cabrillo Street5/3.00/N/A11$1,745,000$2,300,00031.81%
222 Andover Street3/3.00/N/A12$1,795,000$2,355,00031.20%
4229 Moraga Street4/3.00/N/A11$1,995,000$2,600,00030.33%
520 Noriega Street4/2.00/N/A7$1,995,000$2,600,00030.33%
230 Liberty Street2/2.00/6$1,595,000$2,077,50030.25%

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