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.
|Address||BR/BA/Units||DOM||List Price||Sold Price||Overbid|
|2242 17th Avenue||3/3.00/N/A||14||$1,495,000||$2,208,000||47.69%|
|151 Hearst Avenue||3/1.00/N/A||32||$995,000||$1,450,000||45.73%|
|255 Topaz Way||4/4.00/N/A||11||$2,195,000||$3,100,000||41.23%|
|116 Corbett Avenue||1/1.00/||8||$799,000||$1,125,000||40.80%|
|774 Lakeview Avenue||3/1.00/N/A||18||$998,000||$1,325,000||32.77%|
|4524 Cabrillo Street||5/3.00/N/A||11||$1,745,000||$2,300,000||31.81%|
|222 Andover Street||3/3.00/N/A||12||$1,795,000||$2,355,000||31.20%|
|4229 Moraga Street||4/3.00/N/A||11||$1,995,000||$2,600,000||30.33%|
|520 Noriega Street||4/2.00/N/A||7||$1,995,000||$2,600,000||30.33%|
|230 Liberty Street||2/2.00/||6||$1,595,000||$2,077,500||30.25%|
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