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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