Today’s lesson: How to make $3 million in just ten easy days. Or was it actually five years? Or more than that? It depends on your perspective.
Certainly the number is right: Our top overbid for the week, a four bed, three bath Outer Sunset setup at 1591 43rd Avenue closed a deal this week for barely more than $3 million, and it only took ten days on the market. The list price was just a little over $1.8 million.
But of course, that’s after letting the value of the place appreciate for five years since its last sale; in 2017, this same property went for around $1.67 million. Which was a very pretty payday in its own right, of course–the list price hadn’t even been $1.3 million.
Looking back at 2017, the typical $3 million home sale in SF that year (there were 74 such public handoffs) was for a three bed, three bath, 2,300 square foot home–actually slightly smaller than this place.
The difference is that those 2017 homes were in places like Pac Heights, Noe Valley, and the Castro–whereas only two sales at this price point happened in the Sunset, and even those were Inner Sunset buys.
So mark it on your calendars: March 2022, the month that the Outer Sunset became Pac Heights–at least by one metric.
| Address | BR/BA/Units | DOM | List Price | Sold Price | Overbid |
|---|---|---|---|---|---|
| 1591 43rd Avenue | 4/3/N/A | 10 | $1,829,000 | $3,005,000 | 64.30% |
| 109 Quintara Street | 3/3/N/A | 12 | $1,795,000 | $2,810,000 | 56.55% |
| 1 Loma Vista Terrace | 3/1/N/A | 10 | $1,495,000 | $2,259,000 | 51.10% |
| 1406 Noe Street | 2/1/ | 6 | $995,000 | $1,500,000 | 50.75% |
| 1690 York Street | 2/1/N/A | 15 | $849,000 | $1,275,000 | 50.18% |
| 1640 Florida Street | 4/2/N/A | 10 | $1,595,000 | $2,350,000 | 47.34% |
| 230 Monterey Boulevard | 2/1/N/A | 12 | $1,098,000 | $1,580,000 | 43.90% |
| 2058 45th Avenue | 3/1/N/A | 9 | $1,195,000 | $1,710,000 | 43.10% |
| 230 Magellan Avenue | 4/3/N/A | 7 | $2,595,000 | $3,700,000 | 42.58% |
| 1895 31st Avenue | 2/1/N/A | 11 | $828,000 | $1,180,000 | 42.51% |
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