Maximum Overbid: A House Flip That’s Still Flipping

This week’s top overbid is a three-bedroom Parkside house at 1923 30th Avenue that sold after just 10 days on the market, netted $2.1 million, and hit more than 175 percent of the original list price.

That sentence would turn people’s brains into solid blocks of chalk in most markets, but it’s just another week in San Francisco–not even particularly notable.

Sure, the 75 percent marker is high, we guess–but not so high that anyone will remember it. The extraordinary really is the ordinary in places like Parkside.

Now admittedly, this is another one of those cases where we can clearly spot a seller engineering this kind of moonshot ahead of time: The initial $1.19 million-plus asking price is actually several hundred thousand dollars less than when this home sold last, in 2018, which is always a dead giveaway.

Although that sale was actually an underbid, it was also a successful flip, as the previous most recent purchase was from just a year earlier at $900,000.

DBI lists a 2017 permit for a remodel that added another bedroom and bath, among other things, and it’s been a busy lot ever since.

To be clear, this means that the sellers in that flip pocketed some $430,000, minus the cost of construction–whereas the flip BUYER eventually profited more than double that a few years later. What a world.

AddressBR/BA/UnitsDOMList PriceSold PriceOverbid
1923 30th Avenue3/3/N/A10$1,195,000$2,100,00075.73%
258 Richland Avenue4/2/N/A18$1,250,000$1,958,00056.64%
2525 22nd Avenue3/2/N/A7$1,395,000$2,130,00052.69%
455 Pope Street3/1/N/A13$1,048,000$1,600,00052.67%
163 Putnam Street3/2/N/A8$1,150,000$1,755,00052.61%
4016 Judah Street3/2/N/A6$1,095,000$1,650,00050.68%
823 37th Avenue3/2/N/A10$1,495,000$2,200,00047.16%
766 Joost Avenue4/3/N/A13$1,795,000$2,600,00044.85%
645 Haight Street2/2/310$949,000$1,360,00043.31%
645 Woolsey Street2/1/N/A12$945,000$1,350,00042.86%

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