This week’s top overbid mastered a magic trick: How to make four days last three months?
As you can see, the two bed, one bath house at 1526 Santiago Street with the enchanting lavender exterior landed a $1.7 million price after what MLS says was just four days on the market–a remarkably quick turnaround even by San Francisco standards. If a sale gets much faster than that it’ll turn into one of those quantum events that’s over so fast it might not technically have happened.
And yet, if you look back you can see that this house actually went up for sale in February, and the listing was never cancelled. What gives?
Well, after four days in February it flipped over to “pending” status, which means that the seller accepted an offer and set a date for the sale to go through.
Ordinarily a pending sale is, you know, soon, since that’s what the word “pending” usually means. But there’s no rule saying you can’t kick the can down the road a few months if you want, and here we are.
This time warp routine also gives 1526 Santiago a chance to leap to the top of overbid chart for this week, so a handy maneuver all around.
| Address | BR/BA/Units | DOM | List Price | Sold Price | Overbid |
|---|---|---|---|---|---|
| 1526 Santiago Street | 2/1/N/A | 4 | $1,095,000 | $1,700,000 | 55.25% |
| 608 Sanchez Street | 3/3/ | 8 | $2,395,000 | $3,600,000 | 50.31% |
| 169 25th Avenue | 3/3/N/A | 3 | $2,350,000 | $3,500,000 | 48.94% |
| 741 Clement Street | 2/2/202 | 13 | $1,010,000 | $1,455,000 | 44.06% |
| 736 36th Avenue | 3/1/N/A | 14 | $1,195,000 | $1,720,000 | 43.93% |
| 196 Castenada Avenue | 4/4/N/A | 7 | $3,695,000 | $5,200,000 | 40.73% |
| 156 Henry Street | 2/2/N/A | 10 | $1,895,000 | $2,650,000 | 39.84% |
| 567 Kansas Street | 3/2/N/A | 10 | $1,595,000 | $2,200,000 | 37.93% |
| 1339 33rd Avenue | N/A/N/A/N/A | 26 | $899,000 | $1,230,000 | 36.82% |
| 239 Crestmont Drive | 3/3/N/A | 6 | $1,250,000 | $1,700,000 | 36.00% |
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You left out 340 Lombard Street that closed $2.6 over the asking price!
Great observation, Sam, but there’s one key difference: 340 Lombard sold for several million over its asking, but the final price was only about 120 percent of the list price; this Santiago Street house was more than 155 percent over asking–even though in this case, that translated to “only” a difference of a few hundred thousand dollars.