San Francisco Real Estate’s Top 10 Overbids Week Ending 5/19/17

I know it’s hard to top the blog I just posted about the letters from buyers’ children to sellers, but it is Friday after all, and I know you like your Overbids, so here you go…

San Francisco’s Top 10 Overbids:

Address BR/BA/Units DOM List Price Sold Price Overbid
2654 15th Avenue 2/1.00/N/A 10 $995,000 $1,625,000 63.32%
1234 5th Avenue 4/1.25/N/A 13 $1,749,000 $2,600,000 48.66%
619 22nd Avenue 2/1.25/N/A 4 $995,000 $1,450,000 45.73%
1675 29th Avenue 3/1.25/N/A 15 $995,000 $1,440,000 44.72%
533 Vicente Street 2/1.00/N/A 12 $1,159,000 $1,610,000 38.91%
56 Majestic Avenue 3/2.00/N/A 14 $899,000 $1,180,000 31.26%
1237 Chestnut Street 2/1.00/5 11 $999,000 $1,300,000 30.13%
945 Teresita Boulevard 3/2.00/N/A 13 $1,145,000 $1,470,000 28.38%
780 Pacheco Street 3/2.00/N/A 12 $1,295,000 $1,655,000 27.80%
144 Putnam Street 3/1.00/N/A 12 $1,045,000 $1,333,144 27.57%

It’s Bay to Breakers weekend…as you might already know. Have fun, be safe, duck for cover, and watch out for low dangling objects that are best not to be seen in public!

See you next week, and don’t forget to follow theFrontSteps so you don’t miss a beat.

Buyers Look to Their Children’s Art & Writing Skills to Get Offers Accepted [theFrontSteps]

The List That Just Won’t Quit | San Francisco’s Top 10 Overbids Of The Week

To say the Richmond District single family home market is hot right now is a wee little understatement. It’s white hot.

Overbid of $712,000 aside, it’s another $1100 per square foot sale in an area of town previously undiscovered and overlooked. I guess the secret is out

Address BR/BA/Units DOM List Price Sold Price Overbid
571 20th Avenue 3/2.00/N/A 12 $1,388,000 $2,100,000 51.30%
1463 40th Avenue 2/1.00/N/A 14 $899,000 $1,350,000 50.17%
844 Detroit Street 3/1.00/N/A 22 $899,000 $1,300,000 44.61%
171 Ledyard Street 2/2.00/N/A 11 $599,000 $850,000 41.90%
340 Benton Avenue 3/2.50/ 15 $829,000 $1,142,500 37.82%
1523 26th Avenue 3/2.00/N/A 17 $998,000 $1,375,000 37.78%
3030 Rivera Street 3/2.00/N/A 12 $899,000 $1,235,000 37.37%
4045 Ocean Avenue 3/2.00/N/A 10 $1,195,000 $1,622,000 35.73%
849 44th Avenue 3/1.00/N/A 10 $1,049,000 $1,410,000 34.41%
74 Winfield Street 76 2-4 Units 29 $995,000 $1,320,000 32.66%

Special mention to my listing at 849 44th Ave that barely made it to the list even as nuts as our situation there was!

These lists are very “real-time”, and a good indication of pockets of our market. For a broader look at the San Francisco market I continually refer people to my favorite resource in Patrick Carlisle at Paragon Real Estate:
30+ Years of San Francisco Real Estate Cycles
Preliminary Indications of Direction of the San Francisco 2017 Market

Have a great weekend! It’s gonna be a cracker, so get out and enjoy.

Five days later and $361,000 Over, 849 44th Ave Sets New Record Price Per Square Foot in the Outer Richmond [theFrontSteps]

Five Days Later And $361,000 Over, 849 44th Ave Sets New Price Per Square Foot Record In Outer Richmond

To say we knocked it out of the park on this wonderful Outer Richmond residence, like I did with 652 44th Ave would be an understatement…

Listed on a Friday morning, I got a call from an agent shortly thereafter asking if he could get his client in…so I obviously obliged. That day, same agent asked if they could write an offer now to “take it off the table”. The next day, three other buyers asked the same. The sellers and I respectfully declined all of the pre-emptive attempts, and asked the buyers to wait until our offer day 10 days later. Wait they did. After getting roughly 200 people through the door, we got nine offers, and two others that said they’d like to write at $1,250,000, so without actually saying it, I said it, “Don’t waste your time.”

After a slew of phone calls and negotiations, buyer #1..the same person that was the first person to see it, came up to where they needed to be, upped their offer to $1,410,000 and we closed 5 days later. (As a side note, it is often the first person to see a place that is the winner…keep that in mind.)

There you have it. Congratulations to buyers and sellers, and the Outer Richmond for being one of the hottest neighborhoods in all of San Francisco, at the moment. In case you’re wondering, that’s $1146 per square foot for the Outer Richmond.

To give you a little more indication of our market, as crazy as this Overbid was, it’s only #18 on the Top 20 Overbids!

From the original post:

Top 10 Overbids And Some Very Interesting Outer Sunset / Parkside Data

It’s that time…

Top 10 Overbids Of the Week

Address BR/BA/Units DOM List Price Sold Price Overbid
165 Vasquez Avenue 3/1.25/N/A 12 $1,050,000 $1,703,000 62.19%
1846 38th Avenue 2/1.00/N/A 12 $898,000 $1,255,000 39.76%
3537 Lawton Street 3/3.00/N/A 11 $1,095,000 $1,525,000 39.27%
1534 17th Avenue 3/1.00/N/A 10 $995,000 $1,350,000 35.68%
2039 47th Avenue 3/2.00/N/A 0 $895,000 $1,204,000 34.53%
176 Valmar Terrace 2/1.00/N/A 8 $599,000 $802,000 33.89%
153 Wool Street 2/2.00/N/A 1 $1,098,000 $1,450,000 32.06%
257 Richland Avenue 3/1.00/N/A 14 $999,000 $1,315,000 31.63%
1698 Armstrong Avenue 3/1.50/N/A 25 $895,000 $1,173,000 31.06%
229 Stanyan Street 3/2.50/N/A 13 $1,399,000 $1,825,000 30.45%

You might think a lot of emphasis is placed on the overbid and the shock and awe of these, and it is…and it should be. But stop for a minute and look at the bigger picture that is still unfolding. These ridiculous overbids happen by way of multiple offers. What does that mean in lay terms? There is more than one buyer interested in any one home at any one time. Usually, there are about 20-30 people interested, and in situations like this anywhere from 5-15 people actually throw their offer into the hat. And for the most part, these homes are nothing fancy, especially the top dog 165 Vasquez…it’s a “Fabulous Fixer” that sold for $1.7M.

Take it a step further and think about the “Outer” Avenues. The Western shore of San Francisco. The “Outerlands”. The sand dunes. The desolation. The edge of the Continent. The place nobody wanted to be, because it is “always foggy” (When I have listings out this way, people actually come up to me and ask, “Is it ever sunny out here?”…no joke). As it turns out, it’s the most popular place to buy in San Francisco at the moment (close second would be Bernal Heights). Why is that? It’s one of the few areas in San Francisco you can still get a single family home under $1.3M…barely.

Think back to 2014 when the average home in the Outer Avenues could be had for under $900,000 , and look at the four overbids on this top 10 list in the avenues, all trading well over $1.2M. It’s nuts! But it’s reality.

As a reference point, to make sure I wasn’t delusional, I pulled the averages for the Outer Sunset and Outer Parkside 2014, 2015, 2016, and 2017. Have a look…

Type       Units Sold | List Price | Sqft | LPPSF| DOM | Sales Price | SPPSF

Single-Family | (142)  | $759,918 | 1358 | $595 | 34 | $854,982 | $670
Single-Family | (142) | $844,974 | 1365 | $645 | 25 | $1,012,097 | $771
Single-Family | (141) | $918,479 | 1398 | $689 | 29 | $1,080,833 | $808
Single-Family | (28) | $910,195 | 1237 | $778 | 31 | $1,076,107 | $906

It’s all very interesting…
Units Sold – almost identical every year.
List price – Creeped steadily up.
Average size of the home – down.
List Price – Up.
Days On Market – Hovering around 30.
Sales price – Climbing (remember 2017 is not even close to done).
And the last and easy to decipher for even the most data challenged person (like myself) Sales Price Per Square Foot – up nearly $240 per square foot on average.

Moral of the story, it’s hot in the Avenues right now. And the small to mid-size single family home market is sizzling. It might be time for you to sell, so give me a shout.

Anyhow, that’s it. Have a great holiday weekend! Enjoy the sun, surf, snow, greens, trails, whatever it is you love to do, and I’ll be back next week.

Uninhabitable San Francisco Home Asks $499,000 Gets $789,000

It’s official…San Francisco real estate is on acid.

This week’s #1 Overbid is sure to blow your mind. Listed for $499,000 and just closed for $789,000, 167 Maynard is everything you’ve ever dreamed of owning in a home…assuming you can raze it and build that dream home (just keep your eyes closed for the next two years while you go through planning and construction).


Overbid amount aside, what we have here is a totally uninhabitable home in an up and coming neighborhood of San Francisco selling for more than triple the National Average Home Price. Chew on that this Friday morning.

As for the top 10…here you go:

Address BR/BA/Units DOM List Price Sold Price Overbid
167 Maynard Street 3/1.00/N/A 14 $499,000 $789,000 58.12%
1368 46th Avenue 3/2.00/N/A 12 $799,000 $1,200,000 50.19%
347 Lisbon Street 3/1.00/N/A 8 $599,000 $875,000 46.08%
1415 Oakdale Avenue 3/1.00/N/A 11 $599,000 $875,000 46.08%
1567 29th Avenue 3/1.50/N/A 14 $995,000 $1,420,000 42.71%
1719 17th Avenue 3/1.50/N/A 22 $998,000 $1,400,000 40.28%
2191 24th Avenue 3/1.00/N/A 7 $898,000 $1,250,000 39.20%
1452 Waller Street 1/1.00/2 34 $649,000 $901,000 38.83%
117 Los Palmos Drive 3/2.00/N/A 10 $949,000 $1,301,000 37.09%
229 Granville Way 3/3.00/N/A 7 $1,695,000 $2,305,000 35.99%

Happy Friday! Come back next week for more, or better yet, Follow theFrontSteps.

The Goods for all your Real Estate Needs

Presidio Heights Fixer Snags $3,450,000 Over Asking, Closes For $10,350,000

Today’s Maximum Overbid of the Week comes as no surprise, in fact, I’m surprised it didn’t sell for more.


Situated on the wall of the Presidio, 3515 Pacific Avenue is the gem of all gems, something that will hold value for generations, and affords this buyer the opportunity to make it their own: wide lot, excellent bones, premiere location, views, indoor/outdoor flow, and only a $6,900,000 offering price that quickly ballooned to a $10,350,000 sales price (cash, of course) – don’t worry, I’ll do that math for you…$3,450,000 over list, and $1814 per square foot.

It’s a bargain, and when you have $10M cash, who really gives a sh*t. I would have paid double that for this house, because I would never sell it. Congratulations to the buyers, and kudos to the sellers.

As for the runners up…

Top 10 Overbids Of the Week

Address BR/BA/Units DOM List Price Sold Price Overbid
3515 Pacific Avenue 6/6.50/N/A 13 $6,900,000 $10,350,000 50.00%
622 Edna Street 2/1.00/N/A 14 $859,000 $1,200,000 39.70%
2478 30th Avenue 3/1.00/N/A 23 $899,000 $1,250,000 39.04%
38 Everglade Drive 4/2.00/N/A 14 $1,088,000 $1,500,000 37.87%
1088 Ashbury Street 3/2.50/N/A 12 $1,795,000 $2,450,000 36.49%
1751 42nd Avenue 2/1.00/N/A 13 $849,000 $1,150,000 35.45%
265 Oak Street N/A/N/A/5 12 $1,495,000 $2,000,000 33.78%
1716 14th Avenue 3/2.50/N/A 13 $995,000 $1,325,000 33.17%
83 Wawona Street 3/2.00/N/A 5 $1,695,000 $2,250,000 32.74%
3952 19th Street 2/1.00/N/A 13 $1,895,000 $2,513,000 32.61%

And if you’re not in the market for a $10M fixer, that’s okay. I have a really awesome house that just hit the market today at 849 44th Ave ($1,049,000), and it’ll be open Saturday and Sunday 1-4pm. So come check it out once you land back on Earth after dreaming about what you’d do to 3515 Pacific Avenue if you were the lucky buyer.

Happy Friday!

More Overbids, Underbids, and Recent Sales @ The Goods [theGoods-sf.com]

SOLD | 652 44th Ave | Outer Richmond | $1,547,777

Setting records in the Outer Richmond and throwing all the lucky 7’s on it: Listed $1,195,000 sold for $1,547,777
We got over 250 people through the door via our stellar marketing and online presence. In the end we handed out just about 30 disclosure packages (generally this is a gauge of potential “real” buyers), and ended up with 10 offers. All of them way over list, and even one higher than the sales price the sellers decided not to accept. Story on that in a coming soon blog post.

I’m Seeing Green | Maximum Overbids Of The Week

It’s that lucky green grass…

San Francisco’s Top 10 Overbids Week Ending 3/17/17

Address BR/BA/Units DOM List Price Sold Price Overbid
2259 44th Avenue 2/2.00/N/A 16 $895,000 $1,250,000 39.66%
28 Harry Street 3/2.00/N/A 12 $995,000 $1,350,000 35.68%
1847 43rd Avenue 3/1.50/N/A 2 $899,000 $1,200,000 33.48%
435 West Portal Avenue 4/4.00/N/A 8 $1,695,000 $2,250,000 32.74%
1231 30th Avenue 2/1.00/N/A 6 $995,000 $1,300,000 30.65%
111 Santa Paula Avenue 4/3.50/N/A 13 $1,995,000 $2,600,000 30.33%
51 Fairfield Way 2/1.00/N/A 13 $999,000 $1,248,750 25.00%
321 Bridgeview Drive 3/1.25/N/A 12 $599,000 $748,000 24.87%
521 2nd Avenue 3/2.50/ 12 $1,595,000 $1,975,000 23.82%
68 Rosenkranz Street 3/2.00/N/A 8 $1,650,000 $2,006,000 21.58%

For a look at the top 20 Overbids and Underbids (in 14 day tally), as well as New Listings and Recent Sales, check out The Goods

Otherwise, Happy St. Patrick’s Day (by all accounts an Immigrant), and pinch me when you see me, because I can’t believe I own absolutely zero green items of clothing.

Top 10 Overbids | San Francisco Week Ending 3/10/17

This week’s top 10 list of mind-bending overbids looks like a tour around the world – Cambridge, Greenwich, Jersey, Munich. Alas we’re still in San Francisco, Dorothy.

San Francisco’s Top 10 Overbids

Address BR/BA/Units DOM List Price Sold Price Overbid
657 Cambridge Street 3/2.00/N/A 20 $950,000 $1,300,000 36.84%
2643 Greenwich Street 2645 2-4 Units 7 $1,595,000 $2,100,000 31.66%
1494 42nd Avenue 3/1.00/N/A 12 $788,000 $1,036,000 31.47%
431 Jersey 3/1.50/N/A 10 $1,795,000 $2,225,000 23.96%
829 Cole Street 2/2.00/ 9 $1,299,000 $1,610,000 23.94%
563 Munich Street 2/1.00/N/A 13 $799,000 $985,000 23.28%
945 Capp Street 2/1.00/4 13 $898,000 $1,100,000 22.49%
4106 20th Street 3/2.00/N/A 0 $1,750,000 $2,137,500 22.14%
218 Grafton Avenue 2/1.00/N/A 34 $625,000 $762,000 21.92%
26 Caine Avenue 4/3.00/N/A 12 $799,000 $970,000 21.40%

I say “mind-bending” mostly because it is still alarming our market works so incredibly efficiently by generally under-pricing properties to let buyers take it to market value, and it’s worked this way for the better part of a decade. By all accounts 99% of every overbid appraises at value when it comes time to get a loan. So don’t think every buyer is paying more than what a property is worth, just to win. They aren’t. They’re paying market value…in most cases. There are outliers, for sure, but for the most part, just because it’s an overbid, doesn’t mean it is overvalued.

As always, for a list of the top 20 Overbids, Top 20 Underbids, Recent Sales, New Listings, and Stalefish, check out my Market Tracker at www.thegoods-sf.com/theFrontSteps. Important to note, the Goods runs a 14 day tally, my tally here is on a 7 day cycle, so there will be some slight variations.

Thinking about selling your property to cash in and get out on top? I’d be happy to help. Just give me a shout.

The $2,005,000 Fixer | Noe Valley

I was in the process of compiling this week’s list of top 10 Overbids, but couldn’t help to just share this one nutty overbid with you instead…350 Jersey, in the heart-center of Noe Valley, is a “Spacious fixer-upper single-family home, circa 1941

Only in San Francisco do those words get you damn near $1500 per square foot, and over $2,000,000 for a FIXER!

As you can see from the marketing remarks, not only did they get 17 offers (let that sink in), but this place went from a $1,295,000 list price to a $2,005,000 sales price. In case you need more numbers, that’s 54.83% over asking or $710,000 cherries on top. Cash, no less. I’m gonna say it again…for a fixer.

Well, it is San Francisco after all, and it’s pretty effing awesome living here, so get used to it.

Thinking the tide will turn? It will, at some point, but have a look at this “Maximum Overbid of the week” I shared on sfnewsletter (the precedent of theFrontSteps) September 24, 2004…yes I’ve been doing Overbids THAT long (let that sink in too).

64 Prentiss St. in Bernal Heights (Bud, pay attention!). 3 bed, 1 bath, 1 car parking fixer that apparently came with the adjacent lot. Probate sale as well. Asking $599,000, sold for $855,000. Here’s a link to the property description

So there you have it…a little bit of mind-boggling real estate porn to get you through the weekend. As always, if you need more, The Goods has your top 20 Overbids, and Underbids, as well as all of the hot new listings, recent sales, and properties still on the market after 30 days. It’s a tremendous source of information.

Enjoy the weekend!