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]

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.

For Sale | 754 18th Ave | Central Richmond Edwardian | $1,095,000

Exquisite Edwardian 2 bedroom plus sunroom (easily used as 3rd bedroom or office), 1.5 bath luxury residence has it all in a location ideal for outdoor enthusiasts, or urban dwellers alike.


This Central Richmond flat features beautiful hardwood floors, formal living room w/ decorative fireplace, formal dining room, updated kitchen, in unit Washer & Dryer, tons of natural light, additional storage, double paned windows, yard (with plum and lemon trees), views, and parking. Half block to Golden Gate Park, and 5 minutes to Ocean Beach. Easy access to Marin, Napa, Peninsula & Downtown. Multiple public transit options, and front row seats to everything Golden Gate Park has to offer. You will be the envy of all your cycling, running, dog-walking, museum-going, and music-loving friends.

Property Details:
$1,095,000
Built 1923
2 Unit Building/HOA
2 bedrooms
1.5 bath
Sunroom with views
1399 Square Feet (per tax records)
1 car parking (option for 2)
Open/Updated Kitchen
Hardwood Floors
Fireplace
Radiator Heat
Shared Yard
Dishwasher
Washer & Dryer
Gas Range
Additional Storage
Shared Extra Room off of garage
Excellent Location
Low $250/HOA Dues (Includes: Insurance, Water, Garbage, Common area utilities)

Showing Schedule:
Saturdays & Sundays 1-4pm Open House
Easter Sunday 2-4pm
Private Showings Upon Request

Exclusively listed by:
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351

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]

For Sale | 849 44th Ave | Outer Richmond \ $1,049,000

Beautifully maintained, and recently remodeled Outer Richmond single family residence in the same family for almost 60 years. Pride of ownership extends generations back in this 1950s home. From the beautifully preserved original wood floors, to the wood burning fireplace, and incredibly large and well-maintained yard (with deck off the main living area), this three bedroom, one bath home with a large garage is ideal for those seeking a wonderful single family home in one of San Francisco’s hottest neighborhoods.

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.

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!

For Sale | 652 44th Ave | Outer Richmond | $1,195,000

“Outer Richmond Single Family Home Hits the Market, Buyers Everywhere Flock to See it”…so the headline could read. It’s been a long time since a home of this character, quality, and size has hit the market in the Outer Richmond, and you don’t want to miss it.

State Of The Real Estate Union

If you had to guess, what would be the most common question you think a Realtor is asked?

“What’s my home worth?” No.

“Should I stage my home when I sell it?” No.

“Do you think interest rates are going to rise?” No.

All very close, and all very common questions we certainly answer more than we should (which is precisely why for the better part of a decade I’ve helped you answer those questions on your own), but by far the most common question asked by countless people (friends, clients, strangers at parties, on the ski lift, or out surfing) is….

“How’s the Market?”