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March 1, 2021

Big Condo Overbids Return in 2021

139 Steiner #3 deck

Condos with two or more bedrooms, all the amenities, and desirable neighborhood locations are currently very much in demand by San Francisco buyers. As a result, there are increasing numbers of large overbids and sellers receiving many, many offers.

You’ll read about this trend a couple months from now in the mainstream media, but I am officially seeing the return of the list-low, sell-for-more pricing strategy for these properties.

A look at February’s closed and pending condo sales point to a trend in rising buyer demand for condos in popular neighborhoods near parks and retail areas. A condo that also features an exclusive-use outdoor space is at the top of everyone’s list. Even better if that condo is remodeled, and has two bathrooms, in-unit laundry and parking.

Take 139 Steiner #3, for example. The 3BR/2BA, 922-square foot top floor Hayes Valley condo had that private roof deck in the photo above, parking and in-unit laundry and was listed on Valentine’s Day for $1,195,000. The sellers reportedly received 35 offers and are in contract for several hundred thousand dollars more than list price.

It’s worth noting that a bulk of this overbidding activity is related to condos listed below the $2M price point.

Here are a few other recent sales that are a barometer of the current market:

38 Delmar #3 | Haight/Cole Valley
Three decks, two bathrooms, in-unit laundry, great location
List price: $798,000
Sale price: $1,200,000
Overbid: 50.38%

2060 Sutter #507 | Lower Pacific Heights
Private balcony, two bathrooms, in-unit laundry, parking, convenient location
List price: $1,095,000
Sale price: $1,365,000
Overbid: 24.66%

1936 Leavenworth | Russian Hill
Private deck, two bathrooms, laundry, parking, prime location
List price: $1,285,000
Sale price: $1,550,000
Overbid: 20.62%

5 Cyrus #A | Nob Hill
House-like on two levels, private deck, private garden, in-unit laundry, parking
List price: $1,695,000
Sale price: $2,176,000
Overbid: 28.41%

2950 22nd Street | Mission
Two private garages, remodeled Victorian. Received 18 offers.
List price: $975,000
Sale price: $1,320,000
Overbid: 35.38%

1243 16th Avenue | Inner Sunset
Near Golden Gate Park, lovely flat with in-unit laundry & parking.
List price: $995,000
Sale price: $1,328,000
Overbid: 33.47

It’s inevitable that Spring will bring more inventory, and perhaps break up the packs of buyers descending on these condos. But it’s likely that pricing patterns will continue for this level of condo.

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