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December 16, 2016

Bipolar Buyer Behavior Prevails Through 2016

Two recently closed sales in Eureka Valley and Buena Vista/Ashbury Heights point to the continued bipolar nature of the San Francisco real estate market.

There’s 562 Sanchez, a 4,000 square foot, four-bedroom house a block from Dolores Park. The property came on the market at the end of June for $3,950,000. After withdrawing the listing and then making a few price cuts, the sellers received an offer and the sale closed late last week for $3,500,000—$400,000 under the list price:

231 Upper Terrace in Ashbury Heights went in the opposite direction. The cute 2BR/2BA, 1900-square foot view home was listed for $1,595,000. Buyers snapped it up quickly, and the sale closed in early December for $2,000,000—$400,000 under the asking price:

The two sales also illustrate where the market is at two different price points for single-family homes in desirable, centrally located neighborhoods. Many houses listed for under $2,000,000 are selling with multiple offers and for well over the list price. However, homes in the $3,000,000+ range are spending more time on the market and are increasingly selling for under the list price.

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