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July 30, 2020

Challenged Condo Market Still Sees Overbidding

1434 15th Ave

It’s no secret that the San Francisco condo market has plenty of inventory right now, especially in large buildings in South Beach, SoMa, and Mission Bay. But I’m still seeing some condos close for above the list price.

Buyers continue to pay top dollar for remodeled condos with classic architectural styles, and which also include parking and in-unit laundry. Location is key, of course. Two-bedroom units in the Inner/Central Richmond, Inner Sunset, Lake district, and Cole/Noe/Eureka Valleys were most commonly sold for over the list price in July.

That being said, the overbid percentages are fairly low—more like five or six percent vs what used to be 20% or more. The exception was over at 1434 15th Avenue in the Inner Sunset (photo, above courtesy of Generation Real Estate). The two-bedroom, one bath lower unit has all the amenities, a big shared yard and is close to Golden Gate Park. Listed for $995,000, the sale closed for 37% over at $1,365,000.

However, that was the highest overbid out of all the condos that were sold in July. It’s probably best to list your condo closer to value these days, especially if you’re in a neighborhood where there’s a lot of inventory right now. And buyers, when you’re looking for condo possibilities, consider locations outside of the aforementioned hot spots. That’s where you’ll get the best deal.

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