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March 14, 2016

Condo Overbids Calm Down in Early 2016

The San Francisco condo market is softening when it comes to overbidding. Though aggressive overbidding (20% or more over list price) has been happening on select properties this year, the gap between list and sale price for the average condo is narrowing.

The average citywide, year-to-date condo overbid is four percent. Of the 301 condos sold as of this writing, only 20 changed hands for 20% or more over the list price.

A handful of neighborhoods saw one or two sales in this range—Noe Valley, Mission Dolores, Hayes Valley, Lake, Lower Pacific Heights, Pacific Heights, Nob Hill, NoPa and Potrero.

The prize for the most extreme overbid was the sale at 2151 Laguna #2. The 3BR/2BA unit was situated in an impressive Edwardian building and had views of adjacent Lafayette Park. Listed for $2,995,000, the property closed for $4,500,000:

New construction condo sales in Potrero, Mission Bay, SoMa and South Beach are flattening the citywide overbid average. Many of these properties are selling for what the sales offices are asking.

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