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July 10, 2017

Massive Overbids from Luxury Buyers Continue


I first blogged about the huge overbids I was seeing in the luxury market back in May.

Well, that trend continued throughout the second quarter, with multiple high-end buyers throwing hundreds of thousands of dollars over the list price at happy sellers.

One of my favorites was that small house (photo, left) at 1238 Stanyan in Cole Valley. Renovated in 1969, the modest four-bedroom home had views and was on a deep lot—code for development potential. Stanyan was listed for $2,750,000. But the buyers were feeling extra generous and the sale closed for $4,000,000 in May.

Here are a few other highlights:
571 20th Street (Central Richmond)
3BR/2BA, 1,388 sq feet
List price: $1,388,000 | Sold: $2,100,000

770 3rd Avenue (Inner Richmond)
$2,599,000 | $3,150,000

1428 Lake (Lake district)
$1,649,000 | $2,125,000

1234 5th Avenue (Inner Sunset)
$1,749,000 | $2,600,000

201 San Fernando (Balboa Terrace)
$2,995,000 | $3,600,000

64 Mercedes (Ingleside Terrace)
$1,895,000 | $2,700,000

Two particularly crazy ones were 58 Lapidge in the Mission (listed for $1,348,000, sold for $2,325,000):

and 4250 26th Street in Noe Valley (listed for $1,449,000 and sold for $2,300,000):

Homes listed for $1,300,000-$1,500,000—even if they’re development opportunities like these were—don’t typically end up selling for more than $2,000,000.

But the 2017 real estate Gold Rush is on here in San Francisco!

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