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April 4, 2022

New Trend: Paying More Than $1M Over Asking

34 Yerba Buena

A trend I’m seeing in the San Francisco luxury market is buyers paying more than $1M over the list price for single-family homes. This brings overbidding to new heights, as it has not been typical for overbids to reach such stratospheric levels.

Perhaps this Spring trend is due to the fear of interest rates rising and buyers’ desire to take advantage of what reasonably low rates. I think there are still a lot of folks reeling from Covid’s effects over the past two years who are sparing no expense to just get that single-family home in a good neighborhood, already.

Here’s what went down in March:

34 Yerba Buena | St. Francis Wood
3BR/4.5BA, 2791 sq ft
List Price: $2,795,000
Sale Price: $4,200,000
$1,405,000 over asking
[Above photo courtesy Berkshire Hathaway-Franciscan]

1148 Dolores | Noe Valley
5BR/5.5BA, 3610 sq ft
List Price: $4,995,000
Sale Price: $6,250,000
$1,255,000 over asking

287 24th Ave | Lake District
3BR/2BA, 1880 sq ft
List Price: $1,759,000
Sale Price: $2,942,000
$1,183,000 over asking

1591 43rd Ave | Outer Sunset
4BR/3BA, 2400 sq ft
List Price: $1,829,000
Sale Price: $3,005,000
$1,176,000 over asking

230 Magellan | Forest Hill
4BR/3.5BA
List Price: $2,595,000
Sale Price: $3,700,000
$1,105,000 over asking

901 Wisconsin | Potrero Hill
4BR/5.5BA, 3330 sq ft
List Price: $3,795,000
Sale Price: $4,925,000
$1,130,000 over asking

And there’s more to come. The pending sale over at 79 Scott in Duboce Triangle—technically a duplex—offered a three-bedroom upper flat and lower two-bedroom downstairs across 4165 square feet. The building was beautifully renovated and listed for $4,195,000. The seller reportedly received 13 offers (nine for cash and six for over $5M) and are in contract for $1,405,000 over list price.

 

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