Home buyers paid more than $1M over the list price for several single-family homes in 2021—in neighborhoods that typically aren’t the target of such voracious overbidding.
The sale at 464 Lansdale (see photo, courtesy Compass) listed for $2,495,000 in Sherwood Forest raised eyebrows when the home closed for $3.5M shortly before Thanksgiving. One of the local news stations subsequently covered this shocking real estate happening. But Lansdale was hardly the only nutty overbid this year; other homes saw overbids ranging from $1,040,000-$1,755,000. (No, that’s not a typo.)
Most eye opening to me was that almost all the massive overbidding took place in the western part of the city, where freewheeling tech money hasn’t historically flowed. My guess is that remote work continues to influence how far out of the San Francisco center buyers are now willing to go. Proximity to tech shuttles, freeways and public transit downtown don’t seem to be high priorities these days for those inclined to pay high prices for homes in neighborhoods like Monterey Heights and Balboa Terrace.
Spring seemed to be the peak for extreme overbids, with a few of the sales trickling in later in the year.
Here’s the lineup for this year’s high flyers:
330 San Leandro
List: $1,985,000 | Sold: $3,025,000
Close of escrow (COE): 4/28
86 San Jacinto
List: $3,498,000 | Sold: $4,726,000
195 San Leandro
St. Francis Wood
List: $3,995,000 | Sold: $5,400,000
195 San Anselmo
St. Francis Wood
List: $3,800,000 | Sold: $4,999,999
List: $2,895,000 | Sold: $4,250,000
List: $3,995,000 | Sold: $5,750,000
List: $2,995,000 | Sold: $4,600,000
2021 14th Avenue
Golden Gate Heights
List: $1,800,000 | Sold: $2,925,000
List: $2,298,000 | Sold: $3,300,635