San Francisco house sells for $1 million over asking value
A four-bedroom home in a quiet San Francisco neighborhood shocked real estate agents Richard Woo and Holly Phan when it sold for $1 million over asking price three days after it went public, KPIX reported on Friday.
The home, which is said to be west of Twin Peaks near Mount Davidson, was originally listed for just under $2.5 million but eventually sold for $3.5 million, the realtors told KPIX.
“We were all very surprised because they weren’t just over – they were way over,” Woo said of the deals.
The 2,400 square foot home is newly renovated with a two car garage, stunning views and close proximity to hiking trails. But Patrick Carlisle, Compass’s chief market analyst, told KPIX that overbidding could be part of a growing trend not just in San Francisco but throughout the Bay Area.
“It’s been one of the wildest markets in history over the past year,” Carlisle told the outlet, explaining that “limited housing stock” has led to more competition among buyers, which in turn could send prices skyrocketing. “Although a whole host of new offerings have been launched, they have been snapped up faster than ever – perhaps faster than ever before. Virtually every segment in the Bay Area has gone haywire.”
While high prices and overbidding have become the norm in the Bay Area real estate market, a San Francisco home that sold for $1 million overbid is causing a stir. https://t.co/GEAzIv7lYG
— KPIX 5 (@KPIXtv) December 11, 2021
And the size of the apartment, apparently, does not matter. Last month, a 328-square-foot cottage in the Seabright neighborhood of Santa Cruz listed for $988,000 and eventually snapped up after multiple bids for a $1 million cash offer. The home has just one bedroom and one bathroom — with a converted living space in the garage — but listing agent Walter Stauss said its prime location near the beach likely led to as many offers.
He added that the housing market hasn’t slowed down at all; He’s noticed that many Bay Area buyers are keen to come here to buy a home or second home in Santa Cruz County.
“Working from home is having a bigger impact than expected,” Stauss told SFGATE. “Silicon Valley is a huge job market. The fact that people no longer have to commute and can enjoy the Santa Cruz lifestyle is a big deal. I don’t see that changing at all.”
Earlier this year, dozens of people camped out on the sidewalk overnight to buy $1.2 million newly built townhouses in Santa Clara. Vanguard agent Alan Thuma told SFGATE, “The market went hot into spring,” and the trend continues as many companies postpone plans to return to the office.
According to the latest data from the California Association of Realtors, home sales in San Francisco County are up 27.5% while average home prices have risen $72,000 over the past month.
SFGATE Local Editor Tessa McLean contributed to this report.