Did you hear the roar buyers paying more than 25% over the list price for San Francisco homes in March? Well, I did. The SF Overbidders Club closed out the month of March making me wonder whether or not we can really expect April overbidding to be lamblike.
Overbidding happened across all property types this month, with healthy overbid averages happening:
Houses: 10.5% Condos: 9% TICs: 4.5%
But I found a home in each category that trumped those averages. Please welcome our newest SF Overbidders Club members:
338 Spear #7J
South Beach Condo
1BR/1BA, 1 pkg, 1025 sq ft
List Price: $849,000
Sale Price: $1,130,000
Overbid Amount: 33%
What else can you tell me? The buyer for this one-bedroom in the Infinity Tower 2 made a pre-emptive offer that the seller accepted. Marketed as a “unique floor plan of a large 1 BR plus den with a private patio for less than $850 per square feet!”, the buyer one-upped that proposition by paying $1102/sq ft.
Mission Dolores TIC
2BR/2BA, 1 pkg, 1032 sq ft
List Price: $699,000
Sale Price: $926,000
Overbid Amount: 32.5%
What else can you tell me? TIC with fractional loans in a three-unit building. Parking tandem. Building Ellis Acted in 2004 by previous owners.