2014 Welcomes New Members to SF Overbidders Club

2013 was the year that aggressive overbidding for San Francisco properties returned in full force. It does appear that, based on January 2014′s numbers, buyers are calming down ever so slightly when it comes to throwing money at houses and condos.

But I did manage to find three homes that attracted buyers who were wiling to pay 25% or more over the last price. Say hello to the latest members of the SF Overbidders Club:

746 South Van Ness #A
The Mission

3BR/2.5BA
List Price: $863,824
Sale Price: $1,210,000
Overbid Amount: 40%
Closed Escrow: 1/9/14
746svness
We can always count on a 3BR Mission condo to attract a cash buyer who’s ok with paying 40% more than asking. This unit is remodeled, with garage parking and patio, as well as a shared yard among the three units in the building.

237 Sanchez
Eureka Valley

2BR/1BA + in-law unit
List Price: $1,195,000
Sale Price: $1,500,000
Overbid Amount: 26%
Closed Escrow: 1/3/14
237 sanchez
Featuring a 2BR main house with a 2BR in-law unit downstairs, 237 Sanchez captured the attention of buyers who most likely really wanted to be in this Castro/Duboce Triangle location. No garage, but who needs one when you have Muni right nearby?

200 Amber
Diamond Heights

4BR/2.5BA
List Price: $1,299,000
Sale Price: $1,670,000
Overbid Amount: 29%
Closed Escrow: 1/10/14
200amber
It’s not that often that a cash buyer swoops into sleepy Diamond Heights and bids way up on a home. But that was the case for 200 Amber, an Eichler with a lot of bedrooms. Located half a mile from Safeway and the Diamond Heights shopping center, this house also has hills/canyon views.

SF Overbidders Hit Single-Family House Market

Late September was a busy time for the latest crop of home buyer overbidders, most notably in the Mission, Inner Sunset, and Glen Park. Buyers can join the club when they pay 25% or more over the list price. Here’s what went down:

837 South Van Ness
The Mission

5BR/1BA
List Price: $1,395,000
Sale Price: $1,901,000
Overbid Amount: 36%
Closed Escrow: 9/17/13

For those who doubted that this total fixer would attract the attention of buyers who would pay dearly for their opportunity to create a Mission compound on South Van Ness, this one’s for you. This severely dilapidated property with gaping wall holes, unfinished rooms and a “lodger on the premises” garnered almost $2M. But the three-level home on a huge lot was sold for 36% over its asking price, and will probably require at least another half million to get it up and running.

1566 9th Avenue
Inner Sunset

4BR/2.25BA
List Price: $980,000
Sale Price: $1,395,000
Overbid Amount: 42%
Closed Escrow: 9/25/13

$1.4M is a pretty typical price for a large house in the Inner Sunset that’s in good shape. So the $980,000 list price could definitely be viewed as a teaser. But buyers were sucked in and the non-contingent, highest offer for 1566 9th Avenue took the prize. Four bedrooms up, and another bedroom/bath on the garage level. Perfect for the crowd that wants to be near UCSF, Muni and the Irving Street retail area.

101 Miguel
Glen Park

5BR/1.5BA
List Price: $849,000
Sale Price: $1,110,000
Overbid Amount: 31%
Closed Escrow: 9/26/13

This unassuming corner house at the corner of Chenery and Miguel was another one for the contractor set. Big views were involved, as well as a great location near the Glen Park retail area and BART. The buyers for Miguel were happy to pony up just over $1.1M for an opportunity to renovate a house that had been in the same family for three generations. Say good-bye to the wood paneling.

Welcome to the SF Overbidders Club

We have some inaugural entrants into what I am officially calling the San Francisco Overbidders Club. What does it take to make the cut? You need to overbid more than 25% for a property and close the sale.

There are two underlying requirements to make it into the Overbidders Club. The first is wherewithal, meaning you have to have the financial means to pull it off. In most cases, we’re talking half down, or all cash. The second is will. You have to want that property enough to be willing to pay well above what all other buyers may be offering.

And now, here’s a look at the properties that were picked up by our first group of Club members:

227 Central
The Haight

Single-Family Home
4BR/2BA, 2063 sq ft
List Price: $1,095,000
Sale Price: $1,500,000
Overbid Amount: 37%
Closed Escrow: 6/26/13
This tenant-occupied, rambling Victorian on Central at Page was the perfect project house. Sold off market and in a probate transaction, the buyer will undoubtedly be livin’ the dream of renovating a Victorian in a classic San Francisco location. The idea here is that with time and money, the owner will ultimately see a property value of well over $1.5M in the future.

1680 9th Avenue
Inner Sunset

Single-Family Home
3BR/2BA, 2032 sq ft
List Price: $1,275,000
Sale Price: $1,650,000
Overbid Amount: 30%
Closed Escrow: 7/18/13

1680 9th Avenue is situated in the Windsor Terrace section of the Inner Sunset, which is in reasonable walking distance of retail areas and public transportation. The three bedrooms are all upstairs on the same level, and there’s a chef’s kitchen with an island. These are always big selling points. The garage access is via an alley behind the property, and there isn’t much outdoor space. But with only about a dozen homes on this level selling this year in the neighborhood, this buyer gave it all he had to make sure he’d own this one.

364 Crescent
Bernal Heights

Single-Family Home
4BR/3BA, 2725 sq ft
List Price: $1,275,000
Sale Price: $1,600,000
Overbid Amount: 25.5%
Closed Escrow: 7/12/13

Located six blocks south of Cortland and within earshot of 280, this sprawling Victorian at 364 Crescent is unique for a neighborhood with smaller homes. It sits on an oversized, corner lot and didn’t need any work. Excellent period detail, great kitchen, huge garage, and hot tub in the yard. But in the end, this is a big price to pay for this location in Bernal.