New SF Overbidders Club Members for August

We have a few new members of the San Francisco Overbidders Club this month. As some of you may know from past posts, buyers join the Overbidders Club when they pay in excess of 25% of the list price.

August was a big hit for the west end of town, where our newest Overbidders seemed to lurk. Here’s the rundown this month:

254 11th Ave
Inner Richmond

4BR/2BA
List Price: $849,000
Sale Price: $1,275,000
Overbid Amount: 50%
Closed Escrow: 8/21/13

Who doesn’t want a big fixer half a block from California Street? Many buyers vied for 254 11th Avenue, as it was one of those types of properties that appealed to both contractors and “sweat equity” buyers. But one buyer decided that paying 50% over asking and waiving all contingencies would do the trick. And it did! The appeal of this house was that it has four bedrooms on one level upstairs, an attic with expansion potential and a large garage. Having the space already there makes things infinitely easier when it comes to renovations.

18 Quintara
Golden Gate Heights

4BR/2BA, 2053 sq ft
List Price: $975,000
Sale Price: $1,325,000
Overbid Amount: 36%
Closed Escrow: 8/16/13

18 Quintara is basically a house that has it all. It’s detached on three sides, surrounded by landscaped gardens, white picket fence, as well as a remodeled kitchen, large garage and in-law apartment that represents the fourth bedroom but is perfect for an au pair or guests. What does someone pay for a house like that these days in Golden Gate Heights? About $1,325,000. The teaser of a list price was low enough to garner 19 offers, so paying 36% over asking and waiving all contingencies is pretty much what you’re gonna have to do to win in this situation.

762 45th Avenue
Outer Richmond

3BR/2BA, 1826 sq ft
List Price: $849,000
Sale Price: $1,195,000
Overbid Amount: 41%
Closed Escrow: 8/14/13

Featuring an original 1920s kitchen and bathrooms, this basic house at 762 45th Avenue had something unique going for it—a professionally designed garden with a hot tub. And it’s five blocks from the beach. The one, two punch of paying 41% more + waiving contingencies did it again for these new homeowners.

269 Waller
Hayes Valley

2BR/1BA, 1330 sq ft
List Price: $1,195,000
Sale Price: $1,625,000
Overbid Amount: 36%
Closed Escrow: 8/16/13

Purchased by buyers who I suspect had lost out on quite a few homes to maximum overbids over the past few months, 269 Waller is in a more outskirts part of Hayes Valley. But the deep lot, remodeled kitchen apparently make up for the lack of third bedroom, second bath, and presence of a brick foundation. There were contingencies in the contract, but I’m betting an appraisal condition wasn’t one of them.

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Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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