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.