Would you pay $1,355,000 over the asking price for a home in San Francisco?
Would you pay 292% of the asking price for a home in SF?
Over the past year, overbids have returned to the San Francisco market, and in absolute dollar terms, the largest overbid was for a single family home in Pacific Heights (Lyon at Pacific). The home has 6 bedrooms and 3.5 bathrooms, and sits on a large lot that has both views and is level enough for a basketball court. The home was also designed by a noted architect. It listed in the fall of this year for just shy of $3,900,000 and sold for $5,250,000. It sold for $1,355,000 more than the list price, which earns it the distinction of the 2013 sale with the highest overbid in absolute dollars.
Another way to calculate the overbid is based on percentages. If we slice and dice the data to compare list price to sales price, the home in Pacific Heights is out-bid by a home in the Bayview that sold for 292% of the list price. Located on a charming street in the Bayview (yes, there really is such a thing, thank you very much), this winner listed for $189,000 early this year and sold for $551,700, which means is sold for almost triple it’s original list price!
So there you have it – the homes in San Francisco with the two highest overbids in 2013. One in Pacific Heights, the other in the Bayview, two neighborhoods that rarely are mentioned for having something in common. Although, since it is only December 9 we still have a few more weeks to see if any other monster sales come close to competing with these two homes.
I’d love to hear your thoughts about these two SF homes and the market in the comments below.