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$530,000 Above Asking in San Francisco

by Lark Turner

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1829 Church Street, San Francisco

If you think the bidding wars in DC are competitive, just take a look at what is happening out in San Francisco.

A house in the city’s Glen Park neighborhood recently sold for $1.425 million — $530,000 above its asking price, The New York Times’ Bits blog reported on Sunday.

The home’s final sales price is yet another example of Silicon Valley’s ballooning salaries and San Francisco’s “hyperventilating housing market,” the article reported. Data from Redfin show that homes in the city are selling for 60 to 80 percent above asking, and almost 40 percent of sales were all cash in December 2013.

The compact city is attracting plenty of young professionals with high salaries — but there’s nowhere for them to live. From The Times:

Over the last decade, 75,000 people have moved to San Francisco, but only 17,000 new housing units have been built. Over the next 25 years, city officials project, 150,000 more people will arrive,

DC is expecting a similar influx, with 200,000 more young professionals settling in the city between 2010 to 2020, though their median incomes are expected to ring in at a fraction of Silicon Valley’s $100K-per-year average base salaries.

In case you were wondering, the $1.4 million house is, in real estate parlance and by San Francisco standards, a fixer-upper with a lot of potential. The asking price escalated so much, a broker told a Times reporter, because it’s near a private shuttle stop where Silicon Valley workers board buses that whisk them to tech campuses in the region.

More photos below

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This article originally published at http://dc.urbanturf.com/articles/blog/530k_over_asking_in_san_francisco/8189

5 Comments

  1. Abd said at 8:07 pm on Monday March 3, 2014:

    Did they price low to generate a bidding war? Wondering what the average price per foot is in this neighb, and whether the house went for way more than the average.

  1. Joe said at 12:23 pm on Tuesday March 4, 2014:

    @Abd

    If I was the seller.  There is no way I would have listed the home at 500k less than asking.  I think it is generally that crazy out in San Fran.

    The home is going to need a ton of work.  Starting with a new paint job.

  1. smn said at 1:53 pm on Tuesday March 4, 2014:

    Wow, I feel way better now being in DC.
    But that really stinks for the avg. young profession or non-professional outside the techie industry as they’ll NEVER get the chance to be a home owner in the city they help create.

  1. ArtR said at 3:03 pm on Thursday March 6, 2014:

    one has to question the wisdom of the tech sector’s fascination with the bay area.  The salaries they have to pay to compensate the bay area housing costs makes no sense.

  1. Kelly said at 5:48 pm on Wednesday March 12, 2014:

    I’m currently trying to buy a condo in San Francisco, and the market here is just as insane as everyone is saying. Homes sell for so far above the asking price, that the asking price is basically irrelevant. You have to look at similar homes to get an idea of how much to offer. Bidding wars are common.

    I am unable to waive appraisal contingencies, and even my highest over-bids (130% or more) have been lost to buyers with all-cash, contingency-free offers.

    For the person who asked about price per square foot, condos in my price range (much lower than this home - selling in the $700k-$900k range) are going around $1000 per square foot.

    I’m making an offer tomorrow at 124% of list price, and trying not to get my hopes up because it’s fairly likely that I’ll be out-bid by an all cash offer with no contingencies.

    For the curious, I’m a tech professional who’s lived in SF for 6 years.

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