$530,000 Above Asking in San Francisco

• March 3rd 2014

by Lark Turner

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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

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