San Francisco home sold for $1M above list price

The San Francisco Bay area’s housing market remains ultra-competitive even as sales show signs of slowing down in other parts of the country. Recently, a four-bedroom, 2,400 square-foot and newly remodeled home sold for $3.5 million, more than 40% above its initial asking price of $2.5 million.

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The home was on the market for just three days and in that time it fetched three offers – and all three were at least $500,000 above the asking price, Compass listing agents Richard Woo and Holly Phan said in an interview with KRON-4 News.

Woo said the home wasn’t priced too low, with the value based on comparables in the area.

“So when we saw the offer come in at more than $1 million over asking with no contingencies, it was amazing and we thought, is this real?” Woo said.

One of the standout features of the home is that it features a wall of windows that open up to offer a panoramic view of San Francisco’s skyline.

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The seller reportedly bought the home for just $1.4 million two years ago.

Compass Chief Market Analyst Patrick Carlisle told KPIX News that 2021 has been one of the most ferocious housing markets in history. He said the ultra-tight inventory of listings has resulted in buyers bidding frantically on whatever homes do come up for sale.

“Though a fair number of new listings have come on the market, they’ve been snatched up faster than ever – maybe at the fastest rate in history,” Carlisle said. “Virtually every segment in the Bay Area has gone bananas.”

About Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]

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