San Francisco's Top 3 Overbids in 2021
San Francisco’s Top 3 Overbids in 2021 Share One Commonality
Three homes in San Francisco sold for 73%-81% over asking, and their shared commonality might surprise you. No, it’s not because of an ADU or expansive outdoor space; these homes share one thing: the 94116 zip code. That’s San Francisco’s Sunset District. Why is the market so hot in the Sunset? Well, the pandemic might have something to do with it.
It’s no secret that the pandemic has changed the wishlists of buyers. Gone are the days of sacrificing space for a prime location. Buyers are looking for properties with an office or bonus room now that working from home is the norm. The Sunset District delivers properties that fit the bill and at a price point below many other neighborhoods. With a suburban-like feel, the Sunset offers the option to live in a single-family home with a still affordable by San Francisco standards price, without leaving the city. Demand for homes in the Sunset has steadily inclined over the last decade, but bidding-wars have now reached an all-time high. Proximity to the ocean, bustling commercial districts, and parks at both ends contribute to its growing popularity.
Redfin ranks the Sunset as a “very competitive” neighborhood for buyers, reporting that the average home sells for 21% over the asking price in about 14 days. Homes dubbed as “hot homes” sell for 37% above the list price in about 11 days.
The current homes for sale in the Sunset
Here are the homes sold for the highest percentage over asking this year in San Francisco
1. 3228 Santiago Street
Listed for $799,000, this 1,000 square foot, three-bedroom, one-bath home is newly remodeled. The sellers refinished the floors, updated the lighting, and painted the walls throughout. Staging allowed buyers to see the possibilities of the bonus space in the basement and entertaining opportunities in the backyard. The home sold in less than three weeks for $1,452,500 (81.8% above the asking price).
2. 2543 16th Ave
For sale for $1,095,000, this 1,650 square foot house has three bedrooms and two bathrooms. The competitive price likely fueled a bidding war for this property. According to Trulia, similar homes of this size in the 94116 area code have a value of $1,658,690. This home on 16th Ave sold at 13% higher than the average value and 74% above the asking price at $1,910,000.
3. 2370 28th Ave
Last on the list is this Spanish-style home built in 1925 with many original period details intact. With 1,175 square feet, this two-bedroom, one-bathroom home has space for a home office and a landscaped backyard. The house was fully staged and, modern lighting was installed, creating a cozy and luxurious atmosphere. Originally listed for $995,000, the home closed for $1,727,011, about 73.5% over asking price.
The bidding wars generated by these listings were likely motivated by three factors. The homes are in a neighborhood popular with buyers. The homes offered bonus spaces that buyers are seeking. And lastly, the agents priced the homes to generate interest and offers. When buyers envision themselves in a home and offer to buy a property, they’re more likely to continue increasing their price in fear of losing the property to another.
The 2022 housing market remains advantageous for sellers. If you’re looking to sell your home for top dollar this year, I can help. Give me a call at 415-467-4000.
Ron Davis is a top-performing broker with over 30 years of experience in the San Francisco and Peninsula Real Estate markets.
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Whether you’re contemplating a move from or to Brisbane, San Francisco, or San Mateo County, we remain highly attuned to your needs from the moment we meet until we’ve closed the contract in your favor.
Our region has a reputation for having rough seas, but we have 50+ years of collective experience, and we know the way. We’ve also sold more than 500 properties and charted many courses to success during our long history. We’ll leverage our expertise to ensure that you get to safe harbor quickly, with no shortage of the good kind of adventure.
A real estate professional since 1987, Ron Davis is consistently ranked among the top 2% of Realtors® nationwide. Born and raised in San Francisco, he has a comprehensive knowledge of what the Bay Area’s different cities and neighborhoods have to offer. Ron specializes in residential sales of all kinds, including investment properties, short sales, and REO assets. He is also adept at handling the often delicate, complex sale of a loved one’s estate after they have moved on, and he makes the process as stress-free as possible.
Ron discovered the importance of homeownership at the age of 21 when he and his wife bought their first home in Brisbane, on the southeastern San Francisco border. His mechanical background — he studied aircraft maintenance at John O’Connell Tech in San Francisco — and extensive experience with remodeling, designing, and building homes enable Ron to offer clients expert advice on new construction and remodeling projects. He also holds a Graduate, Realtors® Institute (GRI) designation, recognized as the gold standard for real estate professionalism and knowledge.
A resident of Brisbane, Ron is actively involved in his community and making it a better place to live. He has served on the board of directors of the Brisbane Chamber of Commerce and was recognized as Brisbane’s Citizen of the Year in 1998. He is an active board member of the local Lions Club and has received the Lions Club’s International Melvin Jones Humanitarian Award for his contributions to the community.
In his free time, you’ll find Ron scuba diving, playing drums, making wine with his wife, and hosting Coffee to Close, a podcast featuring notable members of the Brisbane community. Ron loves to travel and has visited more than 25 countries, which he credits for giving him a greater understanding of peoples and cultures. Ron also has a U.S. Coast Guard captain’s license and enjoys boating on the San Francisco Bay.
Whether you’re contemplating a move from or to Brisbane, San Francisco, or San Mateo County, we remain highly attuned to your needs from the moment we meet until we’ve closed the contract in your favor.
Our region has a reputation for having rough seas, but we have 50+ years of collective experience, and we know the way. We’ve also sold more than 500 properties and charted many courses to success during our long history. We’ll leverage our expertise to ensure that you get to safe harbor quickly, with no shortage of the good kind of adventure.
A real estate professional since 1987, Ron Davis is consistently ranked among the top 2% of Realtors® nationwide. Born and raised in San Francisco, he has a comprehensive knowledge of what the Bay Area’s different cities and neighborhoods have to offer. Ron specializes in residential sales of all kinds, including investment properties, short sales, and REO assets. He is also adept at handling the often delicate, complex sale of a loved one’s estate after they have moved on, and he makes the process as stress-free as possible.
Ron discovered the importance of homeownership at the age of 21 when he and his wife bought their first home in Brisbane, on the southeastern San Francisco border. His mechanical background — he studied aircraft maintenance at John O’Connell Tech in San Francisco — and extensive experience with remodeling, designing, and building homes enable Ron to offer clients expert advice on new construction and remodeling projects. He also holds a Graduate, Realtors® Institute (GRI) designation, recognized as the gold standard for real estate professionalism and knowledge.
A resident of Brisbane, Ron is actively involved in his community and making it a better place to live. He has served on the board of directors of the Brisbane Chamber of Commerce and was recognized as Brisbane’s Citizen of the Year in 1998. He is an active board member of the local Lions Club and has received the Lions Club’s International Melvin Jones Humanitarian Award for his contributions to the community.
In his free time, you’ll find Ron scuba diving, playing drums, making wine with his wife, and hosting Coffee to Close, a podcast featuring notable members of the Brisbane community. Ron loves to travel and has visited more than 25 countries, which he credits for giving him a greater understanding of peoples and cultures. Ron also has a U.S. Coast Guard captain’s license and enjoys boating on the San Francisco Bay.