“We weren’t expecting a million dollars more” – Astronomical Agents of the San Francisco Astronomical Outbid Home – CBS San Francisco

SAN FRANCISCO (KPIX 5) – As high prices and one-sided bidding have become the norm in the Bay Area real estate market, a house that sold for $ 1 million more than asked in San Francisco is raising eyebrows.

This is a newly updated 2,400 square foot, 4 bedroom home with a two car garage and incredible views. The house is located in a quiet part of San Francisco, near Mount Davidson, west of Twin Peaks.

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Interior of San Francisco home near Mount Davidson that grossed $ 1 million more than asked. (Lunghi Media Group)

Realtors Richard Woo and Holly Phan listed the house for just under $ 2.5 million. Three days later, they signed the sale for $ 3.5 million.

“We were all really surprised, because they weren’t just finished – they were finished well,” Woo said.

“We expected a little more, but we weren’t expecting a million dollars more,” Phan said.

With current market conditions, it’s quite common for Bay Area homes to sell for list price or a little above list price.

House that sold for $ 1 million over demand in San Francisco. (CBS)

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“It was one of the fiercest markets in history last year,” said Patrick Carlisle, chief market analyst for Compass. “We have seen some very spectacular over-auctions, not only in the city, but around the Bay Area. “

The inventory of available accommodation is still incredibly low in the Bay Area. This increases competition among buyers, which can drive up selling prices.

“While a good number of new listings have hit the market, they’ve been picked up faster than ever – perhaps at the fastest rate in history,” Carlisle told KPIX 5. “Virtually every segments of the Bay Area have turned into bananas. “

There has been a huge increase in property sales in San Francisco, in particular, according to Carlisle.

“Of course, part of that has to do with the departure of some people. But the flip side is that there are still a lot of people who are very eager to live in the city, own a house in the city, and are willing to pay higher prices than they ever have. paid before, ”he said. “Sooner or later the upcycles will end. What history has taught us, however, is that it’s extremely difficult to predict when the upcycles will end.

Potential buyers should have all of their ducks in a row, according to Woo.

As for the sellers?

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“It’s a seller’s market,” Woo said. “Of course, timing is important, location is important. But, preparing the house properly is the most important thing.

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