The housing market still remains ultra-competitive in some parts of the country, despite what is typically a slowdown in real estate. A four-bedroom, 2,400-square foot newly remodeled home in San Francisco recently sold for $3.5 million—40% more than the initial asking price of $2.5 million. That is $1 million above list price.
The home fetched three offers in three days. All three offers were more than $500,000 above the asking price, Compass listing agents Richard Woo and Holly Phan told KRON-4 News.
“We didn’t price the house low—it was priced based on area comps 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 told KRON-4 News.
A standout feature in the home is that it features a wall of windows that open up to a panoramic view of the city.
The seller purchased the house two years ago for $1.4 million.
“It’s been one of the most ferocious markets in history this past year,” Patrick Carlisle, chief market analyst for Compass, told KPIX news. Tight inventory of listings has resulted in buyers frantically bidding on the limited stock of homes 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 says. “Virtually every segment in the Bay Area has gone bananas.”