Overbid much? A century-old San Francisco sold for $1 million more than the asking price, underscoring surging demand and scarce inventory.
The contemporary three-bedroom at 287 24th Avenue sold on March 7 for $2.9 million, less than a month after it was listed for $1.75 million. according to Redfin.
Built in 1916, the 1,880 square-foot home has a fireplace, dining room, living room, kitchen and bathroom on the first floor. Three bedrooms are spread throughout the second floor, which also has a full bathroom. The home also has a garage with a dedicated laundry area and another half-bathroom, and a spacious patio fenced off from the surrounding homes.
Homes in San Francisco sold at a four-year high of 122 percent above asking prices last month and sat on the market for 20 days, 10 days less than in January, according to a recent Compass report. The data show that the challenge for Bay Area homebuyers is simply that there aren’t enough homes, not rising interest rates or concern that Russia’s attack on Ukraine could widen. In January, a dilapidated wood-frame home with zero bedrooms, one bathroom and a 1940s-style kitchen sold for about $2 million.
Jeffrey Salgado of Compass represented the seller and Greg Fulfort of Sotheby’s International Realty represented the buyer of the home on 24th Avenue. Neither side of the transaction was disclosed.
“This is a very sophisticated buyer, so it’s not like they’re just buying anything. So the pricing is key, strategically done, but it’s key,” Salgado said. “Then eventually it will go to its highest amount based on a very informed consumer.”
Median home prices in San Francisco stood at $1.75 million in February, little changed from $1.8 million in January.