An $800k overbid wins a three-bedroom in Sunnyvale

Bay Area asking prices are just the starting point

1668 Hummingbird Lane (Redfin)
1668 Hummingbird Lane (Redfin)

Overbidding is just bidding these days in the Bay Area, where a three-bedroom, 1,500-square-foot home in Sunnyvale sold for $800,000 above the asking price after just five days on the market.

The house at 1668 Hummingbird Lane, was listed for $1.995 million and sold for $2.82 million, the Mercury News reported. It has two bathrooms, a sunroom with high ceilings and a skylight as well as an eat-in kitchen. It’s close to Apple Park, restaurants and shops and is accessible via multiple routes and major highways.

1668 Hummingbird Lane (Redfin)

1668 Hummingbird Lane (Redfin)

Sunnyvale’s median home price surged 27 percent from a year ago to $1.78 million, well below the Hummingbird Lane price.

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San Francisco homes were selling at a four-year high of 122 percent above asking prices last month, sitting on the market for less than a month, according to a report from Compass. That compares with 104 percent in January 2021. One home in the city, a contemporary three-bedroom at 287 24th Avenue, sold for just under $3 million this month after asking $1.75 million.

Overbidding and crowded house tours show the true challenge for Bay Area buyers is that there aren’t enough available homes for sale – not rising interest rates or the impact war in Ukraine could have on global financial markets, the Compass report said.

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[MN] — Victoria Pruitt