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December 14, 2016

Three of the nation’s most over-bid sales for 2016 were here in S.F.

Over-bidding: that phenomenon by which buyers, pitted against one another for a limited stock of homes, not only meet but exceed the asking price– sometimes by many millions of dollars.

The year of 2016 was no stranger to dramatic over-bidding. As this list compiled by The OpenHouse.com reveals, the nation’s biggest over-bid in terms of dollar amount transpired in Beverly Hills: part of the Buster Keaton estate, this property sale came in at $7,000,000 over asking, a full 84 percent above the list price. Percentage-wise, the biggest over-bid was in La Jolla, where a home listed for $2,199,000 and sold for $4,600,000– 109 percent over the asking price

Among the top ten over-asking sales for the year, San Francisco placed three times. Eight of the ten closed in California. The list below gives the specifics, and the gallery above shows photos of the top three sales (3rd was in SF) as well as a peek at the SF homes that placed at 5th and 7th on the list.

Frenzied S.F., just not as frenzied this year

Interestingly, the percentage of over-bid homes has decreased year-over-year. When asked just how much less frenzied the SF market frenzy was this year, Paragon Real Estate provided an answer with data:

screen-shot-2016-12-12-at-10-36-50-am

The decrease can be viewed as a general cooling of SF’s famously hot market, or could be attributed to Realtors purposely under-pricing homes in effort to elicit bidding wars. Maybe 2016’s numbers result from both of these factors.

In any case, all of the over-bids on this list raise eyebrows. How high readers actually raise said eyebrows is probably a matter of perspective.

Top 10 national over-bids for 2016

  1. In Beverly Hills, a home listed for $8,795,000 sold for $16,200,000 – $7M and 84% over the asking price
  2. In Wellington, Florida, a home listed for $13,900,000 sold for $20,000,000 – $6M and 44% over the asking price
  3. In San Francisco, a home listed for $7,500,000 sold for $11,300,002 – $3M and 51% over the asking price
  4. In Coronado, CA, a home listed for $2,499,000 sold for $6,150,000 – $3M and 146% over the asking price
  5. In San Francisco, a home listed for $7,900,000 sold for $11,000,000 – $3M and 39% over the asking price
  6. In Ellensburg, WA, a home listed for $4,500,000 sold for $7,500,000 – $3M and 67% over the asking price
  7. In San Francisco, a home listed for $22,000,000 sold for $24,500,000 – $2.5M and 11% over the asking price
  8. In Santa Barbara, a plot of land currently housing a Catholic retreat center listed for $8,500,000 sold for $11,000,000, $2.5M and 29% over the asking price
  9. In La Jolla, CA, a home listed for $1,999,000 sold for $4,450,000 – $2.45M and 123% over the asking price
  10. In La Jolla, CA, a home listed for $2,199,000 sold for $4,600,000 – $2.41M and 109% over the asking price

Source: SF Gate

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