Overbid Madness: Glen Park Home Sells for $605K Over Asking
When the Payton+Binnings team sold 1223 Bosworth Street in San Francisco's Glen Park district for 40% over asking, it caused a media frenzy with SFGate and KPIX/CBS SF Bay Area. Both news sites reported on the sale of Bosworth as a testament to San Francisco's seller's market. KPIX even tracked down our own Arrian Binnings to get his insight on the sale and the current real estate market.
Excerpt from KPIX/CBS SF Bay Area
: "Arrian Binnings of Christie’s / Pacific Union
told KPIX 5, “That wasn’t even our highest offer.” Binnings said it’s supply and demand, with most homes for sale commanding 12 percent over asking. “That is a red hot market,” he said. For sale signs a rare sight in San Francisco. Real estate agents said if new property stopped coming on the market, San Francisco would run out of homes for sale in just five weeks. There were eight offers on the home, but only one person can win. It has turn San Francisco’s real estate market into contestant’s row on The Price Is Right, making the losing bidders desperate."
Read CBS SF Bay Area's full article and see news clip here
Excerpt from SFGate's On The Block article
: "The home, a 2-bed, 2.5-bath property, spans 1,850 feet in Glen Park. Admittedly, it’s a memorable property, designed in 2007 by Strachan Forgan in clean, modern, almost loft-like style that won it a place on the 2009 AIA (American Institute of Architects) Home Tour. It features 18-foot ceilings, a chef’s kitchen, 2-car garage, motorized skylights with rain sensors, and a 400-bottle, temperature-controlled wine cellar. Yet in a testament to the recent firm return to a seller’s market that San Francisco real estate has become, this home did not sell when first placed on market. Curbed SF writes: ”It tested the market in 2009 when it listed for $1.479M, but unfortunately was quietly taken off the market without a sale.” This April, however, the market had a different response. Listing April 4 for $1.495M, it had sold by April 30–for $2.1M.
For those keeping track at home, that’s $605K over asking. Incidentally, the current national median selling price for a home is $198K."
Read SFGate's full article here