SAN FRANCISCO, Calif. (KRON) – Another day, another record-breaking San Francisco home sale.
It’s becoming a trend in Bay Area real estate.
464 Lansdale Ave in San Francisco just sold for $3.5 million, which was 40% over the initial listing price of $2.5 million.
The home received three offers, all of which were more than $500,000 over asking, according to Compass real estate agents Richard Woo and Holly Phan.
“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 said.
“But the timing was right, the location was good, and the seller did everything you could think of to modernize the home. Even so, the offer was amazing to him too.”
The home has been completely remodeled and features a wall of windows that open up to panoramic city and Bay views.
The seller bought the house from the same Compass real estate agents just two years ago for $1.4 million.
“While this was the highest over-asking offer we’ve received in our real estate careers, we had another record-breaking San Francisco sale in August at 1455 27th Avenue that received 16 offers in 6 days and sold for almost 58% over asking and was not underpriced either,” Woo said.
“People will pay premium right now when the house is prepared right.”