A stunning 72.9% of homes sold above listing price in San Francisco last year.
. The top three overbid properties of last year all share two surprising thing in common: Each of these sales almost doubled the original asking price of the listing, and they are all in the same neighborhood.Herman Chan, broker and agent with Sotheby's International Realty
Where can a buyer get that space in San Francisco? One option: the Sunset District. The three highest overbids this year all happened in one ZIP code: 94116, San Francisco's Sunset District. If you've lived in the city long enough, you may recall the Sunset was once a sleepier neighborhood than closer-to-the-city-center property when it came to real estate. It had a suburban vibe, and prices weren't as high, nor was demand.
Patrick Carlisle, chief market analyst at Compass, said that"the Sunset has consistently been the hottest market in the city in recent years, with the highest overall overbidding percentages. Even though prices have soared, the houses typically range about the median sales price for the city — which makes it relatively affordable, while being in a solid, suburban-ish neighborhood, with active neighborhood commercial districts, parks on two sides and the ocean on the other.
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