Bay Area Home Sells for Well Over its Asking Price During Pandemic
The latest in the Bay Area real estate market is news of a Berkeley home having recently been sold for $1.15 million over its asking price, as reported in the San Francisco Examiner.
The story was all over the local news just two days after the huge deal closed and quickly got picked up by national news outlets.
For its listing price, which can buy you a mansion in Sioux City, the home, known from this day forward as The Home That Sold For $1 Million Over Asking, closed escrow at $2.3 million, which is remarkable after real estate industry insiders explain how COVID has created this world where a backyard, a home office and a garage will create a bidding frenzy. In this particular case, the frenzy continued until 29 offers were in.
This was quite a listing - being located on a quiet cul-de-sac close to Tilden Park. With 2,448 square feet of turn-key living space, the listing also includes an empty adjacent lot that makes the whole property .27 of an acre and guarantees that nothing can be built next door to block your view of San Francisco, the Bay, and the bridges.
Interestingly enough, only six homes in the neighborhood have been sold since 2018 and none of them measured up to the one sold last week. They were either too small, or their lots were too small, or they had partial views, if any.
In an under-inventoried market, home offices and even great views are not enough. However, some of the 29 offers received were likely for a few hundred thousand more than $1.15 million while experienced agents that looked into this listing came to the conclusion that it was worth more than $2 million. With this you get a house that sold for a little more than it was worth, and a real estate agent who figured out how to get a lot of free publicity.
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