bidding war

There are currently 37 blog entries related to this category.

To judge by the most recent closed sales come in, you'd think no one knows how to price a house anymore.

We've seen markets where nearly every listing price seemed to be an overreach. Today, start prices seem to be literally just the starting points. Consider these very recent closings:

510 23rd (4br/4ba, 3200 sq. ft.) is a 2009-built Spanish in the gaslamp district.

Start Price: $2.699M

Sold Price: $2.826M

Amount Over Asking: +$127K / +4%

Note: That result was different from when the same home debuted back in 2008-09. It ran 7 months on market and sold for 16% under the asking price way-back-when, the year your kindergartner was born.

1901 Lynngrove (3br/1ba, 1100 sq. ft.) is a mostly original corner-lot cottage in Liberty Village. The home has

Back a bit before Christmas, we tried to calm MBC readers who were thinking that the the ocean-view lot at 864 5th in the Hill Section might be selling for less than $2M. Such a deal?

In "No, That's Not a Lot Under $2M," we pointed out that the active listing price of $1.949M had already been exceeded in a first-round bidding war.

The price had settled around $2.6M, but that was pending an all-important "court confirmation" with a potential for overbids in court.

That court hearing happened Jan. 23, and overbidding happened there.

The closed sale has now posted: $2.900M. That's for a 5700 sq. ft. lot that gets some views from front and back (that photo's from the back deck of the current structure).

Next stop: New construction. And do you even want to…

We speculated just 5 short weeks ago that the freshly remodeled listing at 1720 Oak (4br/4ba, 3470 sq. ft.) stood "a good chance to set th[e] record" for a home price on the "wrong" side of Oak. (See "Why Not Another Record?")

Done. Record set. By a lot.

The list price of $1.999M turned out to be just the start. That price alone would have set the record for the east side of Oak Ave., which abuts commercial properties in back. 

The actual, newly closed sale price of $2.227M crushes the prior high of $1.899M, set 13 months ago in August 2013 at 2600 Oak. Yes, another bidding war.

And wouldn't you know it?

1720 Oak's sale price just reset the bar for all of Oak Ave. – yes, even the "right"/western side.

That record had belonged to the wondrous custom…

Something's up with Tree Section lot prices.

Way up.

It was just 10 months ago when MBC pronounced "shock" at a Tree Section land sale at $1.515M. Doesn't that look quaint now?

That sale was at 750 30th, a nicely located 5400 sq. ft. plot. A spec builder beat out 30+ other offers (yes, 30+) and paid that big number for the land alone. (See "Lot Shocker: 750 30th.")

The most recent pure lot sale in a choice location was 43% higher: 2001 John closed last week at $2.150M.

What was once "shocking" at 750 30th now looks like a very decent land deal. No one has gotten a prime lot on the public market for that kind of price recently.

Now, the one that seemed to start it all, 750 30th (5br/7ba, 5070 sq. ft.), is up on the market as a new home. (This is a