Paul
Rollins
-
A mid-century modern home in San Francisco has sold for
nearly $1 million over asking.
The buyers
moved quickly in order to pre-empt a bidding war. -
This kind of over-bidding shows the extent of the
housing bubble in San Francisco, where tech workers fuel
demand.
San Francisco’s housing market is so out of control, the new
owners of a cavernous hillside home in the city offered nearly $1
million over asking in order to pre-empt a bidding war.
1 Miguel Street went into contract after just two days on the
market, closing for $2.6 million. The out-of-state
buyers made the deal before any other bids were placed,
according to the realtor.
This kind of over-bidding shows the extent of the housing
bubble in San Francisco, where a perfect storm of demand,
speculation, and exuberance drive real-estate prices
sky-high.
Paul
Rollins
Built in 1957, the mid-century modern home sits on an
oversized lot surrounded by trees in the Glen Park neighborhood.
Featuring three beds, two and a half baths, and roughly 2,040
square feet, 1 Miguel Street offers panoramic views through the
floor-to-ceiling windows.
Wood-paneled walls,
exposed beams, and a wrap-around deck give it a distinct
treehouse vibe.
Sotheby’s
International Realty
The residence was a custom commission from local
architect Worley K. Wong. The kitchen and bathroom went through a
renovation before hitting the market, according to the
listing.
Glen Park is a southern enclave of San Francisco that
draws wealthy buyers because of its seclusion, picturesque
streetscapes, and suburban feel. The median list price in the
neighborhood is $1.8 million, and homes typically sell for
124% of the list price.
Article source: http://www.businessinsider.com/san-francisco-home-sells-million-over-asking-2017-10