The home’s previous owner purchased the property from the same agents two years earlier for $1.4 million, only to turn it around earlier this year for a whopping $3.5 million — reportedly in just three days.

Look, you know San Francisco is expensive. Inman knows San Francisco is expensive. Saying the market there is brutal is like calling water wet.

But do you realize just how insane things are there?

A few weeks ago a 2,400-square-foot home in San Francisco sold for $3.5 million. Not impressed? Here’s the kicker: The list price was only $2.5 million, meaning the sale price was a full million dollars over asking, and the home reportedly sold within three days of hitting the market.

464 Lansdale Ave, San Francisco. Credit: Compass

Property records compiled by Redfin show the home, 464 Lansdale Avenue, first hit the market in late October.

The listing describes the property as a “fully modernized design home,” and the photos show panoramic views of the surrounding region. Though originally built in 1958, the kitchen, bathrooms and other spaces appear to have been thoroughly updated. As a bonus, the home also boasts a two-car garage — a major selling point in relatively dense San Fransisco.

Still, $1 million over asking.

464 Lansdale Ave, San Francisco. Credit: Compass

Speaking to local news station KRON4, Compass agents Richard Woo and Holly Phan — who held the listing — said the asking price was intended to be a fair one.

The home’s previous owner purchased the property from the same agents two years earlier for $1.4 million, according to KRON4.

“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 told the station.

Woo went on to say that the house had been completely remodeled, and all three offers the listing ultimately elicited were more than $500,000 over asking.

464 Lansdale Ave, San Francisco. Credit: Compass

Bonkers as this particular latest sale is, the thing that’s most amazing is that it’s actually becoming more of a case study in Bay Area real estate rather than an outlier. Case in point: In September, a property nicknamed “the treehouse in the sky” for its views of the city sold for $5.6 million, a full $2.1 million above asking.

“We were blown away by the offers and the final price,” Aaron Bellings, the Compass agent who held the listing, said at the time.

These two sales follow years of headlines about San Francisco’s housing market becoming increasingly unaffordable. The rise of remote work has allowed other parts of the country to outpace the Bay Area’s price growth during the coronavirus pandemic, but the region continues to have the most expensive community in the U.S.

464 Lansdale Ave, San Francisco. Credit: Compass

There’s also no indication the Bay Area is becoming meaningfully more affordable. Indeed, Woo told KRON4 that while the home on Lansdale Avenue elicited the highest over-asking offer he’s seen, other listings have also generated sales far above their listing prices.

“People will pay [a] premium right now,” he concluded, “when the house is prepared right.”

Email Jim Dalrymple II

Compass
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×