From the front page story on SFGate this morning:
The real estate market in San Francisco has picked up quite a bit since the big slump. Some neighborhoods have been more attractive than others in the rebound with family friendly and Silicon Valley shuttle convenient Noe Valley being one of them.
Friends over at Curbed SF proved recently this is all so true at a recent open house for a house on the market in Noe Valley. The home at 41 Clipper Ave. came on the market in mid October for $789,000. The 2 bedroom, 1 bath home had a 2 car garage but seemed from the listing photos to be in need of some TLC. At the open house, so many potentially interested buyers showed up that it resembled a crowd of fans waiting in line for Justin Bieber concert tickets.
The problem with the front page report and proof? The line featured in the listing photo above wasn’t for an open house, nor was it even a crowd of “potentially interested buyers.” Well, it was a crowd of potentially interested buyers, but buyers for the items inside the house as the masses were lined up for the estate sale rather than the house itself.
And while the property did sell for $1,050,000, or 33 percent “over asking,” that’s a sign of a property with the potential for development being underpriced to attract attention and the agent’s marketing strategy more than any measure of the market itself.
∙ Sign of the times? Masses descend upon Noe Valley open house [SFGate]
∙ Have You Heard The One About The House With Over 50 Offers? [SocketSite]
It’s one of those Orwellian things where the example is false yet there is some truth beneath it. It’s like poster lol was saying the other day, her war widow grandmother needs government support; it’s true that war widows deserve support but I know lol, I checked, and her grandpa did not die in combat. So the example’s a fraud – and yet, there’s truth in there somewhere.
So there wasn’t a big crowd at the open house?
Looks like lunch time rush hour at Chipotle…
LOL! The story was just pulled off the SFGate home page…
all part of the housing recovery.
we are well past last years bear trap and somewere between media attention and enthusiasm…
http://steveblank.files.wordpress.com/2011/06/bubble-phases.jpg
I thought Noe fixers were selling for about $1.3M. Why did this go so low?
Double LOL! Old SFGate headline: “Sign of the times? Masses descend upon Noe Valley open house”
New SFGate headline: “Sign of the times? Noe Valley home sells for 33% over asking”
Ridiculous. Anyone that pays 65% over asking price deserves to go broke. People need to sit up and take notice of what’s going on here. Agents price the houses lower than they should, in order to initiate the “eBay” mentality of bidding higher and higher, even out of their budgeted range, just so the “other guy” doesn’t win. It fosters rage and greed. If you see a house you like, offer asking price and DO NOT go over that. Once these agents start seeing people being REASONABLE, they’ll price the houses more suitably, and eliminate the need for 50+ offers that only jack up the prices artificially.
unwarrantedinlaw:
It’s like poster lol was saying the other day, her war widow grandmother needs government support; it’s true that war widows deserve support but I know lol, I checked, and her grandpa did not die in combat.
WTF?
“I know lol” – wrong
“Her” – wrong
“grandpa did not die in combat” – wrong
0 out of 3. This has to be a new low. Even for you.
SFAnnie: wow, that sounds like a great plan. probably about effective as those national boycott the gas station events.
those nasty real estate agents, how dare they serve their clients best interest (ie; do their job) and create a bidding war for a property.