Market Conditions in 94107>Question Details

Alexbalexb, Home Buyer in San Francisco, CA

In Potrero Hill, San Francisco, aree condo's selling for above or below asking?

Asked by Alexbalexb, San Francisco, CA Mon Nov 5, 2007

I'm about to make an offer on a condo and am using asking prices of nearby places as comps ... but I'm not sure if nowadays things are typically going for above or below asking. Any help would be appreciated!

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People seem to be asking that question a lot lately. I am currently selling a loft in Potrero Hill; we have an offer date set for tomorrow and I will keep you posted. I can give you the statistics of how many sold for under, over, and at asking for the past six months if that's what you are looking for, but it may not help you in your search. The reason being that people price their homes differently. Some use the strategy of pricing low to generate interest, some price it where they want it to sell, and others according to their perceived value of their home which may not always be a correct market value.

If I were to tell you that prices generally go over asking in Potrero, but you had your sites set on a condo that is overpriced, I wouldn't want you to blindly overbid because that is the neighborhood trend. Instead you need to look at the comparables, determine the value for yourself, and offer accordingly. You can also get a sense from the listing agent about the activity and interest. That will let you know if there will be any competition.

Alas, if it is numbers you are looking for, in the last six months there were 33 condos that sold in Potrero Hill. Only six of those sold under the asking price, and five of those were at the low end of the price spectrum. Four properties sold at asking, and the remaining 23 condos sold over asking. I hope that helps.
2 votes Thank Flag Link Mon Nov 5, 2007
Mary has hit all the major points. Don't be too concerned with trends. Do your research with your agent and direct your agent to do the research of the listing agent and the seller's motivation. Craft a good offer and start the conversation. Good agents are able to negotiate for their principles’.
Good luck.
Web Reference: http://www.jedlane.com
0 votes Thank Flag Link Mon Nov 5, 2007
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
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