More Overbidding

412 Connecticut, near the top of Potrero Hill, went on the market right after New Years (1/4/2013 to be exact).  It's a 2 bedroom, 1 bath, condo with a remodeled kitchen and downtown views, just over 1,000 sq. ft. with parking. (It's the building with the peaked roof, partially obscured by the tree).


View Larger Map

List price was $850,000 -- a reasonable list price for the area and condition of the property.  It went into contract 10 days later with 11 offers, all over asking price.  The winning offer was for $950,000., all cash -- almost 12% over asking.

And this isn't an anomaly.  During the first eight days of February, 72 single family homes and condos/TICs closed escrow -- all but five sold for at or above asking price.  Compared to the same period last year when  76 properties closed escrow, 21 of them at below asking price.