This Recent Home Sale Shows Just How Crazy The San Francisco Real Estate Market Has Become
May 14, 2014, 03:32 IST
We've all heard the stories about how hot the San Francisco real estate market has grown, but a recent sale in the city's ritzy Pacific Heights neighborhood really drives the point home.
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According to SFGate, this two-bedroom home just sold for $3.4 million, roughly 70% higher than its $1.995 million asking price. Six offers were received, all over the asking price, and the home was sold within a week of being listed.
"People just fell in love," real estate agent Max Armour, who represented the sellers, said to SFGate. "That it went to where it went to was because it was competitive and love is a very strong catalyst in home buying."
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The house was designed by noted Bay Area architect William Wurster in 1941, which certainly adds value to the property. Still, you have to wonder what the home would have sold for in a market that isn't as crazy as San Francisco's is right now.