Asking Price: $1,895,000
Selling Price: $3,000,000 … and not a golf course in sight!

“It’s psychological, almost a game.” – Alan Canas

A home at 541 10th Ave. in San Francisco’s Inner Richmond sold in April for $3 million, which was $1.1 million over asking.

A home at 178 Sea Cliff Ave. in San Francisco sold in April for $11 million, which was $4.7 million or 75 percent over the $6,298,000 list price.

A small home at 410 Marion Ave. in Palo Alto sold last month for $2.7 million, almost $1 million over asking.

A lot of these deals are cash. Where will the seller go with pockets full of cash? How done are they with California? Many Bay Area Californians are escaping to Oregon, Washington, and, oh my gosh, Nevada. In the Reno area we are already tight with a low supply of housing on the market. . . . and the Tesla Gigafactory is opening in about a year so those workers will be coming. . . and the million square foot Switch “SuperNAP” server farm employees will be coming. . .

“Right now we still have huge amounts of wealth being created in the Bay Area and pouring into the Bay Area,” Patrick Carlisle said. “For a lot of people, it’s funny money. They went from being worth millions to tens of millions or hundreds of millions.”

“This property was very nice, but at the same time, it was not sold according to logic,” said listing agent Edward Romanov. “It was sold because of the emotions involved.”

“Throwing an extra million at a home that captures their heart is no big deal.” – Kathleen Pender

SF home-buying ‘insanity’ means paying $1 million over list price

By Kathleen Pender, San Francisco Chronicle on June 24, 2015

Bravo’s reality show “Million Dollar Listing San Francisco” debuts July 8, but I already have an idea for a spinoff — “Million Dollar Over Listing.” It would feature homes in the Bay Area that sold for at least $1 million more than the list price.

There were at least 10 such sales in San Francisco over the past year, 14 in Santa Clara County and five in San Mateo County, according to Multiple Listing Service data. They ranged from teardowns to mansions. …more…