I doubt it. When I first started to look for houses, I recall reading a few wow! purchases in PA are bought by Googlers newly recruited from China, I think they don’t know the market and Google offers very high pay for very talented IT guys. So money comes easy. Their realtors tell them to bid that way. My realtor gave me a formula, assessed the number of bids and multiplied by $5k each, so 30 bids mean add $150k. May be now is multiplied by $20k 
Sorry, none of the Outer Sunset homes are worth over $1M IMO, but my opinion does not matter unfortunately 
Again, to each his/her own, right? For the believers, the Sunset offers a little bit of everything anyone would want: a small piece of earth to call his/her own home that is away from the hustle and bustle of the city. To me, those SOMA condos/lofts are obviously nice enough but that is not a real neighborhood feel. Come on, after 6pm it is pretty much dead as a doorknob down there. It is like living in an office building. Who likes that? You already work 8-10 hours in a concrete/steel building and then you go home to one??? Yuck! Is the Sunset perfect? Absolutely not. But again, nothing is…
Ok, I researched on some recent Sunset million dollar home sales. This is what I found:
owner occupied financed (about 20%-30% downpayment): 70%
owner occupied all cash: 10%
non-owner financed: 10%
non-owner all cash: 10%
So looks like most buyers are primary home owners (either buying for the first time or switching residences). Only about 20% are investors and 20% paying all cash.
This doesn’t look like a very solid group of buyers (most only putting 20% downpayment). Any retreat in the market will drag them underwater for sure.
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I get what you mean by 20% but again if these are primary homeowners it is a pretty sold group that would stay. 20% or roughly 200K is still a fair amount and most people are not going to walk away after spending that without a fight.
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That is true. So it does look pretty solid from that standpoint.
Ok, this beauty that we talked about goes for 300K over asking at 1.85M!!! Tunnel entrance again but with a cool castle like look to it…
It should’ve gone for more. The sale of the 18th Ave one at 1.9M blocked its upward potential because it is a slightly smaller house and not as updated. But in terms of location and the view, 18th Ave is no match.
Ok @wuqijun, what do you think this baby is going to go for? Pretty clean but original. The detail is pretty awesome. Will it reach the magic 2M mark??? Yes, West Portal though…
https://www.redfin.com/CA/San-Francisco/15-Ardenwood-Way-94132/home/667914
My guess would be 1.9M…
I’m surprised this sold low. I thought for sure over 2.0
Because it tried to sell at the same time as this one and people compared the two side by side…
The seller should’ve held off a bit seeing that there’s competition out there.
Interesting note from Mr. Clark: his buyer won out on this beauty and beat out 10 others. Demand is strong…
Seller’s loss is buyer’s gain…
Ok, another pretty nice center patio one…interesting pricing history here - 2 years ago bought, some new paint and work done in the living room to fireplace looks like and then listed below purchase price 2 years prior so lets just assume the prior 1.55M price shall we? If so, 325K over asking!!!
Yes! I remember this one. I was wondering back in 2013 why it got sold so cheaply ($663k). That’s 2002 pricing!!! Either the seller was very generous, or the buyer was very charming, or the record was wrong!
Yes, that transaction made no sense at all. Bought in 2002 for 577k and sold in 2013 for 633k! Granted, looked like a trust sale… but might not be! Anyhow, buyer made a killing because the flip was sold for $1.55M
And then, for another cat to come in and squeeze a little bit more out of it is amazing…
These new sellers didn’t squeeze much more. The bulk of the money was made by the flipper back in 2015. The flipper looks like is a foreign (Chinese) investment group. Got its loan from Shanghai Commercial Bank. @manch, you want to finance a real estate purchase overseas in China? Maybe you can borrow money from this bank…
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For sure, but that is the beauty of it I think. It is one thing to be like on those TV flipping shows where the properties are soooo cheap to begin with and the upside is easily achievable. Here, the homes are expensive and deals are fairly hard to come by and then to buy a fairly done up place as it is and then to try to squeeze more (little or a lot) takes a pair of strong ones. Who is to say that the market couldn’t turn on you on a dime and boom here you are holding a pretty expensive home?