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‘We had been off on this one:’ SF dwelling sells for $2.1M over asking

A “treehouse within the sky” in San Francisco has set a brand new actual property report.

Incomes its nickname due to its intensive views and a number of decks, the Nineteen Seventies Cole Valley dwelling hit the marketplace for the primary time ever in August, and was listed at $3 million. It wanted fairly a bit of labor, in line with promoting agent Michael Bellings with Compass, however the authentic options of the house had been extremely distinctive — a lot so his staff determined to do nearly no renovations earlier than placing it available on the market. 


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Along with the house, there’s a small vacant lot adjoining to the property that was listed for $500,000. The earlier house owners had used it as a yard, Bellings mentioned, and needed to promote the parcels collectively.

Collectively, the property gross sales set a report for Cole Valley, in line with MLS information. The house bought for $4.6 million, whereas the vacant lot bought for $1 million.

That is the second dwelling to promote for greater than $2 million over asking in San Francisco up to now in 2021. The opposite dwelling — 15 Walnut St. in Presidio Heights — was listed at $7.5 million in Might 2021, however bought for $9.99 million. That’s 32% over asking, whereas the Cole Valley dwelling at 177 Belgrave Ave. bought for 60% over asking.

Bellings mentioned the house obtained a complete of 15 provides, seven of which had been money and 7 of which had been greater than $1 million over checklist worth. The successful provide was a money provide, and the house closed inside seven days after sitting available on the market for less than 11 days.

Curiosity within the dwelling was instantly sturdy, Bellings mentioned, and individuals who weren’t even trying to purchase a house or who had been passively searching for years made provides. It has three bedrooms, two loos and ample open residing areas. The lounge options uncovered beams, floor-to-ceiling home windows, and a big fire.

As a result of the area wanted some updating, Bellings did seek the advice of an architect to get plans for a brand new home that might be constructed on the property, considering {that a} potential purchaser might need to tear down the house and begin from scratch to incorporate a bigger dwelling on the 2 tons. The architectural renderings confirmed a greater than 10,000 sq. foot dwelling with seven bedrooms, eight and a half loos and an elevator.

Bellings mentioned the vast majority of the individuals who got here to see the property didn’t even need to see the plans, as a result of they fell so in love with the unique construction.

Whereas it’s not unusual for properties to promote for over asking worth within the Bay Space, Bellings mentioned they didn’t deliberately worth the house a lot decrease than he thought it might shut for. “There was no information that will have confirmed you that this might promote over $1,600 a sq. foot. We priced it barely under market worth primarily based on the comps,” he mentioned. “… in San Francisco when somebody costs one thing too low, there’s chatter about it. Folks say, ‘What are doing?’ I didn’t get that when.”

He mentioned he doesn’t suppose anybody anticipated this for this property. “I’ve by no means seen such a visceral response to a home like I had with this home,” Bellings mentioned. “By no means in our wildest desires did we predict it might promote for nearly $2,400 per sq. foot. …We had been off on this one.”

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