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Risen From the Dead? Multiple Bids and the Pre-Emptive Overbid

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Is it 2007 all over again? It's beginning to look like high-priced spreads are attracting multiple bidders- or possibly bidders who have enough cash on hand to just get on with it- and selling fast. To refresh your memory, a pre-emptive overbid is enough money over the asking price to scare away any other bidders, not unlike in the card game known as Bridge. Two specimens for your examination, one on top of Russian Hill and one in Clarendon Heights. We used to talk about "Google Money" and it may be time to switch that to "Facebook Money" even though the former was based on public stock offerings and the latter is cash released by private equity investment in newer social media firms. Whatever we call it, someone's flush with it.

Up on Russian Hill (above) there's this family-friendly condo we looked at back in March. It came on the market on March 30 and closed escrow on May 12 for $4,100,000, or $150,000 above its asking price. It's ideal suburban/urban living with 3 bedrooms, 2.5 baths, 2-car parking and an elevator to all floors, with living spaces and terraces on the top floor, all clad in a respectfully shingled exterior, and one of six units built atop an underground parking platform. Along with amazing views, it's got that comme il faut classic vibe you'd find in Sonoma or Mill Valley. The HOA dues are a mere $2356 (annually, not monthly, as originally posted).

Then we got an email over the weekend from one of our favorite agents, Tal Klein, a specialist in interesting architectural properties, announcing that 140 St. Germain in Clarendon Heights was about to close, with three bids over the asking price of $5,000,000 before the house was even listed on May 11 (we don't yet know what the final amount is). Same M.O. here- living spaces at the top, bedrooms below, 2-car parking, an elevator between all three floors and staggering views from downtown San Francisco to downtown Bolinas. Built in 1960, instead of a traditional Beaux-Arts-meets-Wine Country vibe, it's very much re-invented-in-LA Mid-Century Modern. We could imagine settling in with not much more than a toothbrush. Kudos to all involved from top to bottom.
· Russian Hill: See Russia From Your Condo [Curbed SF]
· Tal Klein [Tal Klein]
· Sleek and Sexy Clarendon Heights Abode Hits the Market [Curbed SF]