Just when we thought the market might be cooling a bit, news of yet another Bernal Heights fixer selling for mega bucks came to our attention. In fact, the $371,000 over ask sale price of the house at 554 Anderson Street is being held up as an example of the (as it's called in some circles) insanity of the Bay Area real estate market. To quote SFGate, where we first spotted the news, "Bernal Heights fixer sells for $371K over asking—S.F.'s real estate market is still crazy!"
To people unfamiliar with the SF market, the home's prospects for a mega sale wouldn't seem promising by reading the listing. It invited prospective buyers to "bring your architect, contractor and vision" to the viewings. At the time, real estate agent Richard Sarro told SFGate: "This is not for the faint of heart. It needs everything and it's going to cost a lot of money. It'll need to come down to studs."
Apparently, there are a lot of homeowners and developers with deep pockets and strong stomachs because, as Sarro told an SFGate reporter after the sale, there were 18 offers for the cottage that was asking $549,000 (several others backed out when they learned what it would take to be in the running). The winning bid was $920,000, all cash. Sarro is quoted as saying: "The price exceed our expectations, as I think it did with everyone involved."
· 554 Anderson St. [Redfin]