San Francisco house sells for $2.1M over asking
A tree house in the sky in San Francisco has set a new real estate record.
Nicknamed for its expansive views and multiple decks, the 1970s Cole Valley home first launched in August and was listed at $ 3 million. It was quite labor intensive, according to Compass sales agent Michael Bellings, but the original features of the home were incredibly unique – so much so that his team decided to do almost no renovations before it hit the market.
Next to the house is a small vacant lot next to the lot that was listed for $ 500,000. The previous owners used it as a backyard, Bellings said and wanted to sell the parcels together.
Together, real estate sales set a record for Cole Valley, according to MLS data. The home sold for $ 4.6 million while the vacant lot sold for $ 1 million.
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
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This is the second home to sell for more than $ 2 million in San Francisco in 2021. The other home – 15 Walnut St. on Presidio Heights – was listed for $ 7.5 million in May 2021 but sold for $ 9.99 million. That’s 32% more than demand while the Cole Valley home on Belgrave Ave. 177 was sold for 60% above demand.
Bellings said the house received a total of 15 offers, seven of which were in cash and seven were more than $ 1 million above list price. The winning offer was a cash offer and the house closed within seven days of being in the market for just 11 days.
There was immediate interest in the house, Bellings said, and people who weren’t even looking for a house or had looked passively for years made offers. It has three bedrooms, two bathrooms and spacious open living rooms. The living room has exposed beams, floor-to-ceiling windows, and a large fireplace.
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
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With the space in need of some modernization, Bellings consulted an architect to get plans for a new home to be built on the property, thinking that a potential buyer might want to demolish the home and start from scratch, to build a bigger house on the property two lots. The architectural renderings showed a 10,000-square-foot home with seven bedrooms, eight and a half bathrooms, and an elevator.
Bellings said the majority of people who visited the property didn’t even want to see the plans because that was how they fell in love with the original structure.
While it’s not uncommon for homes in the Bay Area to be sold at inflated prices, Bellings said they didn’t purposely price the home much lower than he thought it was going to close. “There was no data to show you this would sell over $ 1,600 per square foot. We priced it slightly below market value based on the comps, ”he said. “… in San Francisco, when someone prices something too low, they talk about it. People say, ‘Do what?’ I never noticed that once. “
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
Aerial screen
He said he didn’t think anyone expected this for this property. “I’ve never seen such a profound reaction to a house as I did to this house,” Bellings said. “Never in our wildest dreams would we have thought that it would sell for nearly $ 2,400 per square foot. … We were on this path. “
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
Aerial screen
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
Aerial screen
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
Aerial screen
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
Aerial screen
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
Aerial screen
This Cole Valley home just sold for $ 2.1 million above price, setting a new record.
Aerial screen
