Some of My Sold Properties During Shelter-in-Place 2020 – Six Key Takeaways that are Underreported

PETER TAO’S SELECT SOLD PROPERTIES DURING SHELTER-IN-PLACE 2020
Home 1
STUNNING MARINA-STYLE HOME IN CENTRAL RICHMOND DISTRICT WITH TERRIFIC INDOOR-OUTDOOR SPACE
686 24th Ave, San Francisco (Represented Sellers)
Sold for $1,675,000 w/12 fantastic offers at 20% above list
HR
Home 2
GORGEOUS MODERNIZED 4BD/3BA HOME WITH LARGE YARD, DETACHED STUDIO & TOP SAN CARLOS SCHOOLS
Dartmouth Ave, San Carlos (Represented Buyers)
Won against competitive multiple offers on Buyers’ first house offer
HR
Home 3
WONDERFUL EICHLER ON HUGE FLAT 12K LOT IN HIGHLANDS NEIGHBORHOOD
2047 Ticonderoga Drive, San Mateo (Represented Sellers)
Sold for $2,055,888 at 8% above list price
HR
Home 4
REGAL 4BD EDWARDIAN IN CENTRAL RICHMOND CLOSE TO EVERYTHING OWNED BY SAME FAMILY FOR 50 YEARS
547 18th Ave, San Francisco, CA (Represented Seller)
Sold for $2,022,200 in 7 days

Many real estate articles during this unprecedented 2020 have espoused data with misleading conclusions. Between my BS/MBA degrees in Finance and my busy year representing multiple buyers and sellers, here are my 6 observations on the supply and demand dynamics for the SF Peninsula real estate market.

1) Given previous major imbalance of high demand and limited supply, the exodus out of Bay Area has had only marginal little effect on purchase price for single family residences.

2) Renters may have accelerated their timeline to buy real estate than normal times, as SIP highlights one’s desire for more space.

3) Families living in an apartment or condo are more eager to purchase a property with outdoor space and/or more square footage. There seem to be more motivated move-up buyers who want a backyard.

4) Houses that are renovated and move-in condition are commanding more of a premium than even before. Buyers are less inclined to delay a move to do renovations.

5) Competitive multiple offers for houses that are nicely renovated, in good neighborhoods, and priced right. Others may sit on the market longer. In Sept, I had a beautiful 3bd SF listing that had 80 groups visit leading to 12 offers. The house next door with a couple issues went through multiple price cuts.

6) Buyers always try to balance between buying for lifestyle purposes and optimizing as an investment. SIP has greatly shifted the real estate buying decision to a quality of life value proposition.

Feel free to contact me anytime if you wish to talk real estate or say hi. Please “like” my Facebook Real Estate Page at https://www.facebook.com/PeterTaoProperties to stay updated on Bay Area real estate.

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