Sunset District house receives 18 offers, goes for half-million over asking

A three-bedroom, two-bathroom charmer at 1531 25th Ave. in San Francisco's Outer Sunset went for a half-million over asking after receiving 18 offers in April, 2017. A three-bedroom, two-bathroom charmer at 1531 25th Ave. in San Francisco's Outer Sunset went for a half-million over asking after receiving 18 offers in April, 2017. Photo: Open Homes Photography Photo: Open Homes Photography Image 1 of / 57 Caption Close Sunset District house receives 18 offers, goes for half-million over asking 1 / 57 Back to Gallery

The fog might bring cool temperatures to San Francisco's Central Sunset district, but the real estate market in this neighborhood by the ocean is hot.

A three-bedroom, two-bathroom house at 1531 25th Ave. received 18 offers and went for a half-million over asking.

Listing agent Jason Chan of Barbagelata Real Estate said the open houses were busy with 40 to 50 people packed into the home at a time.

"In the end, we accepted an all-cash offer with a five-day close," Chan said. "It was the second highest offer."

The charmer in pristine condition was originally listed at $995,000 and sold for $1.55 million, closing on April 24, 2017.

Chan intentionally listed the property low to attract interest, but didn't know how high overbidding would bring the price.

"With the market, if you list it too high you'll scare away a lot of buyers because everyone expects it to go for over," Chain said. "It's a strategy to list it lower. I knew it wasn't going to sell for $995,000 and then you have a lot of people bidding, and you just have to see how far all the excitement will take the price."

The average price per square foot in the Outer Sunset right now is $875 per square foot, according to Trulia. The home on 25th Avenue is 1,705 square feet and when you multiply that number by $875, you get about $1.5 million.

In other words, the home might have sold for substantially over asking, but for the crazy, sky-high S.F. market, the buyer bought it for the right price.

Story updated April 27, 2017, at 6:52 a.m.