Wednesday, December 24, 2014

More Federal Reserve Fueled Money Madness in the Silicon Corridor: Dilapidated San Francisco Triplex Goes for $1.05 Million Over Asking

The San Francisco Chronicle reports:
Overasking, all-cash deals were fairly common in S.F. in 2014, so it’s fitting that one of the last deals to close this year should be 823-825 Lake Street—a triplex on the sought-after Presidio-adjacent street that listed for $1.395 million on November 14, went into contract 10 days later, and closed for $1.05 million over the asking price on December 16.

The deal appears to fit the mold for what we saw often this year: a purposely underpriced home in a hot area that unsurprisingly sells for well over asking in mere days. But, in the Lake Street property, “mold” may apply more to the black stuff that appears to be covering some of the walls. Other signs of disrepair include peeling and cracked paint, damaged floors, and a far-from-pristine facade on the 1916 property.

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