Longtime real estate broker Andrew Oldham knew that San Francisco’s market was red-hot. So when he was helping a homebuyer bid on a luxury condo in Cow Hollow last week, he figured they should add half a million dollars to its $3.8 million price tag.
They lost to an offer for well over $5 million.
“If you look at the recent comparable sales, you almost have to throw them out the window,” Oldham said. “They’re not going to give you an indication of where the market is now.”
It’s long been common for sellers in the Bay Area to “price to entice,” setting the asking price artificially low to spark a bidding war. But data from real estate brokerage Compass suggests that homes in San Francisco are now nearly always selling for prices over what’s on the for-sale sign…