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I did a triple take when I saw that headline in the San Fran Chronicle.
A MILLION DOLLARS over list price? Seriously?
I knew the market on the left coast was crazy since I lived in Silicon Valley for six years, and part of that time I commuted to downtown San Francisco.
But a million bucks over list? The market was hot when I was there – but not like that. This I had to see.
When I dug into the piece, I couldn’t believe what I was reading.
It wasn’t just ONE house that went that high. If fact, in addition to the one they featured, it turns out that 19 more houses in the San Francisco Bay area went for a million or more over list price in the past 12 months.
The article said that the homes ranged from being tear downs to mansions.
The even crazier thing is that they’re not just going for just a million over list. A home on Sea Cliff Avenue in San Francisco, for example, sold in April for $11 million, which was $4.7 million or 75 percent over the…
Dennis Fassett
earned a BS in Economics and followed that up with an MBA in finance. After working and corporate finance and banking for several years, he started buying single family houses, and quickly built a very nice portfolio of cash flowing rentals. When the credit markets started to dry up and he couldn’t get any additional single family mortgages he shifted his focus to apartment buildings. He now has over $3 million in rental real estate. He manages most of it his self and still has a day job. Dennis has even created his own Private Equity fund to buy apartment buildings.