If the head-turning world of San Francisco real estate has any constant no matter the times, it's OUTRAGEOUS overbids. Indeed, local agents have a unique and longstanding custom of pricing listings strategically with the goal of generating multiple offers. It's an effective means of arriving at true market value when done responsibly. Taken to the extreme, however, it's a wildly inefficient system to produce one successful bidder.

What's a hopeful buyer to do? Pay attention to sales prices, trust the experts, and tune in to our monthly recap right here. Say it with me: If it seems too good to be true, it probably is.

Underpriced 38.58%

The Biggest Askhole

Source: SFAR MLS

Located in prime central Noe Valley, this major fixer at 411 Clipper Street landed on the market as a probate sale following its owner’s recent passing. Unsurprisingly, its sub-million dollar list price attracted considerable interest – and is nowhere near the property’s real value. As a single-family home on an oversized lot that’s ever so slightly elevated to capture a skyline view, it’s ripe for major expansion or to be redeveloped, perhaps, as two condominiums. Having set a date to review any and all purchase offers, a buyer stepped forward with $1,625,000 and no contractual contingencies. For the record, the last house to sell for under $1 million in the neighborhood was way back in 2015 (and it, too, was a fixer that got flipped).

Underpriced 29.18%

First Runner Up

Source: SFAR MLS

Less of a fixer but certainly not without room for improvement, this 2-bed/1-bath/1,038sqft house in the Inner Sunset sold in only 8 days. A new kitchen, bathroom, flooring and landscaping would go the distance in elevating the livability of 1723 11th Avenue. There’s square footage that could be captured within the existing garage area, while vertical and/or horizontal additions may also possible. All that aside, the location is a perennial favorite where proximity to picturesque open spaces, a wide range of amenities, and close-knit neighborhood feel come together. The seller’s call for offers resulted in a $1,405,000 non-contingent bid — well above the listing’s six-figure teaser price.

Underpriced 24.74%

Second Runner Up

Source: SFAR MLS

213 Henry Street is a cozy 2-bed/1-bath home that comes with a legal 1-bed/1-bath apartment at the ground floor generating $1,500 per month. This area of Corona Heights is a sweet spot between the Castro and Lower Haight, and within 2-3 blocks of not one, not two, but three popular parks each with distinct character. To boot, this dead end stretch of Henry Street has practically zero traffic, making it especially attractive. The duplex (marketed as a single-family house) was listed at $1,095,000 and sold for a reported $1,455,000. Despite the large overbid and all that this property has going for it, it is the neighborhood’s second least expensive sale of either a duplex or house this year.