Party like its Summer 2005

Well, if your broker hasn't told you yet, the market peaked last summer. But don't tell that to all the bidders on a charming Bernal Heights fixer on Eugenia last month. My client who does fixers was interested so I dropped by the open house. Should have guessed by the 30 people who showed up that this one was going to turn into a bidding war. Listed in the mid-500's the comps came in at 850-900K, fully remodeled. Structurally sound, it needed a full interior finishing (sheet rock for the walls, kitchen, bathroom, refinished floors, etc.). Looked like the owner started to redo the inside and just stopped. The listing agent received 37 offers. The winner was a buyer represented by a Coldwell Banker agent. The winning price: 877K. Not much of a margin there.