Tuesday, September 28, 2021

San Francisco ‘treehouse in the sky’ sells for $2M above asking price

A San Francisco property lovingly nicknamed “the treehouse in the sky” for its breathtaking views of the city sold for $2.1 million above asking price after just 11 days on the market.

Located at 1777 Belgrave Avenue in San Francisco’s Cole Valley neighborhood, the 6,000-square-foot home has been dubbed the “treehouse in the sky” by its Compass Realtors for its unique architecture: made of wood and surrounded by forest on one side and views of the Golden Gate Bridge on the other. Aaron and Michael Bellings of Compass were the listing agents for the property.

The home had initially hit the market for $3 million for the property and an additional $500,000 for a connected lot. The offers started pouring in and a bidding war ensued, with 15 offers in total. It sold for $5.6 million.

“We were blown away by the offers and the final price,” Aaron Bellings said in a statement. “It was already one of the highest price per-square-foot homes in Cole Valley, and this sale just set the new high watermark. However, Belgrave Avenue is on one of the best blocks in SF and locally known as the Gold Coast of Cole Valley.”

The property was erected in 1973 and had remained with just one family until now. Its popularity stems from its serene surroundings and homey interior. High ceilings, multiple pathways to an outdoor deck and windows with a view onto nature are reminiscent of a cabin. It also comes with architectural renderings showing how the property can be expanded into something even larger.

“If you showed this home to 100 people, I would bet that 99 of them would not think it’s in San Francisco, which is one of the reasons it got such high offers,” Michael Bellings said. “I’ve never seen such energy like I saw at the open house with people waiting to get in before it opened. Still, everyone was surprised by the number of high offers and final selling price, which was beyond their wildest dreams.”

One of the most unaffordable cities in the country, San Francisco boasts an average home price of $1.5 million and regularly sees bidding wars and all-cash offers for million-dollar properties. While most properties that hit the market get scooped up quickly, such a high asking price managed to outdo everyone’s expectations — a boon for sellers but a situation that is keeping everyone but the very wealthy out of homeownership.


This article was written by Veronika Bondarenko from Inman News and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.