Homebuyer Pays Twice Asking Price For Modest 3-Bed Home, Shelling Out Over $2 Million

BERKELEY, CA — A buyer recently paid over $2 million for a modest three-bedroom home in the Bay Area, skipping any potential bidding war by offering nearly twice the sticker price, according to the California Post.

The $2.05 million payout was 87 percent above the $1.095 million asking price for the home at 2129 Roosevelt Ave. in Berkeley, which takes up 1,490 square feet of a 6,500-square-foot lot, the Post reported.

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"The home was on fire from the start," listing agent Jodi Nishimura told the Post of the 1906 Craftsman, which spent a mere four days on the market in September. "The broker's tour was extremely busy, so I knew pretty quickly that we had a hot property. What I wasn't anticipating was receiving a preemptive offer."

Such an outcome is extreme; however, the median home sold in Berkeley does go for nearly 30 percent above list price, the Post reported, citing recent Zillow numbers.

"To circumvent the stress of bidding wars, some cash-rich buyers may find it appealing to offer well-above asking and win the war before it even starts," Hannah Jones, senior economist for Realtor.com, told the Post.

Read more from the Post.