Danielle Lazier is a realtor with Zephyr Real Estate, and the author of SFHotlist. She offered to send along an update on residential sales trends in our sexy and glamorous neighborhood, so I took her up on the offer. Here’s what Danielle said:
Let’s start with the stats from last month:
Number of active listings: 41 Average list price: $728,573 Average days on market: 63 Number of sold: 66 Average sold price: $753,323
What’s the story behind the numbers? The Bernal Heights real estate market is blowing up. If a property is cute and priced right, it’s flying off the shelf.
In our little hamlet, we have very little “good” inventory right now. “Good” inventory is a listing that is priced realistically for today’s market. In other words, it’s either a “fixer” that’s an exceptional deal, or a nice place in a nice location that is priced fairly
A few recent examples that caught my attention :
301 Montcalm, asking $695,000, received 17 (!) offers and is in contract for a lot more money than the asking price. This 2-bedroom house is on the north slope with killer views of the Golden Gate Bridge, Twin Peaks, and Downtown. A nice single family home with views asking $695,000 was bound to get attention because that’s a killer deal in this market. It’s also a smart strategy for the seller as it created a bidding war.
3764 Folsom St sold for $1,150,000 over the holidays without even hitting the MLS or public market. I found this kind of amazing because Folsom Street off Cortland doesn’t usually elicit this high of a price. IMO, this just shows how the gentrification of Cortland is bleeding further down towards Bayshore. Must be the Lowe’s! 😉
The Bernal Heights market is doing well and recovering nicely from the downturn. I know, I know, as a Realtor you expect me to be a perky cheerleader always saying “the market’s great!”. Believe me when I say that I am not and never have been a cheerleader… I’m a bit more indie than that, thank you.
The news may be reporting prices down and foreclosures up in the Bay Area but the truth is that real estate is super local. What’s important to value is your local, micro-market. Just like SF has micro-climates, so do we have micro-markets. That’s even true in Bernal Heights, where there are about 3-4 micro-markets (north-slope, Cortland, south-east…). So while the nation is still in quite a mess, it’s not nearly as bad here in SF as most other areas and Bernal Heights is off to a good start in 2011.
More fun facts:
- The most expensive home sold in Bernal Heights since November 2010 was 1755 Alabama, a 3 bedroom single family with over 2000 square feet for $1,375,000.
- The least expensive sale was 24 Bosworth, a 4-room, bank-owned REO house for $305,000. A REO is a house that’s already gone through foreclosure and is now owned by the bank who took the house back from the seller.
Photo by Bernalwood’s Troy Holden