The latest monthly real estate report from Downing & Company indicates that the Bernal real estate boom show no sign of abating — which is good or bad, depending on your personal situation. Either way, the average sale price in April 2014 hovered at around 1.03 million, with the median at $998K. Downing says:
April was a busy month for home sales in Bernal Heights. Last month 18 sales were completed at an average sale price of $1,028,722.
With the cat out of the bag about Bernal Heights being named the hottest neighborhood in the country and all the hype that came with that designation we thought it would be interesting to take a look at some recent price appreciation on a few homes in this ‘hood. Some of the results we found were impressive.
Case in point, the sale of 315 Coleridge Street. Back in January 2012 this home was purchased for $850,000. It just sold for $1,501,000 representing a 78% bump in value. But here’s the real kicker – this home was NOT significantly renovated prior to its recent sale. That is some serious organic price appreciation over a 28 month holding period.
Here’s another one – 3261 Harrison Street. Back in July 2011, this home was purchased for $842,500. It sold last month for $1,250,000, a 48% increase in value. And how about 165 Elsie Street. Its prior sale was in December 2009 at $862,000. This home recently sold for $1,315,000, representing a 53% increase in value. Like the Coleridge property, neither of these homes were significantly updated prior to sale.
Those are some healthy price gains in a relatively short period of time. So what’s driving up prices? The hype factor? Tech job growth? The tech IPO market? The severe imbalance in the supply & demand of homes for sale? International investors? Low mortgage interest rates? A combination of all these things? Take your pick.
Click through for a more detailed breakdown of the sales mix.
IMAGE: Downing & Co.