Let’s check in on the state of our residential real estate market, shall we?
The data-trackers at Downing and Company did one of their occasional Bernal Heights home sales roundups for July 2014, and this is what they found:
Home prices in Bernal Heights continued to soar during July. Last month 19 homes traded hands at an average price of $1,321,805 setting a new record high for this neighborhood.
Prices were up across the board including rehab properties. Fixer uppers in Bernal Heights are now selling in the $800K to $900K price range (see 43 Bache Ave, 44 Azterc St, 671 Peralta Ave, and 45 Richland Ave). Previously rehab properties were trading between $600K to $750K. Post rehab developers are now looking to sell north of $1.5 million in Bernal Heights.
Sellers clearly remain in control of the market as evidenced by the pace of sales. Buyers put on their running shoes, moved quickly, and scooped up homes in an average of only 26 days last month.
Woa. The image above illustrates those July 2014 sales; if you’d like a more detailed breakdown, visit the Downing and Company website.
Over at Bernal neighbor (and realtor) Michael Minson’s blog, Ann Cervantes summarizes the year so far:
San Francisco’s Bernal Heights neighborhood experienced a 19.7% increase in estimated home value from August 2013 to August 2014.
The median estimated home value in Bernal Heights was $1.06M. The median home value in San Francisco was $927K.
Meanwhile, two Bernal properties have been attracting some attention in the last few days. On Friday CurbedSF highlighted a “quirky Bernal bungalow” on Highland with a backyard pool that just hit that market with a $990K asking price:
Hiding behind an ugly green facade in Bernal Heights is a Craftsman masterpiece filled with period details and surprising touches. And in the backyard is an even bigger surprise: a heated saltwater pool built by the current owner, a New Zealander who loves to swim. Flowers and greenery surround the pool, which includes four exercise jets and was built in 2008. Inside, the home’s Craftsman details are almost entirely intact, with dark wood everywhere, box beam ceilings, and a brick fireplace.
Tiki lanterns sold separately.
Then, if you picked up a copy of last Sunday’s San Francisco Chronicle, you might have noticed this brand-new home on Elsie on the cover of the real estate section:
152 Elsie has four levels, 4 bedrooms, 3.5 baths and an asking price of $2.2 million. The Chron gushes:
A staircase made of glass, steel and hardwood connects all four levels, and the ground floor includes a family room with bar area and art niches. Sliding glass doors open to the rear garden, a space with planter boxes and high privacy fences. The lowest level also hosts two bedrooms and bathrooms, as well as the laundry room.
Crowning the home is a master suite with view deck, walk-in closets and a spa-quality bathroom with soaking tub and separate shower. The oblong tub is oriented beneath a window to maximize views of San Francisco’s rolling hills.
Sutro Tower sold separately.