Our real estate-obsessed friends at the CurbedSF blog posted two stories this week that provide a snapshot portrait of the current (OMFG) state of the Bernal residential home market.
Coming just after this week’s (OMFG) update on the state of the Bernal residential rental market, the basic story in the residential home sales market is probably easy to anticipate. But let’s go through the motions anyway, if only in the spirit of science and inquiry.
Snapshot One is a remodeled shoebox on Peralta just south of Cortland that was just flipped for a staggering $400K (?!?!?!) above its asking price and doubled in value over the course of a year. Here’s a split view of the home before and after the remodel:
The little house at 853 Peralta Street sits a mere stone’s throw away from the 101 freeway. It isn’t at the heart of trendy Bernal Heights, but that didn’t stop flippers from fixing up the once-simple house and selling it for $1.75 million. That price is more than double what the flippers paid last April, when they bought the home for $830,000. At that time, the home had the original fixtures from its 1977 construction, including a kitchen squished into one corner, a brick fireplace in another, and a red plank back deck. The house was given a makeover that left it with an open plan, a new kitchen, and a freshly landscaped backyard.
CurbedSF has a cool slider widget-thingy that lets you view lots of before/after shots of this house, so click through to play along.
Snapshot Two is a funny little house on Prospect near Coso:
There’s something off-kilter about the little blue cottage at 22 Prospect Avenue, on the north slope of Bernal Heights. And it’s not just the wide-set windows, whose lower-than-usual placement gives the facade a somewhat downcast expression. Inside, the two-bed, one-bath home reveals itself to be an oddball cross between a woodsy cabin and some sort of loft. The rafters are exposed, and more than a few walls look as though knotty wood panels (or possibly laminate?) have been rigged up below the ceiling. There’s a pair of stainless-steel sinks in the bathroom, and one bedroom has a weirdly institutional vibe, with streaky carpet tile and a ceiling that wouldn’t look out of place in an office or classroom.
The home—which clocks in at 1,314 square feet, per property records—is listed for $789K, a modest $600 per square for what the brokerbabble acknowledges is a fixer.
What our friends at CurbedSF were really trying to say (though perhaps they didn’t know it) is that this Bernal Heights house is a classic Bernal Heights-style home — only it now comes with a price tag inflated by several years limited housing inventory. Here’s an interior view:
Anyone care to guess what the sale price for 22 Prospect will be? And what it will look like 18 months from now?