Three of Bernal Heights’ microhoods are seeing significant jumps in their median prices in 2016, with one former high flyer getting knocked off its pedestal.
Posting median price boosts of 15%, the East and Southeast Slopes lead the pack in 2016, along with South of Cortland. Precita Park took a 15% dive, with far fewer high-priced homes selling this year. That’s a big switch from 2015, when Precita Park was at the top of the hill.
As my regular readers know, I created the Bernal Heights microhoods two years ago to help prospective buyers and sellers get a more refined sense for the values behind the neighborhood’s distinct geographical areas. So here’s how our microhoods are stacking up in 2016:
Northwest Slope
Median Price 2016: $1,427,500 / 2015: $1,400,000 (+2%)
Most Expensive: 18 Montezuma (4BR/2.5BA, 2267 sq ft | $2,400,000)
Least Expensive: 57 Lundys (2BR/1BA, 700 sq ft | $855,000)
The Northwest Slope made a strong showing this year, bumping up its median price ever so slightly. The most expensive home sold at 18 Montezuma was a flip, and a good example of why contractors are snapping up homes in the neighborhood. Purchased as a fixer in 2014 for $1,200,000, 18 Montezuma was transformed into a showcase home listed for $2,198,000. Buyers had no qualms about paying nine percent over the list price to have that house. But not every home sold for a gangbuster price; the contemporary view home at 25 Elsie came on the market in September 2015 and finally closed escrow in April 2016 for $1,870,000.
North of Cortland
Median Price 2016: $1,400,000 / 2015: $1,477,500 (-5%)
Most Expensive: 55 Gates (3BR/2BA, 1600 sq ft | $2,125,000)
Least Expensive: 225 Banks (2BR/1BA, 875 sq ft | $815,000)
North of Cortland took a slight hit in the median price this year. Still, almost half of the homes sold there in 2016 saw overbids of 25% or more—including the one-bedroom house at 709 Eugenia listed for $799,000 that received 23 offers and sold for $1,300,000.
Precita Park
Median Price 2016: $1,612,500 / 2015: $1,815,000 (-15%)
Most Expensive: 1669 Alabama (4BR/4BA, 3000 sq ft | $3,000,000)
Least Expensive: 3299 Cesar Chavez (2BR/1BA, 1215 sq ft | $1,005,000)
The Precita Park microhood saw a significant drop in the median price this year, as well as in volume. Fifteen houses sold in the area last year, with almost half in the $2,000,000-$3,000,000 range. Not so in 2016; only two of the six homes sold came close to that range. 1669 Alabama was Precita Park’s shining star in 2016, listed for $2,480,000 and closing for 21% over asking.
East Slope
Median Price 2016: $1,500,000 / 2015: $1,300,000 (+15%)
Most Expensive: 229 Montcalm (4BR/2.5BA, 3784 sq ft | $2,800,000)
Least Expensive: 326 Holladay (1BR/1BA, 700 sq ft | $685,000)
The East Slope got a big price boost this year, and six homes saw overbids of 25% or more. Though the East Slope is a bit more removed from the popular Cortland Avenue scene, that didn’t stop buyers from paying north of $1,500,000 for half of the homes sold here in 2016.
Southeast Slope
Median Price 2016: $1,150,000 / 2015: $1,065,000 (+8%)
Most Expensive: 449 Nevada (3BR/2.5BA, 1769 sq ft | $1,570,000)
Least Expensive: 76 Bronte (2BR/1BA, 1000 sq ft | $920,000)
Volume was lower in the Southeast Slope this year, with only eight homes changing hands. All but one home sold for over the list price. The exception was 138 Bronte, a 3BR/1BA with 1,077 square feet that was listed for $1,049,000 but sold for $1,045,000. Generally speaking, homes north of Jarboe below Cortland tend to fare well due to their proximity to Cortland. For example, the 2BR/1BA at 63 Bronte (one block south of Cortland) was listed for $899,000 and received six offers; it sold for $1,200,000.
South of Cortland
Median Price 2016: $1,200,000 / 2015: $1,045,000 (+14.8%)
Most Expensive: 3912 Folsom (3BR/2.5BA, 1859 sq ft | $2,100,000)
Least Expensive: 4068 Folsom (3BR/1BA, 975 sq ft | $658,000)
South of Cortland has seen a median price hike this year, and an average overbid of 15%. Similar to its Southeast Slope neighbor, homes in South of Cortland tend to do really well when they’re located a block or two below Cortland. The award for highest overbid went to 554 Anderson at Tompkins, a 1,000-square foot contractor special listed for $549,000 and sold for $920,000 in an all-cash transaction. Permits were issued in August for a renovation that includes adding three bedrooms, three bathrooms and a new foundation.
Holly Park/St. Mary’s Park
Median Price 2016: $1,287,500 / 2015: $1,300,000 (-9%)
Most Expensive: 106 Justin (4BR/3.5BA, 2430 sq ft | $2,215,000)
Least Expensive: 16 Richland (1BR/1BA | $760,000)
The Holly Park and St. Mary’s Park microhoods have seen a bit of a median price dip this year. However, buyers paid 25% or more for almost half the homes sold. A good portion of sales were in the $1,200,000-$1,300,000 range.
[Data is based on January-October 2016/2015 in the San Francisco Multiple Listing Service.]