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South Bernal Flip Not a Hit with Buyers

December 21, 2011 By 2 Comments

The lovely little house at 742 Andover in Bernal Heights was sold in February 2011 for $274,000, in an all-cash, bank-owned sale. On the agenda: install new electrical/plumbing systems; update the kitchen and bath; open up the floor plan; add a front deck and new rails, as well as a variety of smaller-scale cosmetic items.

Here’s what Andover looked like then:

The house still clocks in at only 720 square feet, but it’s much more stylish considering the modern finishes. I’ve shown this house twice, and in both instances, my clients thought the bedrooms were too small. Indeed, the bedrooms are more suitable to office or nursery use. And the location is a bit further south of Cortland than many buyers would like—far enough that you can hear the traffice from 280.

The $579,000 price tag may have to come down in the new year, unless someone scoops up Andover in the next week or so.

Filed Under: Bernal/Excelsior Tagged With:

MarketTracker: Mid-Market Update + Latest SF Sales

July 29, 2011 By Leave a Comment

The new Zephyr MarketTracker is ready for your viewing pleasure. This time around, we have an update on mid-Market growth, plus a Battle of the Heights (Bernal vs Pacific) and some words of wisdom from our Zephyr COO about the real estate market.

It’s all here in this issue of MarketTracker.

Filed Under: Bernal/Excelsior, Pacific Heights

What You Get For: Below the Average Price

March 29, 2011 By Leave a Comment

We know the average price in San Francisco for a single-family home tends to be higher than that of California—as well as the rest of the country. The average house price year to date is $923,979, and the high dollar amount is due in no small part to the 55 houses out of 430 sold that changed hands for above the $1.5M mark.

I thought we’d check out four nice homes that have been recently listed for below the average price:

1509 47th Avenue, Outer Parkside
$689,000 3BR/1BA
The above beach house is solar powered, with a lot of little “green” touches throughout. It was last sold for $650,000 in 2004 and has been remodeled since then. The home features refinished wood floors, three bedrooms on the same level, a sunroom, and an eat-in kitchen with Marmoleum floors and Richlite countertops. There’s also a deck, cute garden and two-car garage. Plus, you’re a block from the beach.

We head further east to our next property in Miraloma Park:

124 Juanita, Miraloma Park
$879,000 3BR/2BA
This two-level, 1930s home has lovely period detail and a nicely remodeled kitchen. All three bedrooms are upstairs and there’s a living room with a wood-burning fireplace. 124 Juanita is right off Portola, so you’re close to the Mollie Stone’s shopping strip, as well as the Forest Hill Muni station. If you head further east on Portola, you’ll hit West Portal and its shopping/transportation area.

Next up is a stop in Bernal Heights:

137 Winfield, Bernal Heights
$629,000 2BR/1BA
This Victorian home is located in the prime north slope area of the neighborhood. It’s clean and in move-in condition, but could certainly use some updating. There’s no garage, so if you’re dead set on having parking, this is probably not the home for you. There are also some very nice views. You’ll have proximity to the Cortland retail strip, as well as the restaurants on/off Mission (Locavore, Emmy’s, Blue Plate, to name a few).

We end our tour in Potrero Hill:

1056 Carolina, Potrero Hill
$799,000 1BR/1BA
If you’re the Victorian cottage type, this home will fit the bill. It’s on the small side with about 1080 square feet, but has major views, a lot of charm and an unwarranted in-law with a private side entrance. So you can still have guests (or even tenants for some extra income). The front and rear yards are nicely landscaped. This isn’t ideal Potrero, locationwise, as you’re a little further southeast than most people want to be. But the house definitely smacks of San Francisco character.

Filed Under: Bernal/Excelsior, Miraloma Park, Potrero/Dogpatch, Sunset/Parkside

Walk Score Winners: West Portal, Sunset, Bernal

March 11, 2011 By Leave a Comment

I made it a goal today to find three single-family houses with excellent Walk Scores. There are plenty of condos with great scores, but houses are sometimes a little more challenging. So here are three homes that’ll give you the shelter you need and also wean you off your car a little. (And please note that property links go to the corresponding Zephyr site page. These are not all Zephyr listings; we provide details on all properties, regardless of the brokerage. The reason I link to Zephyr is because in addition to providing property detail, we also feature neighborhood and market trend info that are pretty helpful.)

First up is 325 Wawona in West Portal:

325 Wawona has a whoppin’ 95 Walk Score, as it’s only half a block from the West Portal strip. The home also has an 81 Transit Score; the L line stops right nearby and takes you downtown. Listed at $1,090,000, 325 Wawona has 2BRs/2BAs, two-car parking and 1570 square feet. The owners bought the home in 2007 for $1,025,000 and stripped it down to the studs (with permits). The kitchen and baths have been remodeled, and the house is nicely done inside.

We move to the Inner Sunset, where 1291 5th Avenue has just come on the market:

1291 5th Avenue is steps away from Irving Street and has a 92 Walk Score. The 3BR/2.5BA Edwardian is listed at $1,249,000 and has loads of period detail. The kitchen has been remodeled and leads out to a sizeable yard, and all three bedrooms are upstairs. There’s a corner produce market literally next store, so if you need a quick shallot, you don’t have to go far. The 76 Transit Score means you’re right near the N Judah and multiple bus lines. And you’re only a few blocks from the heart of the 9th and Irving retail area, as well as Golden Gate Park.

Finally, we have 15 Eugenia in Bernal Heights:

The kitchen of this 4BR/4BA home listed at $1,195,000 is going over well with buyers. This is a bit higher than the normal Bernal price point, but the house is big (2380 square feet) and has two-car parking. The Walk Score is 91, and you’re about a half block from the Mission corridor (which translates into an 84 Transit Score). 15 Eugenia was purchased in 2005 for $965,000 and the current owners did extensive renovations. There’s a formal dining room, view deck, family room and huge master suite bath.

If you’re interested in seeing any of these homes, please don’t hesitate to contact me. I specialize in selling homes in central, walkable neighborhoods!

Filed Under: Bernal/Excelsior, Sunset/Parkside, Walk Score Winners, West Portal

Update: Bernal Flip Definitely Not A Flop

February 8, 2011 By 1 Comment

I recently spotlighted a home in Bernal Heights that had been sold in September 2010 for $590,000 and was quickly renovated and put back on the market in January for $849,000. There was substantial interest in the property, which surprised me, as most buyers tend to not want to pay for someone else’s renovations.

That sentiment is most definitely not in play these days. And a quick update: 3719 Folsom is now in contract for well above $900,000, and garnered ten offers. Keep it in mind as you shop for newly renovated homes in close proximity to the Cortland corridor. There’s a strong demand for this type of home, whether it’s being flipped or not.

Filed Under: Bernal/Excelsior, Market News

“Flipping” Makes a Comeback in San Francisco

January 26, 2011 By 1 Comment

It used to be that most buyers would meet with their agent and communicate that they’d be ready, willing and able to take on a fixer so they wouldn’t pay for someone else’s renovation. That approach has obviously declined in 2011. Because it looks like “flipping”–purchasing a fixer, renovating it and reselling at a profit–is alive and well again in the San Francisco market. Case in point: 3719 Folsom Street (above)  in Bernal Heights.

Sold only a few months ago in September 2010 as a fixer in a cash sale for $590,000, the property is back on the market for $849,000 and fully renovated, ready to flip.

There are still three bedrooms and two baths, but the house no longer looks like this:

It’s all spruced up with “solid hardwood floors, recessed lighting, landscaping, & stunning new kitchen & bathrooms w/ Grohe fixtures…that together create an overall design that is fresh & modern.”  The master suite has a dual vanity and custom glass rainshower. There are also pano views from the rear, and one-car parking.

The location on Folsom is good; the sellers obviously made the right call taking a chance on a flip here, because you can’t go wrong with proximity to a popular retail corridor. 3719 Folsom is one block from Cortland, and around the block from Maggie Mudd ice cream.

Contrary to buyers’ traditional apathy toward ponying up for a seller’s renovations (and profit), there are apparently lots of people interested in assuming ownership of this home. The listing office has distributed 16 disclosure packages. That means there are reportedly at least 16 separate buyers who are interested in submitting an offer, and who are potentially qualified to purchase home that’s asking almost $1M.

My guess is that the seller will end up with around seven or eight offers. So whoever says that flips are flopping in the current economy is wrong. I think there are plenty of financially secure buyers out there who don’t have the time or interest to do renovations themselves. And if the renovated home is well within their means and they like the property, they’ll make an offer.

Something for contractors and developers to keep in mind as we move through 2011. Readers, what do you think? Is paying for someone else’s renovation something you’d do?

Filed Under: Bernal/Excelsior

Bernal’s High-End Market Holds in 2010

December 21, 2010 By Leave a Comment

255 Moultrie’s market saga came to an end last week. The “modern masterpiece” featured 4BR/3.5BAs, and had been renovated from the ground up since it last sold in 2006 for $755,000.

The home came on the market in mid August for $1,295,000, went into contract in early September, but then fell out. The sellers put the property back on the market in mid September at $1,335,000, which gives you an indication that a few new insights transpired during the contractual period.

The new owner paid $1,320,000 for 255 Moultrie, which isn’t a sky-high price for Bernal anymore. In fact, 19 homes sold for $1M and above in 2010. But only two sold for more than that of 255 Moultrie. In contrast, 2009 saw 30 homes selling for $1M+, including five for $1.3M+. Next year should be an interesting one for Bernal’s sellers.

Filed Under: Bernal/Excelsior Tagged With: ,

Just Sold: Excelsior Starter Home

December 16, 2010 By Leave a Comment

It seems like I’ve been working on my listing at 282 Moscow in the Excelsior for more than a year. That’s because I have. Once we worked through all the pre-sale complexities and probate details, we were then able to transform the property by refinishing floors, painting inside and out, attaining water/energy conservation compliance making varies minor repairs. (A shout out is in order here for John McGrath, handyman extraordinaire.) We listed the house in mid October at $425,000 and received two offers within a few days.

And now, we’re finished and the house has been sold for $450,000 to lovely new owners. Everyone’s thrilled, and I’m happy I was a part of the transaction.

Filed Under: Bernal/Excelsior

Excelsior Gets a Henry’s Hunan

December 1, 2010 By Leave a Comment

The Excelsior is one of those neighborhoods that’s benefitting from an influx of first-time home buyers who are drawn to the area due to its more affordable real estate prices. I have a listing at 282 Moscow that went into contract very quickly—a 2BR/1BA with a bonus room priced at $425,000. Past clients of mine have also decided to buy in the Excelsior because they could get a house instead of a condo.

But the neighborhood could use more restaurants and shops. Yes, there’s Joe’s Cable Car for burgers, and some good corner produce stands. However, I’m thrilled to see that Henry’s Hunan opened its sixth restaurant this past week at 4753 Mission, a block or so south of Ocean Avenue. This Henry’s has room for 80-90 seats, as well as a full bar. Stop in if you’re in the neighborhood, and let’s hope Henry’s future success attracts even more commerce to this promising stretch of Mission.

Filed Under: Bernal/Excelsior, Home Buyer Tips Tagged With:

Bernal Smackdown: 225 & 226 Mullen

November 8, 2010 By Leave a Comment

It’s always interesting when neighbors who live across the street from one another decide to put their properties on the market on the same day—in the same price range. That’s exactly what happened on Mullen Avenue last Friday. (Mullen is located on Bernal’s north slope.) Let’s take a look at what each house has to offer.

225 Mullen is a 2BR/1BA house with an in-law unit down. It has downtown views and a living room with fireplace. There’s also a remodeled kitchen:

The one wrinkle here is that the entire property is tenant occupied. The main level is rented for $3150/mo, and has been rented for three years. The in-law is renting for $1395/mo, and the tenant has been there for a year. List price for 225 Mullen is $895,000.

Across the street is 226 Mullen, a 2BR/2.5BA 1930s home with views from the master suite.

The second ensuite bedroom also has an office area, which is nice. Total square footage is about 1400. And there’s two-car parking! List price: $899,000.

Which one’s the better deal, readers? Who wins the Bernal smackdown?

Filed Under: Bernal/Excelsior Tagged With:

What You Get For: $299,000

October 20, 2010 By Leave a Comment

I’ve been spending time in the Excelsior neighborhood lately, working on selling my new listing at 282 Moscow. So I’ve been keeping an eye on the market there and tracking the competition. For those buyers out there who think they can’t get anything in San Francisco for less than $500,000, the above cottage at 124 Excelsior may be your ticket to homeownership.

For $299,000, you can have this “small but roomy, disfuntional (sic)  floor plan, on busy streets, public transportation steps away. Subject is in need of remodeling, Old Cottage in need of Love. Short Sale, Subject to Lenders approval.” And what’s more, “Subject is in need of differed maintenance.”

It’s 900 square feet, was built around the turn of the century, and has one bedroom and one bathroom. The garage was converted into a bedroom without the benefit of permits.

Sound like the perfect project for you? Pick it up for all cash and explore the possibilities.

Filed Under: Bernal/Excelsior, What You Get For... Tagged With:

Just Listed: 282 Moscow in Excelsior

October 15, 2010 By Leave a Comment

I’ve been spending some time in the Excelsior lately, getting my new 2BR/1BA listing ready for sale. 282 Moscow is a 1,025-square foot home has a living room with a fireplace, large kitchen with dining area, bathroom with skylight, and two bedrooms with lovely northwesterly views. The house gets nice natural light throughout.

There’s also a bonus room downstairs that would be perfect for a third bedroom, guest room or office. The attached bathroom needs work, but there’s where you could start adding value. And the yard, though pretty much a blank canvas, has mature fruit trees and a pleasant feel. One-car parking, laundry area and storage are in the garage. The #54 bus runs on Moscow and can get you to BART, and there’s easy freeway access. There are lots of restaurants, produce/grocery stores and services on Mission Street. If you need open space, McLaren Park is just around the bend.

List Price for 282 Moscow: $425,000. I’ll be open this Sunday 10/17 from 12:30-2:30. Stop in!

Filed Under: Bernal/Excelsior Tagged With: ,

Just Listed: Contemporary and Stylish Home in Bernal/Glen Park

October 8, 2010 By Leave a Comment

If you’re looking for a spacious, modern and extremely appealing single-family home in close proximity to conveniences, BART and freeway access, look no further than my new listing at 68 Glen Court.

The 3BR/3.5BA single-family home is located on a unique street between Milton and Rousseau in what’s technically known as Bernal Heights, but which is a stone’s throw from the Glen Park downtown & BART. The three-level, 2150-square foot home is handsomely appointed, with rich designer detail and cherry hardwood floors throughout. There’s a gourmet kitchen, formal dining room with wet bar and two private patios. The top level features two master suites, and the third bedroom and bath are situated on the lower level, offering nice separation for guests.

Glen Court is a community of single-family homes, and is a surprisingly private and charming little street that was developed in 2004.

List price is $995,000, and the first open house will be Sunday from 1:00-4:00. Stop in and see me!

Filed Under: Bernal/Excelsior, Glen Park Tagged With:

How's the Market In: Bernal Heights

September 10, 2010 By Leave a Comment

I have many clients who live in Bernal, and am often asked how the market is doing in the neighborhood. The Bernal real estate market is usually pretty healthy; buyers like the favorable weather, as well as the close proximity to the Cortland retail strip and freeways. First-time home buyers typically target Bernal because the homes are generally smaller and thus more affordable in comparison to other nearby areas like Noe Valley.

Bernal Heights is divided into a few key areas—the north slope, which is arguably the most desirable; west slope, which is closer to Mission but is also very desirable; the east slope, which is a little more remote and can come a little too close to Bayshore and Hwy 101; and the south slope, which features the appealing Holly Park area (but can get a bit less desirable the closer you get to Hwy 280). Architecture runs the gamut, and includes Victorians, Edwardians, and boxy 1940s offerings.

Many homes change hands in a given year in Bernal, so inventory is not usually a problem. To date, 96 single-family homes have sold at an average price of $753,805, with a 1,370 average square footage. Thirteen of those homes sold for more than a $1M, but this price range is usually in the minority. Your dollars at the higher end in Bernal will get you more house than in nearby Glen Park or Noe Valley.

There are currently more than 40 single-family homes and eight condos on the market in Bernal. Though condo sales aren’t as common in Bernal, they do happen. Condos usually don’t rise above the $700,000 price point; however, Bernal isn’t where most buyers go to purchase condos. (More likely neighborhoods for condos would be the Mission or Noe.) Notable homes currently available include 91 Winfield, a 2BR/1BA with a bonus room, listed at $629,000, as well as a very nice Edwardian listed at $949,500 at 212 Banks that has 3BR/3BA and 2,385 square feet.

I think Bernal is the type of neighborhood that will continue to perform pretty well throughout this economic downturn; its average sales prices are smack dab in the middle of the range where most homes are selling in San Francisco. Add to that the fact that you can own a house for what a condo would cost you in more pricey neighborhoods, and it’s no surprise that many homes on the west/north slopes sell with multiple offers.

Filed Under: Bernal/Excelsior, Market News Tagged With:

Sale at 236 Elsie Proves Bernal is Still Hot

August 23, 2010 By 1 Comment

In case there’s been any question about whether Bernal Heights is still reeling in buyers, the sale last week at 236 Elsie at Cortland showed Bernal’s continued cajones.

The 3BR/2BA 1894 Victorian on the desired north slope had pretty much everything buyers are looking for in a house listed below $1M—views, space for a master suite, nice yard & deck, and a main level with a “great room” feel (and parking, too). Listed at $849,000, the seller received nine offers and the home sold for $902,050.

The Elsie sale is something for Bernal buyers (and sellers) in this range to keep in mind as we head into the Fall real estate season. Remember, there are eight other buyers out there who’ll compete for these types of homes.

Filed Under: Bernal/Excelsior Tagged With: