Category Archives: Bernal/Excelsior

Bernal, Sunset Top List of Most Competitive Neighborhoods for Buyers

San Francisco’s real estate market has long operated under the “list low, sell higher” approach. I’ve been a full-time Realtor since 2002, and it’s basically always been that way. If you’re a buyer or seller, it’s important to get a grip on how this selling pattern will affect the types of offers you write—or the ones you can expect to receive.

One of the ways to figure out which neighborhoods are the most competitive when it comes to multiple offers and interest levels is by seeing where the most extreme overbids are happening most frequently. Continue Reading

Here’s Your Bernal Heights Microhood Update

Here’s Your Bernal Heights Microhood Update

Bernal Heights rounded out the first half of 2018 with an average sale price of $1,688,025. But when it comes to the most accurate values, your best bet will be to look to the Bernal microhoods for guidance.

As my regular readers know, I created the Bernal Heights microhoods in 2014 to help prospective buyers and sellers get a more refined sense for single-family home values in the neighborhood’s distinct geographical areas.

Here’s how our microhoods stacked up in the first two quarters of 2018 (click on each pic to enlarge, red dots represent homes sold):

1. Northwest Slope
Single-Family Home Median Price: $2,159,133
Most Expensive: 18 Prospect (4BR/3.5BA, 3565 sq ft | $3,700,000)
Least Expensive: 222 Bonview (3BR/2BA | $1,275,000)
# Homes Sold: 9
# Overbids Above 25%: 15

Making a big showing in the $2M+ price range, the Northwest Slope is one of the most expensive microhoods in Bernal. A testiment to the desirability of the area was evident in the sale at 18 Prospect, a rebuilt modern home that sold in October 2017 for $3.5M. The new owners turned around and sold it this past May for $3.7M. Continue Reading

What Neighborhoods Have the Most Inventory?

It’s no secret that San Francisco is notorious for having low inventory. We’ve been complaining about it for years, and there simply isn’t enough housing for everyone who wants to buy property in the city.

We’ve even got data to prove it. Yes, there were a few times over the past several years when inventory peaked, 2018 has been a lackluster year (click on image to enlarge):

I surveyed currently available single-family homes and condos to see which neighborhoods have the most inventory available. Continue Reading

Just Sold: Sweet View Home in Bernal

Just Sold: Sweet View Home in Bernal

My clients closed last week on a great house at 44 Samoset in Bernal Hill. Located just up the hill from popular Precita Park, this two-bedroom home has an additional rear sunroom with awesome city skyline views. There’s also a finished bonus bedroom and half bath down, bucolic yard, and one-car parking.

Samoset Street is an excellent location from which to walk around the neighborhood, especially if you have a dog. The block itself is private and quiet, and generally has a good vibe.

44 Samoset sold for $1,625,000. Congrats to my lovely clients on their purchase, and special thanks to Marco Nevarez at First Republic on the loan side.

Just Sold: Mid-Century Home in Bernal

Just Sold: Mid-Century Home in Bernal

We closed escrow this week on 125 Bosworth, my four-bedroom single-family home listing on the border of Bernal Heights and Glen Park.

The house was very popular with buyers looking for great space in a convenient location near BART, La Lengua restaurants and bars and parks.

Listed for $1,195,000, we received multiple offers and closed for $1,630,000.

What You Can Buy in March: 30 Days & Counting

It’s been a hectic 2018 for San Francisco home buyers. Lots of offers written, disappointing outcomes, and for some, towels thrown in.

But not every home slams into contract and closes in a flash. In fact, I’ve been keeping an eye on the houses and condos that have been sitting on the market—waiting for buyers to materialize. With some compromise and reasonable trade-offs, maybe one of these homes could be a fit. Continue Reading

Buyers Exceed Seller Expectations with Extreme Overbids

Buyers Exceed Seller Expectations with Extreme Overbids

It’s one thing to list a property lower than the targeted price, but 95% of the agents I know who do significant business in San Francisco (including myself) don’t typically list a property for hundreds of thousands of dollars less than expected. So it boggles my mind when I see extreme overbids of 50% or more.

But it’s easy to rationalize a crazy selling price in a hot market with inventory that doesn’t meet the demand. Here’s a look at the latest head shakers for 2018 so far:

100 Teresita | 4BR/2BA, 1833 sq ft | Miraloma Park
List: $1,199,000
Sold: $1,950,000
62.5%+ Continue Reading

State of the TIC Market: February 2018

State of the TIC Market: February 2018

Buyers snapped up tenancy-in-common (TIC) interests in San Francisco’s most popular neighborhoods over the past six months, proving that the TIC market is alive and well despite its inherent ownership risks.

TICs represented a fairly small percentage of overall sales from August 2017-January 2018. Though almost 1100 condos sold in that timeframe, only 118 TICs did. The TIC median price was $1,017,500—closer to $1.2M for TICs in two- to four-unit buildings. But more than half of all sales were for TICs in buildings with five or more units, notable and surprising because these properties won’t be eligible for condo conversion if the lottery indeed resumes in 2024. Continue Reading

Bernal Microhood Update: Big Northwest Slope Overbids, Good Value for East Slope Homes

Bernal Microhood Update: Big Northwest Slope Overbids, Good Value for East Slope Homes

The Northwest Slope microhood in Bernal Heights was a hit with buyers willing to pay hundreds of thousands over the list price to “win” their property in the last quarter of 2017. And those looking for solid value got lucky in the East Slope, where newly renovated homes sold at much lower prices than elsewhere in the neighborhood.

As my regular readers know, I created the Bernal Heights microhoods four years ago to help prospective buyers and sellers get a more refined sense for single-family home values in the neighborhood’s distinct geographical areas.

Here’s how our microhoods stacked up in the fourth quarter of 2017:

Northwest Slope
Single-Family Home Median Price: $1,510,000
Most Expensive: 18 Prospect (4BR/3.5BA, 3565 sq ft | $3,500,000)
Least Expensive: 75 Winfield (3BR/2BA, 1650 sq ft | $1,250,000)
# Homes Sold: 9
# Overbids Above 25%: 7
northwestslope
The Northwest Slope stood out among all the microhoods in the last quarter for having the widest gap between list and sale prices. Buyers overbid by 30% or more ($300,000-$500,000) on six of the nine houses sold, including 251 Bocana, a 3BR/2BA home listed for $1,159,000 that closed for $1,635,000. Lot value remains unsurprisingly high, as well, as the sale for $1.8M for the double-wide lot at 15 Prospect proved. Continue Reading

SF House Market Soars (Again) in 2017

A strong local economy coupled with high buyer demand fueled the San Francisco single-family home market in 2017 amidst a backdrop of concerns about things like the new presidential administration, North Korea and a possible real estate bubble.

2017 was basically a continuation of the 2016 market—high prices, multiple offers, extreme overbids, discouraged buyers and happy sellers.

The good news for homeowners is that the average price of a house in the fourth quarter of 2017 was almost $1.9M. The bad news—if you can call it that—is that the average price rose less than 2.5% over Q4 2016. Given that we’ve seen double-digit growth over the past few years, this minimal increase is worth noting as we head into 2018. Continue Reading

Luxury Market Sees Extreme Overbids in October

Luxury Market Sees Extreme Overbids in October

October has been the month for buyers in the $2M+ range to throw hundreds of thousands of dollars over asking for single-family homes (and one condo) in various neighborhoods across the city.

Deep-pocketed buyers are obviously feeling pretty cheeky about our Bay Area economy.

The most egregious example of extreme overbidding happened at 128 26th Avenue in the Lake District (see photo, left). The custom 4BR/2.5 home at the Sea Cliff entrance has a roof deck with panoramic views, and was listed for $2,995,000. So why not pay a million dollars more, right? That’s exactly what happened, as the sale closed on October 20th for $3,910,000.

Here are a few more extreme overbids that went on the books in October:
1 Miguel | Glen Park
3BR/2.5BA
List price: $1,675,000
Sale price: $2,600,000 Continue Reading

East Slope Sale Breaks Bernal Heights Sales Record, Commands the Microhoods in 2017

East Slope Sale Breaks Bernal Heights Sales Record, Commands the Microhoods in 2017

The East Slope of Bernal Heights was home to a record-breaking sale this year, and also boasts the highest median price to date in 2017. It was business as usual for our other six microhoods, which all median prices well above the million dollar price point.

As my regular readers know, I created the Bernal Heights microhoods in 2014 to help prospective buyers and sellers get a more refined sense for the values behind the single-family homes in the neighborhood’s distinct geographical areas. I like to check out the values at least once annually. So here’s how our microhoods are stacking up so far in 2017:

Northwest Slope
Single-Family Home Median Price: $1,500,000
Most Expensive: 106 Coleridge (5BR/4BA, 3105 sq ft | $3,100,000)
Least Expensive: 125 Lundys (3BR/1BA, 1186 sq ft | $1,100,000)
# Overbids Above 25%: 4
northwestslope
Buyers weren’t shy about ponying up more than $300,00 over asking for three homes in the Northwest Slope. One of those was the Victorian at 56 Mirabel (2BR/1BA, 1100 square feet) listed for $1,295,000, which received ten offers and sold for $1,630,000. It was also a good year for the renovated Victorian at 106 Coleridge, which finally sold for $3,100,000 after first coming on the market in 2016. Continue Reading

What You Can Buy in July: 21 Days & Counting

The dog days of summer are here. But that doesn’t mean there’s nothing on the market in San Francisco. In fact, this is a great time to score a deal, while many buyers are on vacation.

I combed through all the properties that have been on the market for 21 days or more, and have selected my picks for very cool homes that are absolutely worth a look. Continue Reading

Sunset, Pacific Heights Hot Spots for Cash Sales in 2017

Almost a quarter of this year’s single-family homes and condos were purchased by cash buyers, with neighborhoods like the Sunset, Parkside and Pacific Heights seeing the most such sales.

The Sunset and Parkside have been going full speed this year as house buyers priced out of the more interior neighborhoods head west in search of their next home.

Noe and Eureka Valley single-family homes were also big cash magnets, where sales ranged from $2,000,000-$5,000,000. However, such buyers also scooped up houses for $1,000,000 or less in the city’s southeastern neighborhoods of Bayview, Excelsior, Visitacion Valley, and Silver Terrace. Continue Reading

The Most Overbid House ‘Hoods in San Francisco Right Now

Buyers have had no qualms about dramatically overbidding for single-family homes in West Portal, Westwood Park/Highlands, the Central Sunset, Ingleside Heights and Miraloma Park this year.

Those neighborhoods are seeing an average overbid of 20 percent. West Portal actually had five homes sell for between 30 and 50 percent over list price this year.

The selling pattern within individual neighborhoods is a useful data point for sellers when it comes to setting a list price—and for buyers as they decide how much to offer for a property. The traditional pattern in San Francisco has been to list low and sell for more. In general, single-family homes in popular neighborhoods and at price points under $2M tend to get the highest overbids.

I did a quick analysis on the single-family home market and flagged the neighborhoods that are experiencing the highest levels of overbidding. Here are the hot spots now, according to the average overbid percentage year to date:

West Portal 22%
Westwood Park/Highlands 21% Continue Reading

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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