Presidio Terrace, Bernal Homes Sell at Heavily Reduced Prices

One is a multi-million dollar 5BR home in a gated enclave in Presidio Heights, the other is a sub-$1M house on the edge of Bernal Heights that could use updating. Two worlds collided last week when these respective sales were reported—good examples of price flexibility in today’s market.

28 Presidio Terrace (below) was initially listed at $5,395,000. The home had 6,500+ square feet, an elevator to all floors, a pool table room and a park-like setting. By June, the price had been reduced to $4.6M. Final all-cash selling price: $4.4M. (Reported price was $4,287,000, but the buyer’s agent apparently waived commission. But that’s a whole other story.)

On the other end of town is 44 Crescent:

The 2BR/2BA south Bernal home was listed in April for a whoppin’ $849,000, and was down to a more palatable $749,000 earlier this month. Final price? $660,000.

So buyers, if you like a property out there that may seem way beyond your budget—stick with it. You never know what’s possible. And sellers, best strategy is to price your house realistically. It’ll cut to the chase more quickly and you can move on.

2 responses to “Presidio Terrace, Bernal Homes Sell at Heavily Reduced Prices”

  1. andy says:

    Very interesting. Thanks. I’m always curious in these situations about the previous buyers purchase price. And what’s with the buyers agent waiving fees? I can see maybe if they were also representing the buyers who were also selling another property. Better to get one commission than none. In this market, there is a lot of contingencies and one domino can impact many others.

  2. insidesfre says:

    Not sure what the story is behind the commission; my guess is that the buyers had a friend with a real estate license represent them (possibly an attorney, etc). I am betting that these “agents” aren’t aware of the potential liability they can be taking on in a situation like this. At any rate, thanks for your comments.

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