CFAH

From the listing for 152 Banks in Bernal Heights: “New Owner – Reduced Price. Recently renovated with kithcen (sic) updates, hardwood flooring, and new windows. 2/1 upstairs – 1/1 downstairs.”
From public records: purchased for $675,000 in July of 2005, sold in April of 2006 for $900,000. And while we’re assuming that aforementioned “recent renovation” occurred in that nine month window between sales (which might help explain the bump in price), we didn’t find any mention of permits online.
And of course, that doesn’t help explain what’s happened between 2006 (when purchased for $900,000) and now (asking $749,900).
UPDATE (9/29): Reduced to $699,900.
∙ Listing: 152 Banks (3/2) – $749,900 [MLS]

Comments from Plugged-In Readers

  1. Posted by diemos

    “New Owner – Reduced Price”
    I’m still trying to wrap my mind around what the realtor is trying to communicate. That the property has recently sold and therefore the new owner has it back on the market for less? Huh?
    or maybe that the family of the guy would paid $900K finally had him committed and now a more reasonable family member is calling the shots?

  2. Posted by curmudgeon

    maybe the new owner is a bank

  3. Posted by diemos

    Ah yes, the REO box is checked on the listing. Thanks.

  4. Posted by anon

    this will go fast at 750K. it’s small but a 3/2 with parking on a decent block.

  5. Posted by chuckie

    “Bad Data In Bernal Heights Or Something Else Afoot?”
    Naughty, very naughty 🙂 TGIF 🙂
    No, not bad data but something is definitely afoot in Bernal. Three blocks east of here is 45 Nebraska St. A 4 bed/2bath/2 car garage/ panoramic views languishing on the market for 58 days. List Prices has been reduced $130,000.
    Listing Price History
    Date Price
    Jul 16, 2008 $985,888
    Aug 13, 2008 $935,000
    Sep 04, 2008 $855,000
    Last Sale in Oct 2005 at $950,000.
    http://www.redfin.com/CA/San-Francisco/45-Nebraska-St-94110/home/762874

  6. Posted by anon

    “Three blocks east of here”
    right
    “something is definitely afoot in Bernal”
    wrong

  7. Posted by chuckie

    Here’s the map I am looking at:
    http://www.redfin.com/search#pt=6&sf=1,2&v=3&lat=37.74054300000001&long=-122.41017800000001&zoomLevel=17&market=sanfrancisco
    Shows less than 300 yards between the two properties, as the crow flies.

  8. Posted by tony

    ~$500 ‘afoot’ to live amongst a group of houses that the lousy photos make look like a shanty town, and only $1400 to get rid of the cockroaches. Charming.

  9. Posted by anon

    nebraska is a dog of a street. if you don’t know that then what the heck?

  10. Posted by chuckie

    45 Nebraska is listed at 10% less than what it sold for about 3 years ago.
    152 Banks is listed at 16.6% below what it sold for about 2 years ago.
    I’m here to learn to any “tips, trends and local scoop”, Care to share, anon?

  11. Posted by anon

    go there first. check it out. then comment. sheesh. fronzi = chuckie?

  12. Posted by Dan

    Perhaps anon’s point is that less desirable locations and REOs are more prone to price reductions than other Bernal houses, like the one on Prospect that went for more than $200k over asking?

  13. Posted by chuckie

    Did the location deteriorate in last couple years? (I hope anon didn’t move to the neighborhood 🙂 ) I am just commenting on the direction of the market.

  14. Posted by phil

    why no pics? my guess, it’s probably another remodel hack job.

  15. Posted by Satchel

    Looks like fluj (anon) is back! Keep up the good work, chunkie 🙂
    Nice to see some evidence of price declines in Bernal Heights. Prop shark shows 45 Nebraska as selling for $650K in 2003, so we’re not there yet. Long way to fall still, and there will probably be an intervening knifecatcher or two to slow the decline.
    Prop shark shows only $760K of loans on the property for its last sale at $950K. I sure hope that’s not right, and that someone didn’t just throw away at least 75%+ of a $190K down payment (assuming it sells here at $855K). Looks like taxes were paid and current on that one. If the prop shark data is right, this is sad that “normal” buyers got caught up in all this foolishness and blew up their hard earned cash.

  16. Posted by BernalDweller

    These prices are what I would expect…there have indeed been 10-15% decreases in this neck of the woods, and I would expect we’ll see another 5% YOY drop next year. Also agree that Nebraska St. is one fugly street, but that’s not really the point. I live about midway between these two properties, and if I had to put my house on the market right now, I would price it at about 10% below what I paid for it three years ago. Did I overpay? Yes, looking back, if I could have waited to buy, I would have, but that wasn’t the case. Am I gonna sell anytime soon? Nope. I’m happy in my house and plan to keep it for at least another 8-10 years. I didn’t buy it as an investment, I bought it to live in. In the long run I’m confident I’ll be fine. Compared to the beating my other investments are taking the loss on my home equity is actually a lot less, as a percentage, than the losses I’ve incurred in the stock market over the last two years, so I’m actually grateful at this point that I’m not renting and investing the difference. But in both cases, I’m a “buy and hold for the long term” kinda guy. Let’s see where we wind up in 10 years.

  17. Posted by anon@anon.com

    “Did the location deteriorate in last couple years? (I hope anon didn’t move to the neighborhood 🙂 ) I am just commenting on the direction of the market.”
    You think you are, but you’re really not. You’re commenting on anecdotes. Take your 300 yards and shoot them over to 15 Bradford. That’s a flip apparently gone right.

  18. Posted by chuckie

    Ok, I will grant you that. You have a point there. It’s within the realm of possibilties that these two properties are bucking the trend 🙂
    Now I know a certain 4 letter word is being censored on here 🙂 but I am hoping the editor will grant me the latitude to slip in this question. In light of all this, a certain recent departure is a coincidence?
    🙂

  19. Posted by Satchel

    Is that why my last comment was censored? Der f**jmeister (anon) is back!

  20. Posted by anon

    in light of posters such as yourself thinking they know what they’re talking about? i’d say no. more like a direct correlation.

  21. Posted by chuckie

    I think there’s more than one anon floating around… it’s possible to blend in 🙂

  22. Posted by chuckie

    Ouch… anon that hurt!
    No, all kidding aside, if you went back and looked at archives, you will not find one malicious comment from me. In fact, you will find many complimentary comments.
    I would say this though. He made mistakes… whether just careless, or becuase he’s a true believer. Nothing wrong with that… everyone makes mistakes. Even I made a mistake in 1997 🙂

  23. Posted by asad

    jesus will you guys get over yourselves ? Good job on chasing the one guy who regularly posted data on the board, you all seem to greatly miss him since you can’t let one post go without calling out his name.
    I guess it’s not as much fun discussing things in an echo chamber.
    Back to the listing has anyone driven by or seen this location ?

  24. Posted by joe shmoe

    I don’t know the particular location, but some things I think that could be behind the pricing:
    1. While it has come a long way it is still a bit of a frontier neighborhood.
    2. The property may be in some way encumbered– the permit history may make future renovations more extensive in order to get a final inspection.
    3. In this tougher market, there are people out there helping bidders be more aggressive– is a bedroom really a bedroom? It has nothing to do with closets, it is all about access and egress for firefighters and their equipment. What does the 3R report and permit history tell you about the property? When the market was fast and furious you didn’t have the opportunity to take that really critical look at a property. For better or worse, when you are looking at properties in neighborhoods experiencing renewal (that neutral word for gentrification) you are going to find properties that have been flipped with some cosmetic repairs but lingering code violations.
    4. The proximity to lower priced neighborhoods may lead mortgage underwriters to perceive the neighborhood as a riskier investment.
    5. A perception that there is more crime in the southern part of the city.

  25. Posted by shawn

    Banks is open on Sunday from 1-3p. Why don’t you come and decide for yourself.

  26. Posted by Satchel

    “this will go fast at 750K. it’s small but a 3/2 with parking on a decent block.”
    LOL. Looks like they just lowered the asking on this to $699K:
    http://www.redfin.com/CA/San-Francisco/152-Banks-94110/home/1695887
    I just hope no one used that silly $900K price a few years ago as a comp!

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