The short sale of 110 Faith Street has closed escrow with a reported contract price of $550,000 or 24% under its purchase price in October of 2005 ($720,000).
From the listing in 2009 (which probably wasn’t all that different than the sales pitch back in 2005): “Come see this before you miss out on owning in Bernal Heights.”
∙ You’ve Gotta Have Shouldn’t Have Had Faith? (110 Faith Street) [SocketSite]
The previous thread on this property reads like SocketSite’s Greatest Hits. Good stuff.
Well, this one went for over asking…
From the Previous Thread:
The list price for 110 Faith has been reduced to $549,000. Once again, a Bernal Heights neighborhood comp at $720,000 back in 2005.
Posted by: SocketSite at March 19, 2009 9:34 AM
Have we really lost LMRiM because of that joker’s SEC threats?
Well, I was going to save this for next week, but since we’ve got a Bernal thread going, I may as well make it offical. Sixty-one properties in some state of foreclosure (NODs, NOTS, bank owned) to 49 homes currently for sale. With a REO ratio greater than one, Bernal Heights has offically been kicked out of the Real SF&153;. Time to pull out the accountants and move them to the Outer Sunset…
That old thread is boring. LMRiM will be back for sure at some point. After reading that other thread, I have to wonder exactly how the heck annon and he sustained the energy to keep up those threads. I usually get board after the 3rd or 4th volley in those conversations. Annon must surely have some extra time on his hands these days.
EBGuy, loving the REO stats and stories these days. Keep it up.
bernal was never part of the REAL SF. Almost, but never quite made it.
Blanket statements about Bernal Heights reflect a lack of understanding of this neighborhood. The North Slope is very different from Faith Street on the back side. Higher elevations with city & bay views, and those within easy/safe walking distance of Cortland Street are also very different than streets abutting freeways, etc. Houses on the north slope seem to be selling at/above asking prices at levels that reflect a stabilization of pricing, but certainly nothing close to the draconian declines some people here have contended by looking at MLS listings without regard to the property particulars and specific locale.
They all understand that already, bernalboy. They just like to be snide for fun. Witness the “one sale does not a market rebound make” sentiment in the South Park property thread versus this property. That one is a flash in the pan. But this one is absolutely indicative of “Bernal” according to these jokers. Don’t bother pointing out recent near peak sales either. A different group of naysayers will try to call any positive example insignificant, and cling to a bank owned sale as proof positive.
anonn — would you like to give us your list of recent “near peak sales”? I would definitely be interested.
I’ll give you two apples-to-apples on Bernal’s north slope, both on the same street, both previously sold during the peak years, and both sold again within the past couple of months. #2 Aztec @$935K and #37 Aztec @$1M+.
Thanks for your post, bernalboy.
2 Aztec:
10/2004 = $825K
listed 9/11, de-listed 9/14 from what I see
Is it in escrow now at $935K?
http://www.redfin.com/CA/San-Francisco/2-Aztec-St-94110/home/756020
37 Aztec:
10/2003 = $795K
6/2009 = $1030K
http://www.redfin.com/CA/San-Francisco/37-Aztec-St-94110/home/755965
Most of the other recent north slope sales like 17 Elsie ($590K in 7/2009, previous tax value under $20K!), 111 Manchester ($810K in 6/2009, previously $419K in 12/2003), 95 Coleridge ($599 in 6/2009, previously with a tax value of $116K), 224 Elsie ($938.5K, previously $525K in 1999), seem to be non-peak year comps. No idea if any of those are apples-to-appeals.
It definitely surprises me that undesirable places like 110 Faith (as you suggest, bernalboy and anonn) got suckers to buy them at such high valuations compared to more desirable north slope places.
Retreat, retreat… head for the (north-facing) high ground. The hordes are advancing on Holly Park.
The bank took back 379 Highland on Sept. 8 for $697,500. The home originally sold for $790k (7/2006).
Here’s another log for the fire (although, admittedly, not exactly Bernal prime). Looks like the owner of 156 Bradford used her home (900sq.ft.) as an ATM — until she couldn’t. It’s the bank’s $546k problem now.