Apples To Apples For A “Sexy & Sophisticated” Six Year Bernal HoldJanuary 28, 2010
Purchased six years ago for $1,250,000 having already been remodeled, this “sexy & sophisticated” Bernal Heights home is back on the market and asking the same.
We’re intrigued by the integration and execution of the skylight and daylighting of the home, we do like the street, and we’re definitely digging the little deck.
∙ Listing: 110 Elsie (3/3.5) 2,202 sqft – $1,250,000 [MLS]
Comments from Plugged-In Readers
That’s a surprisingly low asking price. Not to say that makes any sense, but I know this street pretty well and I would have expected $1.4 or $1.5 for 2200 sq ft.
I know the street too and it is a cute neighborhood with some great views. Unfortunately I can’t visit there without getting the Oakland hills firestorm creeps. The only worse place on Burn All Hill is the south face.
The lot is 25 X 70 on a steep downslope. It last sold for its current list price, 1.25M, after it was bid up from a 1.199M list. That said, yeah, I don’t know why they didn’t list it for 1.299M and let the chips fall where they may.
Are people saying this will go at/above asking? That must be a first for socketsite (of course tipster hasn’t shown up yet).
Have to say I’m very intrigued by this one, though it’s at the very top of my price range.
the outdoor patio looks awesome.
and a functional work triangle in the kitchen… ahhh!
“I would have expected $1.4 or $1.5 for 2200 sq ft.”
And in fact $1.25M in 2004 was approximately $1.42M in 2009 when you adjust for inflation. That’s a 12% real drop, 0% nominal drop.
This looks priced about right in the current market. Right in line with other Bernal SFRs on a $/sf basis and about 20% higher than recent sales on the same basis. It’s a nice place but nothing remarkable. Bernal just ain’t a $1 million+ area. I only see 12 sales at that price level in the last year. People were willing to pay these amounts in the bubble years, here as everywhere else, but no longer.
If the sellers get asking, in a year they’ll be counting their lucky stars they got out now. Price still makes no sense on a comparable rent basis. You could rent a really great place in a much better neighborhood for less.
Yeah? I wish I had a nickel for every guy who spoke like you did two years ago.
Is today a record for different “anon” voices? I think I count four. What’s the point of not having a name if you post here all the time?
anonn is right again. funny how those with no experience in local real estate do not let that get in the way of their sharing their ill informed opinions…in fact, on this board those with knowledge based upon actual experience (like anonn and 45yr old)get shouted down.
kid char, let me guess. You bought a condo in 2007 and it’s worth — at least — 40% more than what you paid for it, right?
anon, can you please explain “Right in line with other Bernal SFRs on a $/sf basis and about 20% higher than recent sales on the same basis.” ?
Is it “in line” or “20% higher”? Are “recent sales” and “Bernal SFRs” not the same thing? Not trying to be difficult, just trying to reconcile the two statements. Thanks.
Requiring that one be or have been a homeowner in order to have an opinion on real estate is a pretty steep barrier of entry.
dch, “other Bernal SFRs” referred to those currently on the market, i.e. unsold. “Recent sales” referred to those that were recently sold. Point being that this is priced higher than recent “sold” comps and right in line with “currently on the market” comps.
“kid char, let me guess. You bought a condo in 2007 and it’s worth — at least — 40% more than what you paid for it, right?
actually, no. the only axe i’ve got to grind is the dull ignorance that masquerades as insight on this board.
“Requiring that one be or have been a homeowner in order to have an opinion on real estate is a pretty steep barrier of entry.”
perhaps. but you could say the same about motorcycle riding, or anything really. if you have not done it why do you feel so confident in giving advice about it to others?
reminds me of the old chestnut “those who cannot do, teach”
anon, which comps are you referring too?
There is a lot of variation in condition, desirability of location, views, etc in Bernal. Homes on Elsie between Coso and Cortland, for example, usually sell for much more than similar newer homes overlooking the freeway on the east slope of Bernal.
“those who cannot do, teach”
kid char, maybe you should set up a class where all those who bought SF real estate in the last 5 years “teach” others how to lose a pile of money, just like the “teachers” did. Because, you know, if you have not done it, you cannot feel confident in giving advice about it to others.
that’s a peculiar interest you have there.
personally, i am more interested in those who made a pile of money.
“set up a class where all those who bought SF real estate in the last 5 years “teach” others how to lose a pile of money, just like the “teachers” did”.
so despite all the evidence to the contrary do you really believe “all those who bought sf re in the last five years” lost money? you sound like satchel. he considered himself so smart that he could not stand the thought of mere mortals capitalizing on the run-up while he missed out.
meanwhile he schleps his family around from rental to rental. to each his own i suppose.
“despite all the evidence to the contrary do you really believe ‘all those who bought sf re in the last five years’ lost money?”
[kid char], what is “all the evidence to the contrary?”
To answer your question, No. It is not the case that every single person who bought a home in SF from 2005-2008 lost money. It is the case, however, that nearly all who bought during that period have lost money. In many cases, a lot of money. (I’m not talking about those who bought fixers, added value and sweat, then sold — a different case). Of course, those buyers who have not yet sold have not yet realized those losses.
Those who “capitalized on the run-up” bought before 2004 and sold before now, or bought many, many years ago.
As a matter of fact, I do know a few people who made a pile of money (tens of millions) from housing in the last few years. They shorted it in a big way.
got it again; we are only interested in talking about people who bought fixed up/new places in sf from ’05-’08 here on ss.
no wonder the discourse has become so boring.
The period we are in is being managed to temporarily slow the fall in order to allow the politically connected to do an orderly unwind.
Bankers with loans to people who can’t possibly pay them back are selling the properties to people in a better position to pay, or to people using loans made by government agencies who will pass the losses to the taxpayers.
Trying to make money from the situation will be difficult unless you are very well plugged in.
Expect a further fall. They can’t plug the dike forever. They are just trying to lessen the inevitable effects for those people smart enough to bail out while they can.
Why aren’t posters allowed to doubt Tipster’s future predicting abilities on this website? Sometimes this site reads as if the editor and Tipster are one and the same. This is one of those times.
Why does a poster post under multiple screen names on a single post unless it’s to create the false impression that he is a chorus and not a single voice?
Ha. Anonee and I are one and the same? Are YOU and Tipster the same being? That was rather Tipsteresque of you, dimmy.
Anonee and kid char are one and the same, dimmy.
Not everything is about you.
Everybody knows Kid Char and anonee are one and the same. It doesn’t make Kid Anonee’s point about Tipster’s future predicting abilities, or lack thereof, any less worthwhile. Why not insert the bracketed name instead? Bias much?
Seriously though. Are you Tipster?
Diemos is always diemos. (except for a couple of posts under my secret alter-ego of SnarkLad™)
yes, kid char and anonee are the same. when i tried to discard my kid char handle the editor outed me. he usually switches all my anonee posts to kid char but apparently he is not around to do so today. sorry for the confusion there diemos-but my posts are no less valid whatever the handle.
[Editor’s Notes: Adopting multiple handles on the same post (much less across the site) isn’t tolerated. And yes, that goes for bulls and bears alike.]
“[Editor’s Notes: Adopting multiple handles on the same post (much less across the site) isn’t tolerated. And yes, that goes for bulls and bears alike.]”
as i said before- i changed my handle to anonee weeks ago. and i post under that name. everytime you see [kid char] you are witnessing the editor’s
handiwork. if this is confusing then talk to the editor.
i changed my handle to anonee weeks ago. and i post under that name.
It”s a good story to try and save some credibility, but unfortunately it’s not the case.
Once again, switching between multiple (and not just two) names across the site is discouraged. But switching between multiple names on the same thread (all of two days ago, as was this instance, or this one) will be discouraged a little less passively.
That being said, we’ll assume “kid char” is now sticking with “anonee.” And now back to the actual topic at hand (110 Elsie).
personally fwiw, I would have pegged this one for listing @ 1.3mm rough $600/ft² and close somehere about 1.2 to 1.25.
That ceiling looks like a tight fit for headroom over the dining room table.
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anonee (required – will be published)
despite what you report editor,
this is what my screen says. i have not typed in kid char even once since i changed the boxed name to anonee. its on your end that the change happens, not mine.
as to the original post- i am surprised that there are people who will pay this kind of money in bernal when there are better values elsewhere. but i guess it does fit with what anonn has been saying about the southward gentrification.
[Editor’s Note: Once again, while a good story with respect to the multiple personalities, unfortunately it’s fiction.]
I didn’t realize when I first commented on this thread (and suggested this was priced low) that I actually know the sellers. They apparently received 5 offers following the first open house, all over asking, and at least one all-cash. Looks like it goes for something like 1.4.
Shza, Out of curiousity, do the former (and new?) owners commute into the City or down the peninsula?
Interesting. I can’t wait to see what this one does.
The wife was a Stanford psychologist. The husband came from money and worked very little — and just for his own edification. He was actually flying down to LA twice a week to teach an English lit class at some college I’ve never heard of.
They’ve moved to Portland now.
This one closed on February 19th for 1.310, according to Redfin.
Surprising. It did really well in pretty much the toughest pricepoint out there right now.
I agree, it is surprising, someone fell in love it seems. well done for the seller.
Well, supposedly five buyers fell in love and offered over asking.
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