It’s risky to divine too much from a single tightly cropped and catawampus interior photo. That being said, we’re seeing signs of pride of ownership (or at the very least good bones) for the single-family Excelsior home at 454 Edinburgh.
Asking $499,000 for the vacant, three bedroom (two on the main floor, one below), one bath home with a three car garage.
∙ Listing: 454 Edinburgh (3/1) – $499,000 [MLS]
Prices have completely tanked in this area– I looked at a similar house two blocks away that sold for 650k in 2008, which was already well off the peak. This one seems very cheap.
Excelsior definitely has a gang issue but I am still surprised it is not gentrifying faster. Lots of cute houses, many with views, just a mile past Bernal. That stretch of Mission street should also clean up well, some day.
3/1 in Excelsior for $500k? They’re higher than the gangbangers in the backyard. $350k tops.
If this is what SF real estate has “rebounded” to, I’m glad I’m still short.
I looked at a couple places in that area back in spring 2007. A lot of these places were asking in the $600-700k range. Ultimately it just didn’t feel like it was part of the city to me.
Its a little hard to tell from just two photos, but this house at least looks well cared for. So the line of owners in this place had pride in the home and neighborhood.
3 car garage == 2 car garage + bonus room with some minor remods.
I’m not too familiar with this street and took a quick mapjack stroll. It seems like most homes are well kept. I did however find this little eye sporking gem : http://www.mapjack.com/?oHomWo7zbFMC
I did however find this little eye sporking gem :
Yikes, that is hot. I don’t think the HOA in St. Francis Wood would have approved that color for us…
Oustanding personalization.
I have walked around the Excelsior a few times in one of my many long walks around town. It seems perfectly nice, with pretty good housing stock and slightly better weather than The Sunset. It reminds me a fair bit of the Sunset in general, except for the obviously different demographics.
I would not be surprised in the least if it was the next neighborhood to gentrify (after Bernal). In fact, Mission Terrace, which is right at the edge of The Excelsior, is gentrifying right now.
Are there any large public housing projects in The Excelsior? I have not been able to find any. This will tend to put a damper in an gentrification wave.
Demograhic research indicates that The Excelsior area of San Francisco is an example of The American Dreams Lifestyle http://tinyurl.com/y9lltk4 for Asians, where middle-aged immigrants and their children live in upper-middle-class comfort.
Trulia reports that the single-family home located at 398 Vienna Street, San Francisco CA sold for $350,000 on Jul 14, 2009 — substantially below the average!
Trulia reports that for zip code 94112, the averge for this zip code is $516,000 which is $412/sq, and the average for San Francisco is $517. The median household income is 82,500 for Excelsior — zip code 94112.
So, this home listing at $499,000 indicates that prices are coming down in Excelsior.
Family size here is 3.6 person, 55% are foreign born, 43% are married, and 26% rent — most own their home here.
The heart of Excelsior is at Ocean Ave & Otsego Ave; and is anchored by The Manila Oriental Market, 4175 Mission St.
The neighborhood is 44% asian, sometimes called “acculturated asian”, meaning foreign born and successful here in the US; thus this area might be thought of as Little Asia, or Little Manila as a large number of Filipino Americans live here.
As a depression is coming soon, I favor renting rather than buying.
The Excelsior showed a growing Hispanic population in the last census as well and 2010 will be very interesting. The trend had been Hispanics being pushed out of the North Mission, Bernal and out Mission Street all the way to Top of the Hill Daly City.
My brother grew up in the Excelsior. Not that long ago there were still many working class Irish and Italians left out there
Although currently in escrow, the list price for 454 Edinburgh was just increased to $599,000.
What is the goal of such a large increase in listing price after the house goes into contract ?
A friend of mine looked at this place, and even submitted an offer. He surmised at the open house that is was really underpriced, and would sell for at least this much. Maybe the price increase reflects the offer that the sellers accepted?
Nothing like some healthy price competition in the neighborhood — coming soon. The home at 547 Edinburgh was bought for $520k in 2005 and foreclosed for $585,990 on March 3 (variable financing and refies by World Savings). Looks like a $200k addition was put on before a final refinancing courtesy of WaMu in 2007.
A bit down the way at 490 Edinburgh, the house (1900+sq.ft.) was taken back by the bank on Feb. 23 for $636,500. It was originally bought for $685k in 2004 (with 100% financing). A subsequent refinancing in 2007 yielded a $650k first and $97k second (with the same lender on the first and second loans). A new roof was put on, but that appears to be about it.
The sale of 454 Edinburgh has closed escrow: Our Divining Rod Strikes 454 Edinburgh.
My family moved in on the next block in 1963. All these years later many of my neighbors still live here. Back when my brother attended Balboa HS, his yearbook had lots of Italians & Irish, with okay representation of the present demographic. My yearbook from the late 1980s had mostly Filipino & other Asian, Latino and African Americans, with a scattering of Italians and Irish. My newer neighbors are a generous mix of all of the above.
FYI, the triangle of Mission St, Ocean Ave and Persia Ave is the heart of the neighborhood. It’s where the Annual Excelsior Festival is held as well. Ocean & Otsego is a mere bus stop on the edge of the neighborhood. The Manila Oriental Market is actually on the edge of the neighborhood that leads to Bernal Hts.
To answer some else’s question of public housing, no, there is none. The Sunnydale housing projects are slightly over the hill through McLaren Park, thus the constant flow of police cars on Persia Ave. So yes, sirens are a way of life here.
With the amount of people who are not moving out of the neighborhood I don’t see it gentrifying anytime soon, and I hope it never does.