The sale of 318 Winfield closed escrow last week (6/3/10) with a reported contract price of $1,065,000 ($732 per square foot). Purchased for $1,050,000 in March 2005, call it total effective appreciation of 1.4 percent over the past five years, but more likely a few years of up and then down, for this remodeled Bernal Heights single-family home.
∙ 318 Winfield No Longer “Bank Owned” (But Reduced) [SocketSite]
Called it.
“Nice place, but $750 psf is pushing it in this market for this hood; think this one will need to come down closer to its 2005 price or a little under.
Posted by: sanfrantim at May 6, 2010 12:50 PM”
That probable 2005-2008 appreciation is now gone.
With commissions, holding costs and own-vs-rent overpayments, only around 150-200K went to money heaven there. Not bad at all…
6 bedrooms and 3 baths and all they could get is 1.065? Times must be tougher than I thought.
OK, seriously, what’s interesting about the price here is that 1) the difference in price is nearly exactly the amount of the tax credits, and 2) mortgage interest rates are nearly 2% lower than they were in 2006. If rates rose merely as far as 2006 levels, the buyer would only be able to pay about 20% less to hit the same payment.
According to the vanity site, it’s a 3/2, not a 6/3.
Tipster, it’s a 3/2, not a 6/3. It closed escrow on June 3rd. lol.
This is about the best resale in Bernal I’ve seen in two years. Most of Bernal is down 10-15% vs. 2005 prices, by my estimation. I will agree, however, with lol that the own/rent calculation here is way out of line. This wouldn’t rent for much more than $3,500, if that.
So the agents collected $100k in commissions while the sellers paid $6k a month for five years and then got hit with $60k in fees to sell the place?
I wonder if the sellers wishe they had been priced out forever back in 2005.
Yep, an expensive lesson, but coulda been worse.
The higher conforming loan limits, low rates, and (to a lesser extent) the tax credits have kept some lower- and mid- range places from falling as far. Higher-end places don’t seem to be doing as well, e.g.:
http://www.redfin.com/CA/San-Francisco/3025-Scott-St-94123/home/1739499
http://www.redfin.com/CA/San-Francisco/119-Frederick-St-94117/home/1476307
brutal all around. still overpriced, and wondering what the price will be in 2-3 years, I suspect no higher.
wow A.T., those two links are nausea inducing!
This is off topic, but I’m surprised you all aren’t discussing this Bloomberg article from yesterday describing the multiple bidding that is going on (yet again) for single family homes in SF.
It sounds like it’s 2005-2007 all over again. Depressing for those who are still waiting for “affordable” housing in the city. Maybe it never comes?
http://www.bloomberg.com/apps/news?pid=20601109&sid=adiNDl11h524&pos=13
“wow A.T., those two links are nausea inducing!”
Failed to sell UNDER its 2001 price is looking like the prettiest house I’ve seen all year.
i am surprised to see this sale for above the 05 price. i have been touring bernal for past 3 months and agree with bernaldweller that most apple resells in bernal are now below their 2005-2006 prices. if this buyer doesn’t hold fr 7+ years, he will most likely be underwater.
Surprised to see 2005 prices? Down here on the Peninsula we just sold a house on the west side of San Bruno for $550 psf (2003 price), and bought a short sale in San Mateo, on the border of San Mateo Park, for $530 psf (slightly under the 2005 price for the new home).
Contrary to what you may have read here and elsewhere, the market is not completely dead yet. It just retraced a few years.
^ that bloomberg article is sweet! I’ve been missing those super star cities articles for a few years now 🙂 90’s style appreciation, here we come (well, in 2-3 years for sure!) I plan to pimp my tic’s, leverage and buy me some more of dat sweet SF RE. Booyah…now that’s what I’m talking about!