While the “rarely available” two-bedroom condo at 101 Lombard just sold for $25K less than five months ago, the sale of the single-family home at 1636 Diamond Street has closed escrow with a reported contract price of $3.5 million, $1.52 million more than in late 2011 when it first sold for $1.98 million.
And the sale of 114 Banks, which was purchased as a 1,037-square-foot fixer for $869,000 seven months ago and returned to the market last month listed as a remodeled 1,890-square-foot Bernal pad with flair for $1,595,000, has closed escrow with a reported contract price of $2,100,000.
Pretty impressive.
431 Bosworth in Bernal just sold too. A small two bedroom listed for $849,000 and sold for $1,133,000. 9 offers. I think the buyers are going to gut and remodel. Absolutely crazy price! Is this the new normal?
Bosworth for just under $1,100/sf seems pretty steep to be on a pretty busy road and stuck between San Jose and 280. And for that price they intend to gut and remodel? Better be adding some sf to that.
I knew Banks would sell over ask. Shelly Trew loves the low listings. But I wasn’t sure it would go to $1,100. Actually I saw a deal closed at 535 Gates which was similar and mistook the two for a moment. Purchased in Jan 2014 for $737k with 1125sf. Totally rebuilt to 2,177sf and listed $1.595M and sold just last week for $1.9M. I like the Banks location better but I think I like the Gates house. Better flow to the yard from living space, lots of windows in the master bath (Banks is a big cave) and an even a little sneak outdoor deck spot off the master. But exterior is not so great. Buyers are paying a lot in Bernal.
Where are those who decried the initial posting on this property as a mediocre place in an undesirable location at the original asking price?
I’ll chime in with the old adage; “There’s a sucker born every minute!”
But, hey, I hope the buyers are happy. That’s all that really matters. And I’m glad I bought our place several years ago because these places illustrate the current madness. But I’m certainly not complaining as I guess I could always sell our place and never work again on just those sale proceeds alone. I’m betting 2015 buyers won’t be able to say that four years from now, but I’ve been repeatedly surprised by SF prices during the last two years. Party on, Wayne.
Wayne?
I haven’t seen you say anything accurate about this market. Give it a rest
There are dozens of properties in the Bay Area for this price (or even for the ask) that I’d take over this. The fact that someone paid 2.1 for this place doesn’t make it any bigger or better-located or make me like it any better. But obviously there was one person out there who valued it at 2.1, which is fine with me — I hope that person is happy.
I’m suspecting you’d be hard pressed to get one of those superior places in a better location @$2.1 Mill.