From $1.4M In 2011 To $2M In Bernal Today
June 23, 2015
Purchased as new for $1,375,000 in January of 2011, the contemporary Bernal Heights home at 1755 Alabama Street, which roughly measures 2,100-square-feet, returned to the market in September of 2012 and sold for $1,605,000 that October.
Today, the three-bedroom home is back on the market and listed for $1,995,000 or roughly $949 per square foot.
The interior has been repainted, and the exterior has weathered a bit, but otherwise the sale(s) and measure(s) of appreciation for the Bernal Heights home will be apples-to-apples-to-apples.
If you think you know Bernal, now’s the time to tell.
Comments from Plugged-In Readers
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This house is not for livin, its for trading.
What’s up with the sink hole in the backyard?
Mr. Trew loves to low-ball his listings. This will sell well over ask. Alabama is a busy street and you’d think that might have an impact on max price but that copper house on Ripley sold for $1300/sf and it’s on a step busy street with a loud bus line on it. But the views were sweet and the home was awesome. Including that ridiculous garage. Maybe this goes for $1200/sf? People are paying very high prices for lesser properties. The seller will do well.
Oh and I kinda like the sink hole. Makes good use of the space I think. Nice private hot tub and outdoor area. Something looks wrong about that staircase though. And the kitchen is not my thing.
Alabama is a busy street? Really?
Sorry, I should qualify that. Alabama is one of the busier streets in Bernal
There was an apples-to-apples sale a block away of an essentially new construction at 1687 Alabama that went from $884psf in 2012 to $1058psf in 2015, ~14% increase per year.
Applying that annual psf increase to 1755 Alabama, the asking price is reasonable but I still think it is gonna to go for more. I predict $2.1M.
As for Alabama Street, it is busy by Bernal standards but it is also a very wide street and the lots tend to be a little bigger than typical Bernal.
That’s a good comp. And after looking at other comps I think you’re right. Somewhere in the $1,050 to $1,100/sf. That’s where most of the nice stuff has been trading. Some deals with views traded higher price/sf and then there was 459 Anderson at $1229/sf for some reason.
I’ll take the over on that. $2.5m. The flip on Peralta that went for $1.75m blew my mind and makes me think Bernal is going through some sort of phase change. But just speculating.
2015 Bernal = Noe prices circa, what? 2005? (The recession kinda throws a monkey wrench into the Bernal/Noe PSF lag price indicator. I’ve always thought of bernal lagging Noe by 3-5 years price wise. Kinda meaningless but kinda macro way to track bernal vs Noe progress.
Now wrt to the mission, the mission has changed positions due to gentrification. Like a platform uplift. Comparing the relative pricing per hood, think of it this way: if Noe is a 10, bernal has always been a 6. The mission was a 3 in the 2000’s. Now the mission is a 5, while relatively speaking Noe and bernal have stayed the same.
What y’all think? Kinda makes sense, or am I blowing smoke up my own *ss
Supply now at an ALL time low. Expected 8000 new condo units in next three years, so once that hits, this madness will abate and bring this back to where it should be…$990/sf
[Editor’s Note: Inventory Of Homes For Sale In San Francisco Ticks Up (And Down) and 50,000 Units In San Francisco’s Housing Pipeline.]
Just curious… how do you arrive at $990/sf?
I’ll say this goes for 2.1M also. Just go to Precita Park Cafe on the weekend. It’s clear where all the Noe wannabes are moving to.
It certainly has weathered a bit. I would expect a place this new so stand up to the elements somewhat better than this place has.
So… 1617 Treat just sold at $1,221/sf which was $400k over asking. Only a couple blocks away on a dead end street. It was a 2/1 and definitely not high quality finishes but looks to have a large yard. Maybe buyer expands. Not sure how the numbers work on that though.