As we highlighted last month:

Having been taken “down to the studs,” completely remodeled and expanded to a little over 2,000 square feet (with four bedrooms, four baths and a panoramic roof deck to boot), the Bernal Heights home at 478 Anderson Street sold for $2.2 million in January of 2018.

The home’s main floor features an open living/dining room, with an adjacent “chef’s kitchen” outfitted with Calacatta marble counters, Italian tile, and custom wood cabinets. And as of this morning, the “gorgeous contemporary home” is now back on the market with a “$1.995 million” price tag.

And after a month on the market, the resale of 478 Anderson Street has closed escrow with a contract price of $2.6 million. Or more precisely: $2,608,319.

Yes, that’s an exaggerated 31 percent “over asking.” But more to the point, that’s total appreciation of 18.6 percent, or roughly 13.3 percent per year, since the start of 2018, and nearly $1,300 per square foot, for the remodeled, four-bedroom Bernal Heights home.

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Comments from “Plugged-In” Readers

  1. Posted by L'UrbanistaSF

    If there were ever a case for how lousy recessed can downlights illuminate a space it is this.

    • Posted by sparky-b

      totally they won’t be able to sell it for top dollar (several times) with that lighting

      • Posted by Michael

        Or the reason it has already sold (several times) is that it looks much better in pictures and open houses than it ‘lives’ once you move in?

    • Posted by Some Guy

      Since people are nit-picking I’ll pile on:

      The vent hood over the stove is located way too high to be effective. The closer the better, typically 26″ to 30″ is ideal. That looks more like 48″+. Nice raised-relief subway tiles behind the stove, but how much fun will it be to clean cooking grease off those?

      • Posted by bachman_erlich_overdrive

        Or have white street-facing exterior walls, or pour red wine on the marble counter-tops, or repair the light wood floors when the get banged up, or repair the toilet that’s built into the wall when it runs, or use the roof deck in the cold wind, or service the built-in fridge when it goes out in 7 years because there’s no compressor made any more,and the entire cabinet scheme has to be replaced, or refinish the wood grain garage door?

        Sure sold though.

        • Posted by Brian M

          Strange. There seem to be a lot of white-painted exterior walls in SF. Many in unremodeled, un-architected houses. People get by.

          All of the other complaints can be easily addressed. Somehow I am sure there will be replacement fridge available, wood floors may get banged up, but carpets get stained and smelly. I am assuming there is service access to the toilet somehow.

    • Posted by jenofla

      Are you saying this is a bad example of recessed can lighting or just they are all bad? Then why does every lighting designer (okay, only two) I consult with tell me to put in ceiling disc lighting then? (note, these days, they are more like flush discs than cans) Kitchen, living room, bedroom, bathroom, no room is safe from that recommendation. They recommend it for ambient lighting and usually have additional recommendations for task and accent lighting.

      I haven’t done it but our current center granny-like ceiling dome flushmounts just don’t give out much light, reach corners, and they cast shadows. Track lighting doesn’t look that much better and can have the same issue of light coming from a limited portion of the room. There’s only so many floor lamps you can put around before it gets cluttered, and sconces are permanent changes to the wall that limit design/furniture placement. I hear this anti-“can”-lighting sentiment everywhere, but am stumped as to what is the alternative for good ambient lighting? (asking sincerely)

      • Posted by sparky-b

        jenofla,
        can lights serve their purpose well. Most people dislike them when they are used exclusively and in large numbers. Central Semi-flush ceiling fixtures with some perimeter cans on separate switches works best, IMO.

  2. Posted by sparky-b

    So nobody has anything to say about the Wowsers price. $2.6mm for south of Cortland. Between this sale and
    221 Benton : Saint Marys Park for $2.7mm ($1150/ft) and
    331 Vicente: Inner Parkside house officially in WP for $2.9mm ($1200/ft)
    We are seeing some new highs for these kind of hoods.

    #$1200-is-the-new-$900
    #juuleffect

    • Posted by SocketSite

      And yet, after an extremely slow first quarter, followed by a one month bump, the pace of home sales in San Francisco has dropped anew.

      But we are seeing an uptick in listings, and subsequent sales, for newly redeveloped homes which are well above average, in terms of both size and finishes, for the neighborhoods they’re within.

      • Posted by sparky-b

        None of these 3 are well above average size, and of course the topic of this post is a resale of a redevelopment. But yes they are nicely done, and nicely done is getting a premium.

        There are also new developed houses above averages size and finish as well, such as 38 Liberty ($7.2) and 4612 19th ($6.mm and $1441/ft) but these sold for too much in already established hoods to fit my first #, but they are probably still #juuleffect

        • Posted by SocketSite

          In actuality, the average Bernal Heights home measures closer to 1,500 feet (versus over 2,000). The average Inner Parkside home measures closer to 1,800 square feet (versus 2,400).

          And while both 38 Liberty and 4612 19th were certainly strong sales for newly developed homes, neither set records for the neighborhood.

          But once again, we are seeing an uptick in listings, and subsequent sales, for newly redeveloped homes which are well above average, in terms of both size and finishes, for the neighborhoods they’re within (but relatively inexpensive compared to more established/desirable neighborhoods).

          • Posted by Ohlone Californio

            38 Liberty is record setting. Find anything that close to Valencia that’s sold for more. Don’t parse things right out of meaning, while parsing.

          • Posted by SocketSite

            You’re right. While not a record for Dolores Heights, or even Liberty Street, that is the highest sale price on record for a home located within 5 doors of Valencia.

          • Posted by Ohlone Californio

            There you are parsing facetiously. Why? Above you flail about trying to argue against an apple “redeveloped” and insert size, as if well executed smaller homes don’t trend even higher per square foot generally. As to 38 Liberty, admittedly it’s where realtor-generated neighborhood zoning fails. “Dolores Heights” 38 Liberty is not. The last sale that’s really comparable to this one was 50 Oakwood in “Mission Dolores.” Five doors from Valencia? Try within a quarter mile radius of Mission st, more like.

          • Posted by SocketSite

            In general, well executed smaller homes definitely fetch higher prices per square foot on an apples-to-apples basis. But there’s actually an inflection point around the four-bedroom mark, due to the relative scarcity of larger homes in the city.

            And a “quarter mile from Mission” extends your boundary all the way to the end of 38 Liberty’s block.

          • Posted by Ohlone Californio

            Is it a half mile then? Or is that going to include one or two enormous view homes? Should I have said non huge downtown-view properties? or non-roofdeck only, huge view properties? What should it have been, given that you know precisely what I’m getting at?

            You can drop the parse right out of meaning / must maintain the smartest guy in the room / routine at any time. Truly.

    • Posted by bachman_erlich_overdrive

      Thanks for pointing those out. They look like very well done remodels and yes, tremendous prices for those neighborhoods.

      The similarity of the interior finishes (between the subject of this post, and your examples) is also noteworthy.

  3. Posted by Newishhomeowner

    We looked at this home when it was first on the market a year ago.

    Finishes felt like a flip. Kitchen felt small and cramped. The skylights were weirdly placed. Assumed it would go for about 2.3-2.4 at the time. We were a bit surprised it went for 2.2 given how hot Bernal and the market was at the time. We purchased a different home. We are utterly flabbergasted this now resold for 2.6+ – assuming there were no changes to the property since the first sale. It was a decent house but the market spoke last year realistically. This time – not so sure. Feels like an outlier.

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