Renovated in 2017, incorporating original detailing while opening up the main floor, “to accommodate today’s living needs,” the 2,112-square-foot, four-bedroom Bayview home with a garage at 1343 Palou Avenue was listed for $1,359,000 last March.
When an acceptable over-asking offer failed to materialize, the list price for the home was then increased to $1,559,000 last May, reduced to $1,259,000 last September and then re-listed for $1,429,000 two months ago.
And having been reduced to “$1,159,000” earlier this month, the sale of the renovated view home at 1343 Palou Avenue has now closed escrow with a contract price of $1,393,000, which is officially “20.2 percent over asking!” according to all industry stats and aggregate reports.
At the same time, the recent sale was 0.5 percent above the $1,385,000 that the seller paid for the home in August of 2017 on an apples-to-apples basis.
Congrats to the owner who just paid 1.4M for a home in [Bayview which] will take decades not years to gentrify.
It’s a nice home, well renovated. I actually toured this one. And its position mid-block on that stretch of Palou neutralizes a lot of the neighborhood annoyances other people mention. If they bought it as a short-term investment, probably won’t pay off anytime soon, but if they bought it as a comfortable home to live in, then they’ll be fine.
I honestly don’t know why this doesn’t happen more often. Best offer under asking? Just reduce the asking to a ridiculously low amount!
Single family home values in the City outside of District 10 were hardly affected by covid and are now going up in value with interest rates still low. Home values in Bayview on the other hand have plunged at least 10% since pre-pandemic levels. My guess is because A) people buying in Bayview needed to be close to their SF office and now don’t and B) the neighborhood is not walkable and the annoying elements of the neighborhood such as sideshows, gunshots, etc. are magnified now as people are home more and want to walk around their neighborhood.