701 Teresita Boulevard

Purchased by an interesting group of investors for $1,152,000 in July of 2015, the 1,550-square-foot Miraloma Park home with panoramic views and expansion potential at 701 Teresita Boulevard was foreclosed upon in June of 2016, selling for $942,000 in cash on the courtyard steps, with permits to renovate and expand the home having been secured but not executed.

Completely remodeled and expanded to 2,400 square feet in 2017, the now three-level, four-bedroom home with multiple decks, walls of sliding windows and contemporary finishes, including a Bertazzoni in the kitchen and an EV charger in the garage, then sold for $2,250,000, or roughly $938 per square foot, that September.

Having returned to the market priced at “$2,249,000” last month, a sale at which would represent no appreciation since the third quarter of 2017, the “Miraloma Stunner” is already in contract.

If you think you know the market for Miraloma Park homes, now’s the time to tell.  Keep in mind that the Case-Shiller index for single-family home values in “San Francisco” is up 39.9 percent since September of 2017.

25 thoughts on “If You Think You Know the Market, Now’s the Time to Tell”
  1. I live in Miraloma Park – above this portion of Teresita. The remodel looks sharp, and the decks/view make all the difference. The downside is being on Teresita which is a speedway at times – despite the installation of speed bumps a few years back. Good luck backing out of your garage should you happen to park in the garage.

    The streets off of Teresita are much quieter and seeing what similar recently remodeled/enlarged homes on these streets are going for, my guess is this place fetches 2.7 million give or take.

  2. I too live in Miraloma, which has much to like. The neighborhood can feel quiet and suburban, with easier parking than most SF neighborhoods, and with great access to 101, 280, Glen Park BART, undeveloped outdoor space in Glen Canyon and on Mt Davidson, and for many neighborhood homes (though not so much this one), walking distance to the shops along Portola – Tower Market, Starbucks, Tower Burger, CVS, dry cleaners, and a taqueria.

    Area traffic gets funneled to O’Shaughnessy or Teresita; this indeed is a noisy street with typically fast moving traffic, and the house probably at the most dangerous spot – around a curve and on a slope – I’d be nervous every time I had to back out of the driveway.

    The house looks nicely updated, with an open floor plan most buyers say they want (a little too open for my taste…), and a design that seems to maximize the use and views of the sloping lot. Great views and a lot to like, but $2.7M sure sounds high; I’d guess pretty close to asking, maybe $2.3M.

  3. I’ve seen so many things go for much more than I would otherwise expect, and yet also see more than a few things go for a more ‘reasonable’ amount. For an in-demand house the winning buyer generally has to come up with an offer that is crazier than all the others (which then becomes the ‘benchmark’ for subsequent sales to point at). ‘creme de la crazy’

    I would say that this probably “should” go for not much more than 2m, but it’s very likely that this type of renovation (fancy stove, EV charger, etc.) is targeting someone who is willing to pony up a bit more than anyone else and thus isn’t worried about if the price is “fair” as they just want to get in before the usual spring overpricing season kicks in, plus I’m assuming the sellers really don’t want to take a loss so they probably need to get their costs covered which has to be more than their listing price or they would just keep the listing open longer, so I’ll guess it is probably going to be around 2.5m, though I would not be surprised if it went for more.

  4. I live on the border of Sunnyside and Miraloma. 238 Mangels near me recently sold for $2.75. Bigger home, but not as nice. I disagree with Seattle dude on a number of issues, but I think $2.7 is a good guess. Somewhere in the range of $2.5 to $2.8.

  5. I am changing my estimate. Based on a recent sale by my neighbor, I feel confident that my home has appreciated 30% since May 2017 (under performing Case-Schiller). So I think Teresita goes for $2.9-3.0.

  6. When we moved to Miraloma Park in the late 2000s, this was terra incognita. I always called it “Daly City-in-the-City” or “Glen Park Heights.” It was mainly seniors and a good number of Gay couples, as well as a vestigial African American community dating back to the late 1960s. Since then a lot of the older people have moved on and Miraloma Park has been “discovered” as a family-friendly neighborhood. Although it’s not really all that much of a bargain anymore, the houses tend to be bigger and many have yards, although a lot of the yards are pitched at a 45-degree angle (or worse). It’s also very foggy and windy if you don’t like that sort of thing. The shopping strip is okay (mostly because of Tower Market), but there’s no real restaurant to speak of. You can walk to Glen Park and West Portal in about 25 minutes or so, but the hike back up the hill will make you sweaty.

    However, I have never appreciated Miraloma Park as much as I have since Covid. Quite a bit of open space and the streets are nice to walk on. Neighbors are mostly friendly apart from the handful of bitter old Trumpers. Also, no junkies or tweakers to speak of, although I have noticed a few trying to set up tents behind Tower Mkt.

    Anyway, open houses up here spark a frenzy as Teslas jockey for a spot. Amazing that people are prepared to spend 2.5 million on a 1930s cracker box that originally sold for $4k, but that’s San Francisco I guess.

  7. Nobody is talking about the pocket of commerce on Monterey. There are a few restaurants and cafes, and they’re better than the Portola stuff. Another family draw is Sunnyside school, which anecdotally folks seem to really love. (FWIW I’m not interested in anyone parsing the ins and outs of SF’s lottery system in this space … but a draw it is for people already in that mix, at minimum.) Also Starr Spirits is an absolute gem.

    1. Sunnyside Elementary is great, but this property is within the Miraloma Elementary district, which is rated even better – so your point about the public school draw stands.

    2. Yes, Shanghai Dumpling King is great. I don’t really know the other places in that Monterey Strip so well. What else would you recommend?

  8. Of some possible relevance to this item is JK Dineen’s front-page article in this morning’s Chron regarding a new development in the Portola in which he recounts the recent listing of 485 Colon Ave. {described as in Woodland Highlands which, pursuant to Google Maps, is one mile away and hardly imposing looking} at $2.49M which sold in an all-cash deal for $3.6M.

    1. Having been newly renovated and expanded, 485 Colon Avenue hit the market priced at $860 per square foot, in an area where the average sale price has been running closer to $1,050 per square foot. And yes, the above-average home ended up selling for well over asking at $1,240 per foot. Which brings us back to the property and market at hand…

  9. $2.625, de rigeur well over asking but indicative of cooling market and shy of seller hopes for close to $3M. But I know nooooothing. 🙂

    1. I guessed the same number but thought it indicative of a heating market. I don’t see any cooling going on right now.

    1. So, up 24.4% since the 2017 sale. Underperformed the market a little (although not really apples to apples as everything in the place is now 4 1/2 years older), but I’d be happy with that if I were the seller. They do have to pay capital gains taxes on $50,000 of that $550,000 gain, though. Bummer.

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