CFAH

Taken down to the studs and completely renovated in 2016, the 4-bedroom Bernal Heights home at 600 Gates Street hit the market priced at $1.699 million that May and sold for $1.720 million that August.

The “luxurious, comfortable home” features an open lower level with a separate entry, wet bar and full bath; an open kitchen and great room above; a main suite with a private rear deck; and a one-car garage with room for a workshop and direct entry into the home.

Having returned to the market priced at $2.095 million, or just $815 per square foot, last July, reduced to $1.995 million in September, and then lowered to $1.945 million in October, a sale at which would have represented total appreciation of just 13.1 percent since the third quarter of 2016 on an apples-to-apples basis, 600 Gates has just been relisted anew for “$1.595 million,” a sale above which would be considered to be “over asking!” according to all industry stats and perhaps a “top overbids!” report or two.

If you think you know the market for Bernal Heights homes, now’s the time to tell.  And yes, the Case-Shiller index for single-family home values in “San Francisco” is “up over 50 percent!” from August of 2016 to today.

Comments from Plugged-In Readers

  1. Posted by Panhandle Pro

    Someone who likes moderate risk, high reward should do the following:

    – (Illegally) install an electric oven in the lower unit, seal off the “office” as a bedroom, and rent it out, declared as a room that’s part of the home. Be nice to your neighbors. Watch the cash flow in.

    – Assume a 10% chance of getting caught. If so, remove the oven and replace with some cabinets. Add a series of electric griddles and other electric cooking items which serve the purpose. Either rent out again, or AirBnB it out, again as one room as part of your house and thus you can do it 365 days a year.

    • Posted by Panhandle Pro

      I think you might be able to get $4K/month for that lower unit. Back of the envelope math says the mortgage/taxes/insurance for the entire building would be around $8K.

      This seems like a pretty great way to have half of your monthly payment serviced with minimal effort or inconvenience. You still live in a 3BR upstairs.

    • Posted by Panhandle Pro

      Last comment…The side entrance for the in-law unit is the only home entrance on the entire block of Ogden Ave, which is pretty remarkable. That means no one will be observing a “stranger” coming and going. This is a tailor-made illegal in-law unit. Debating whether I should call my agent…

  2. Posted by Willow

    This location is sub par & Bernal is always a mixed bag…it just depends on where you focus…but elsewhere in the hood is very much in demand…just look at 101 Santa Marina or 679 Moultrie.

    • Posted by SocketSite

      600 Gates is far from a “sub par” Bernal location. Regardless, 600 Gates is apples-to-apples while 679 Moultrie was redeveloped between sales. And while 101 Santa Marina did resell for 28 percent more than its 2017 price last month, versus a 39 percent increase for the index over the same period of time, keep in mind that it sits on an oversized 2,996-square-foot lot that’s zoned for two units.

      • Posted by SF Doc

        No, no. As someone who lived on the 300 block of Gates for many years, I can tell you that the location is indeed “sub par.”

        • Posted by shza

          Agree. This far down the hill is definitely sub par. The staging on this place is hideous too, not that that should affect the price — but the same questionable aesthetic seems to have affected many of the design choices too (why that shower/bath shape?). That “great room”/open kitchen area looks cramped and lacking in natural light. Just generally looks like kind of a disaster on the remodel.

  3. Posted by jenofla

    A 3 bedroom on one level, remodeled home with off street parking and essentially a separate downstairs unit in Bernal not selling at 1.95 surprises me, so the microhood must be terrible, or perhaps some neighbor pit bull growled at every potential buyer, or who knows. Could it be the sparse outdoor space? Still enough to keep 6 ft between you and a visitor, and they could come in through that side gate and not through your house, if you are concerned about covid, which people are less and less so. Something must be off, so I’m going to bid low, 1.9 mil.

  4. Posted by Ohlone Californio

    I haven’t stepped foot in this one. I think there must be some limiting factors going on. Are those posts really odd feeling in person? Can’t call it. But for the sake of sport I’ll go with 1.85.

    • Posted by Anon

      One major problem I see is that for the 2 front bedrooms you have to walk through the living room to get to the bathroom.

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