Purchased for $1,375,000 in March of 2017, which was “over asking!” in “hot hot hot” Bernal Heights, despite having been listed for $1,550,000 in April of 2016, prior to being reduced and touting an appraisal for $1,818,000, the sleek three-bedroom home at 519 Nevada Street, which was was taken down to the studs, expanded, and remodeled in 2016, returned to the market priced at $1,499,999 in May of 2021, a sale at which would have represented total appreciation of 9.1 percent from 2017 to 2021 or roughly 1.6 percent per year for the single-family home.
Reduced to $1,499,999 after a few weeks on the market and then to $1,399,999 after another week, the 1,636-square-foot home was then offered for rent $6,000 a month in June of 2021 and withdrawn from the MLS.
Last week, the “value-oriented home” at 519 Nevada Street returned to the market listed for $1,375,000, a sale at which would represent net appreciation of 0.0 percent over the past six years on an apples-to-apples basis. If you think you know the market for Bernal Heights and remodeled single-family starter homes, “with the price tag of a condo,” now’s the time to tell. Keep in mind that the widely misreported index for San Francisco home values is “still up 49 percent!” over the same period of time, having dropped 11 percent over the past year.