Very healthy organic price appreciation on homes in Bernal Heights

April was a busy month for home sales in Bernal Heights. Last month 18 sales were completed at an average sale price of $1,028,722.

With the cat out of the bag about Bernal Heights being named the hottest neighborhood in the country and all the hype that came with that designation we thought it would be interesting to take a look at some recent price appreciation on a few homes in this ‘hood. Some of the results we found were impressive.

Case in point, the sale of 315 Coleridge Street. Back in January 2012 this home was purchased for $850,000. It just sold for $1,501,000 representing a 78% bump in value. But here’s the real kicker – this home was NOT significantly renovated prior to its recent sale. That is some serious organic price appreciation over a 28 month holding period.

Here’s another one – 3261 Harrison Street. Back in July 2011, this home was purchased for $842,500. It sold last month for $1,250,000, a 48% increase in value. And how about 165 Elsie Street. Its prior sale was in December 2009 at $862,000. This home recently sold for $1,315,000, representing a 53% increase in value. Like the Coleridge property, neither of these homes were significantly updated prior to sale.

Those are some healthy price gains in a relatively short period of time. So what’s driving up prices? The hype factor? Tech job growth? The tech IPO market? The severe imbalance in the supply & demand of homes for sale? International investors? Low mortgage interest rates?  A combination of all these things? Take your pick.

A few more notes on the April sales:  27 Appleton Ave and 124 Mullen Ave were sold as fixer uppers. 633 Banks St and 421 Nevada St were renovated prior to their recent sales.  72 Putnam St sold with a vacant lot next door. The lot sold for $399K.

Want to chat about the market? Feel free to drop us a line.

Address Type List Price Sale Price Date Sold Days on Market
4021 Folsom St 1BR/1BA $539,000 $525,000 4/21/14 64
533 Nevada St 3BR/1BA $699,000 $700,000 4/25/14 63
15 Putnam St 3BR/1BA $679,000 $725,000 4/15/14 14
853 Peralta Ave 3BR/2BA $899,000 $830,000 4/30/14 132
27 Appleton Ave 1BR/1BA $899,000 $860,000 4/10/14 59
282 Holladay Ave 3BR/2.5BA $895,000 $915,000 4/30/14 67
124 Mullen Ave 2BR/2BA $949,000 $950,000 4/7/14 32
247 Richland Ave 4BR/2BA $695,000 $950,000 4/7/14 31
34 Putnam St 2BR/1BA $890,000 $991,000 4/16/14 17
633 Banks St 3BR/2BA $899,900 $1,005,000 4/25/14 39
72 Putnam St 2BR/2BA $899,000 $1,010,000 4/4/14 28
421 Nevada St 3BR/2BA $799,000 $1,050,000 4/30/14 0
1827 Alabama St 2BR/1BA $899,000 $1,165,000 4/18/14 43
3261 Harrison St 2BR/1BA $949,000 $1,250,000 4/1/14 13
165 Elsie St 3BR/1BA $1,095,000 $1,315,000 4/30/14 13
62 Bradford St 2BR/2BA $995,000 $1,350,000 4/4/14 19
317 Crescent Ave 3BR/3BA $995,000 $1,425,000 4/23/14 28
315 Coleridge St 3BR/2BA $1,150,000 $1,501,000 4/9/14 9
Average   $879,161 $1,028,722   37
Median   $899,000 $998,000   30

 

Sale prices and market data are based on information from the San Francisco Association of Realtors Multiple Listing Service.
MLS data is deemed reliable but is not guaranteed.

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