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April 4, 2012

A $2M Home in An Unlikely Place: Dogpatch

It’s easy to hit neighborhoods like Noe, Eureka and Cole Valleys to see $2M+ homes on broker tour. But in addition to heading to those ‘hoods yesterday, I decided to check out a newer listing in that price range in Dogpatch, a neighborhood that doesn’t typically offer single-family homes at this price point.

Real estate inventory in Dogpatch, also known as the Central Waterfront, is primarily comprised of condos. The area is a mix of residential, commercial and light industrial. New construction condo buildings have gone up since the 1990s, but are in limited supply. Tennessee and Minnesota Streets feature a smattering of Victorian single-family homes, and that’s where I found myself yesterday on broker tour.

I checked out 1067 Tennessee, a 4BR/5.5BA Victorian home recently listed for $2.1M. Last sold for $615,000 in April 2008, the current owners have transformed the property into a contemporary showcase across three levels, with about 3,192 square feet.

The open floor plan hits you right away, as there’s no foyer to usher you in. The usual high-end finishes and appliances are there, such as a Bertazzoni six-burner range and marble counter tops.

Each level provides great space and a very appealing architectural aesthetic. However, the rear outdoor spaces are the epitome of the Dogpatch feel; the concrete patio backs up to a building covered in corrugated metal, and the area is dominated by hardscapes.

I think there’s a much more specific buyer pool for a property like this, given the price point and surroundings. The sellers are probably looking for the same type of buyers who purchased the only other $2M+ single-family home that has sold in the neighborhood over at 690 18th Street at Tennessee. That was a two-level house with an attached 4,000-square foot warehouse that changed hands in April 2011 for $2,449,000.

So buyers are out there for these more individualized homes. But I think these types of sales are driven more by buyers who perhaps have a business in Dogpatch and would want to be near their shop or office. Dogpatch has really changed a lot in the past decade, with an influx of businesses, restaurants and cafes. But with housing stock dominated by smaller, less expensive properties, the luxury single-family home market may not be as strong as it is in other neighborhoods.

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