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January 31, 2018

Bernal Microhood Update: Big Northwest Slope Overbids, Good Value for East Slope Homes


The Northwest Slope microhood in Bernal Heights was a hit with buyers willing to pay hundreds of thousands over the list price to “win” their property in the last quarter of 2017. And those looking for solid value got lucky in the East Slope, where newly renovated homes sold at much lower prices than elsewhere in the neighborhood.

As my regular readers know, I created the Bernal Heights microhoods four years ago to help prospective buyers and sellers get a more refined sense for single-family home values in the neighborhood’s distinct geographical areas.

Here’s how our microhoods stacked up in the fourth quarter of 2017:

Northwest Slope
Single-Family Home Median Price: $1,510,000
Most Expensive: 18 Prospect (4BR/3.5BA, 3565 sq ft | $3,500,000)
Least Expensive: 75 Winfield (3BR/2BA, 1650 sq ft | $1,250,000)
# Homes Sold: 9
# Overbids Above 25%: 7
The Northwest Slope stood out among all the microhoods in the last quarter for having the widest gap between list and sale prices. Buyers overbid by 30% or more ($300,000-$500,000) on six of the nine houses sold, including 251 Bocana, a 3BR/2BA home listed for $1,159,000 that closed for $1,635,000. Lot value remains unsurprisingly high, as well, as the sale for $1.8M for the double-wide lot at 15 Prospect proved.

North of Cortland
Single-Family Home Median Price: $1,500,000
Most Expensive: 211 Anderson (4BR/3BA, 1918 sq ft | $2,130,000)
Least Expensive: 121 Gates (1BR/1BA, 600 sq ft | $700,000)
# Homes Sold: 5
# Overbids Above 25%: 3
Only five homes sold North of Cortland in the last quarter, but high-flying overbids popped up at two of them. The modest two-bedroom home at 166 Ellsworth listed for $998,000 changed hands for $1.5M; its two-bedroom neighbor at 208 Banks sold for $1,620,000—35.5% over the $1,195,000 list price. And the lot with a fire-damaged teardown at 121 Gates that sold for $700,000 in cash is currently in the permit process for restoration (with no expansion–a rarity).

Precita Park
Single-Family Home Median Price: $2,225,000
Most Expensive: 1755 Alabama (3BR/3BA, 2131 sq ft | $2,600,000)
Least Expensive: 1717 Alabama (3BR/2BA, 1750 sq ft | $2,060,000)
# Homes Sold: 4
# Overbids Above 25%: 2

Though Precita Park didn’t have much inventory late last year, the homes that did sell commanded a premium. All were thoroughly renovated, so this gives you an idea as to what a “done” home costs in the microhood at the moment.

East Slope
Single-Family Home Median Price: $1,870,00
Most Expensive: 175 Brewster (3BR/3.5BA, 2500 sq ft | $2,200,000)
Least Expensive: 14 Joy (5BR/2BA, 2225 sq ft | $1,240,000)
# Homes Sold: 9
# Overbids Above 25%: 0

All but two of the homes sold in the last quarter of 2017 on the East Slope were fully renovated or newly built. And the good news for buyers is that the microhood represents good value for the inventory. After all, the pair of modern, new-construction homes at 173 and 175 Brewster sold for $2,195,000 and $2,200,000, respectively—a fairly low price for brand new homes in a good San Francisco neighborhood. I’m also noting that there were no crazy overbids on the East Slope, which means it’s the place to be if you’re not into paying hundreds of thousands of dollars over the list price.

Southeast Slope
Single-Family Home Median Price: $1,233,000
Most Expensive: 169 Putnam (3BR/1BA,1093 sq ft | $1,058,000)
Least Expensive: 220 Bradford (3BR/2BA, 1244 sq ft | $1,408,000)
# Homes Sold: 2
# Overbids Above 25%: 1
Two mid-century homes were the only game on the Southeast Slope in Q4 2017. You can tell by the sale prices above which of the two was slickly renovated. 220 Bradford received six offers and ended up selling for $309,000 over the list price. It was also only a block from Cortland.

South of Cortland
Single-Family Home Median Price: $1,306,000
Most Expensive: 368 Prentiss (3BR/2.5BA | $2,500,000)
Least Expensive: 4021 Folsom (2BR/1BA, 960 sq ft | $1,002,000)
# Homes Sold: 13
# Overbids Above 25%: 4
South of Cortland took the prize for the most number of homes listed under $1M that ended up selling for $1,200,000-$1,350,000. Only three homes sold in the $1.5M-$2M range, making this microhood a likely bet for buyers looking for a more affordable area of Bernal.

Holly Park/St. Mary’s Park
Single-Family Home Median Price: $1,605,000
Most Expensive: 101 Santa Marina (4BR/3BA | $2,500,000)
Least Expensive: 84 Cortland (2BR/1BA | $1,300,000)
# Homes Sold: 8
# Overbids Above 25%: 3
Holly and St. Mary’s Parks continue to be popular with buyers, especially when it comes to homes with three or more bedrooms. And the closer you get to Cortland, the higher the price—as evidenced by sales at 125 Benton, 155 Newman and 101 Santa Marina, all of which sold for more than $2M.

[Data is based on October 1 – December 31, 2017 in the San Francisco Multiple Listing Service.]

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