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June 3, 2011

How’s The Market In: Outer Parkside


I’m in escrow with buyers on a lovely house in the Outer Parkside, so I thought I’d throw out a market snapshot of the neighborhood and kill two birds with one stone. I’ve always been a fan of the Outer Parkside, particularly after selling my listing on 45th Avenue a couple years ago. I liked driving out to the beach to show that house and felt like I was partially on vacation when I did so. It was a great way to get a break from the more hectic parts of the city.

And many others apparently agree. The typical buyer demographic these days in the Outer Parkside is a combination of young couples and families seeking a single-family home with reasonable space and the elusive third bedroom (which usually comes in the form of an unwarranted room down). Buyers with FHA financing are also quite common, as the home prices fall within typical FHA ranges.

The Outer Parkside is bordered by Ortega on the north, Sunset on the east, Sloat on the south and the Great Highway on the west:

A total of 32 single-family homes have sold in the Outer Parkside since January 1, 2011 at an average of $592,648. A bulk of those properties sold in the high $500,000s-mid $600,000s, which is very indicative of values there. The most expensive home sold was a 3BR/3BA property with about 3,000 square feet that changed hands after 112 days on the market for $800,000. And the least expensive home was a 3BR/3BA, 1950-square foot bank-owned home that sold in 163 days for $445,000 in an all-cash transaction.

There are currently 15 homes in contract, including one listing on the Great Highway that started out at $1.4M but was reduced to just above $1M before having an offer accepted. The other properties carry list prices of the high $500,000s. And there are 16 homes currently available, including another Great Highway property listed at $1,550,000. That one was a former church originally built as a vacation retreat. My pick of the current crop is 2120 Sloat (pictured above). Listed at $598,888, the 2BR/1BA is located on a busy stretch of Sloat, but is in close proximity to the beach and nearby Lakeshore shopping area. There’s probably negotiating room in the price, and the house is clean and move-in ready.

The bottom line on the Outer Parkside is that it’s one of those neighborhoods that will always fill the need for a buyer who wants a cute house in a clean, safe neighborhood with access to shopping areas and recreation. And some houses will get you those ocean views, too.

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