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October 26, 2010

How’s the Market In: Sunnyside


Sunnyside is a relatively quiet residential neighborhood lined with single-family houses. It sits just north of City College (check out this map for the area) and is in close proximity to Hwy 280 and downtown Glen Park. The area is popular with first-time home buyers seeking starter homes, as well as long-time residents who appreciate the close-knit community feel. (The most recent high-profile project was the renovation of the Sunnyside Conservatory on Monterey.)

Monterey Boulevard is the dividing line between the north and south portions of Sunnyside. There’s a Safeway on Monterey between Foerster and Gennessee, as well as some restaurants and services. In general, the north part of Sunnyside commands the highest property prices, particularly for homes on blocks that are only a few blocks away from the Glen Park BART station. Property values tend to fall a bit on the south end, especially the closer you get to 280.

A total of 35 houses have sold this year in Sunnyside, at an average of $682,722. This is the norm for the area, as an average of 45 homes per year have sold since 2007. There are currently a dozen houses, four TICs and two condos on the market. The houses range in price from $480,000 for a 2BR/1BA, 995-sq foot short sale home, to $899,000 for a 3BR/2BA, 1700-square foot home on Joost at Congo that’s been sitting for the past 245 days.

Sunnyside is the go-to ‘hood for buyers who have been priced out of Noe Valley, Glen Park and even Bernal Heights. You tend to get more for your money in Sunnyside; additionally, the other three neighborhoods don’t have much inventory at all in the popular $600,000-$800,000 price range, let alone for single-family homes. My pick these days is at 459 Joost (above photo), which is a 2BR/1BA, 1120-sq foot home with panoramic views, a brick courtyard entry, and in walking distance to downtown Glen Park. Listed at $649,000, the home seems like a very fair deal.

The short sale/foreclosure wave hasn’t spared Sunnyside; the neighborhood has had its fair share of such sales over the past two years. But again, the number of homes sold this year appears to be on track. Fourteen homes were withdrawn or expired from the market this year, eight of which had been listed at more than $700,000. I think Sunnyside will continue to hold its own, as San Francisco simply never has enough inventory to meet first-time home buyers’ needs.

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