Not Selling (Bernal Heights)


#1

4/3/1900ft. It last sold for 1.8M last year. It was remodeled and came back to market asking for 1.75M. No taker. They just lowered the price to 1.6M. It should have flown off the shelf, but for some reason it’s not selling. @notabene, you want it?


#2

No doubt, the house itself is nice but when you compare to the rest of the street I don’t know if it is wise to buy the most expensive home on the street. I get it, the homes in BH are also older and when people buy they then usually remodel to the gills but the rest of the street here is not that desirable or the homes look way smaller in comparison and def not in great shape. I agree with you, this house should have sold although I feel at 1.8M is a tad much. I am thinking the reset price is more reasonable or 1.49M would have garnered much more interest right off the bat. Granted, that would take it back to pricing from a few years ago but tough luck. Initial price setting is so key and let’s not forget that timing is everything. Last year, if priced right this should have sold easily but right now I am thinking people are pickier or not willing to overspend. I just happen to go to an open house an hour ago here by my home and it is a cute small Sunset home for just over 800k. Reasonable and there was a steady stream of people.


#3

@sfdragonboy you are such a buzzkill… :skull_crossbones:

BH houses have small lots though.


#4

Hey, man, I tell it like it is…

We live in a near perfect world of information. This house, albeit very nice, is simply too nice for the street. 1.8M is dreaming… 1.49M list otoh would have gotten the attention and probable sale at ABOVE listing me thinks…


#5

It did sell for 1.8M back in Feb 2015, with less upgrade. So the market has cooled a bit. And dude, it’s not just condos.


#6

This reinforces my observation that RE has peaked last year. At what level would prices stabilize? My feeling is at 2014 prices.


#7

Yeah, the 1.8M was really too high for the neighborhood. Come on, at that price you could have gotten Golden Gate Heights or maybe West Portal. I have consistently not liked neighborhoods like Bernal or the Mission…

School rankings are not very good too…


#8

I think it’s important to draw the distinction between low and high end. The above 1.5M market has clearly cooled in SF. But the below 1.5M one is still pretty hot. It may cool soon, maybe in 2017.


#9

In this market, me thinks people are NOT going to spend over 1M unless house attributes really warrant it. The picky, picky buyers are back…


#10

Interesting… There’s even a shuttle stop near by. Hmm…


#11

Bernal Heights is the new^2 Noe Valley. I think Glen Park is the new Noe. Cortland Ave is pretty cute, with some good brunch places.


#12

One of the duplexes I watch in Sunset also lowered the price by $200K today (from $1.8M to $1.6M).


#13

OMG, it’s hitting a bit too close to home @sfdragonboy :smile:


#14

It depends on neighborhood. sfdragonfly says $1 mil, I presume is his target neighborhood. My target neighborhoods, below $1.25 mil sell fast i.e. over one weekend open house, except those near busy roads or highways. Well staged white-silvery theme remodeling houses sell well too :grinning:


#15

Don’t believe the dragon boy. Nothing in Sunset sells for under 1M… :slight_smile:


#16

Not too worried about it. Remember, a house is a home (for us) first and foremost. I could care less about intermediate price drops or rises for that matter. We obviously do love it when gains are reported in the area, especially actual realized sales are higher than expected. I bought in for 600k so we should clear hopefully a M when we cash out one day. The fundamentals and positive attributes of a home are what can stand the test of time. A crappy house with warts that are not fixable, well, is another story…


#17

It’s a supply and demand. Too many flippers gut/remodel too many old houses, I find that the premium for remodelled houses becomes less and less.

General market also has slowed. Many neighborhood had no appreciation in the past 12 months, some houses are losing value.

Also even the lower end market also struggled to maintain any price gain.


#18

Agreed, cuz at the end of the day who likes an ugly inflated property tax bill??? That is why I prefer semi-fixers and working with a seasoned architect/permit expediter who knows the ins and outs of keeping the reassessment amount down.


#19

No, that’s not what normal people think. People, especially first time buyers who lack experience, buy on emotion. That’s why staging works. They don’t know what’s big deal and what’s small potatoes that are easily fixable. Lacking that knowledge no wonder shiny all-dolled-up houses sell at a premium.

The flippers provide a great service. They take the hassle of managing the rehab away and give you the final shiny product. Normal people also are busy and have lives outside of real estate (unlike many of us here… ) so it’s perfectly understandable they don’t want to tackle something big and hairy like a rehab project.


#20

Well, we never did say we were just normal…:slight_smile: