Comments on: 463 Nevada in Bernal on $950,000 out $775,000 (yes that’s under asking) http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/ Real Estate Insight, Statistics, Gossip, and News - with a Twist and some Flavor Mon, 01 Dec 2008 17:50:15 +0000 http://wordpress.org/?v=2.6.3 By: Greg Angilly http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1517 Greg Angilly Fri, 20 Jul 2007 05:47:46 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1517 Kevin - your sentiments are exactly what makes this city great -- we have a small city but TONS of quality neighborhoods in that small space. For some people, District 7 is the ONLY place they would consider living in the city. For some, it's Potrero Hill or Bernal Ht's, others Noe - etc. The people who live and own property in Bernal Ht's tend to love the neighborhood, the weather, the proximity to 101 / 280 and the "small town" feel the neighborhood retains. The price per square foot of the home in question is not typical of the entire neighborhood -- in fact it is significantly higher. Be leary of judging the entire Bernal market based on this property. Kevin - your sentiments are exactly what makes this city great — we have a small city but TONS of quality neighborhoods in that small space. For some people, District 7 is the ONLY place they would consider living in the city. For some, it’s Potrero Hill or Bernal Ht’s, others Noe - etc.

The people who live and own property in Bernal Ht’s tend to love the neighborhood, the weather, the proximity to 101 / 280 and the “small town” feel the neighborhood retains. The price per square foot of the home in question is not typical of the entire neighborhood — in fact it is significantly higher. Be leary of judging the entire Bernal market based on this property.

]]> By: Kevin http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1518 Kevin Fri, 20 Jul 2007 05:22:39 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1518 I never understand why people would spend close to $1000/sqft in Bernal H. I mean just check out the house listed in district 7 on MLS. Much better areas and selling also for less than $1000/ sqft. I never understand why people would spend close to $1000/sqft in Bernal H. I mean just check out the house listed in district 7 on MLS. Much better areas and selling also for less than $1000/ sqft.

]]> By: lily http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1519 lily Mon, 09 Jul 2007 23:17:29 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1519 I happened to go to the OH for this particular home. It was nice, but not anywhere close to a high end remodel as the realtor's ad claims. Plus the owner supposedly did all the work himself so I'm sure the remodel was done very economically. And did I mention the place is TINY! The mortgage payments he had would have been spent on rent if he was renting a home in SF so that's a moot point. While renting is safe, you never make any money off it. This guy was fortunate enough to have money to invest, took a chance, and made a couple hundred thousand as a result. From where I'm sitting it's a very rosey picture indeed! I happened to go to the OH for this particular home. It was nice, but not anywhere close to a high end remodel as the realtor’s ad claims. Plus the owner supposedly did all the work himself so I’m sure the remodel was done very economically. And did I mention the place is TINY!

The mortgage payments he had would have been spent on rent if he was renting a home in SF so that’s a moot point. While renting is safe, you never make any money off it. This guy was fortunate enough to have money to invest, took a chance, and made a couple hundred thousand as a result. From where I’m sitting it’s a very rosey picture indeed!

]]> By: sfer http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1522 sfer Mon, 09 Jul 2007 16:14:30 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1522 let's not forget to subtract 7 years of mortgage payments, taxes, fees, inflation of about 4% a year, and maintenance and repairs above and beyond the remodel. I am not saying these people didn't do well and/or make money, but the picture is not as rosy as it seems when you really crunch the numbers. let’s not forget to subtract 7 years of mortgage payments, taxes, fees, inflation of about 4% a year, and maintenance and repairs above and beyond the remodel.

I am not saying these people didn’t do well and/or make money, but the picture is not as rosy as it seems when you really crunch the numbers.

]]> By: Greg Angilly http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1521 Greg Angilly Mon, 09 Jul 2007 05:04:51 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1521 Dave - please don't put words in my mouth - I said: <i>This house was purchased in 2000 for $365,000. While the home did have an extensive remodel, it’s safe to say it wasn’t a 400K remodel - far from it. The owners of this property made money - to the tune of 400K in 7 years. Obviously they spent money on the remodel - but they made money.</i> If we're gonna get after facts -- then lets do just that. These folks spent at MOST, 46K in real estate commissions -- this is assuming they paid their Realtor 6% - which isn't typical -- more than likely it was closer to 38K - a far cry from 60K. This house would not have sold for 900K last year. It's location is in south Bernal and it gets a good deal of noise from highway 280 - some other recent South Bernal sales have boosted the price in the area. I'm not certain I see a softness in the Bernal single family house market -- perhaps you have inight I don't have, but from where I'm sitting on a daily basis - the Bernal single family house market is very strong. I never intended to over inflate the return - a 57K return per year over 7 years - let's say they spent 40K in commissions and 100K in a remodel. That's a 260K return - perhaps they added additional equity through 7 years of mortgage payments. I don't care how you cut it - 260K in 7 years is a nice return. Dave - please don’t put words in my mouth - I said:

This house was purchased in 2000 for $365,000. While the home did have an extensive remodel, it’s safe to say it wasn’t a 400K remodel - far from it. The owners of this property made money - to the tune of 400K in 7 years. Obviously they spent money on the remodel - but they made money.

If we’re gonna get after facts — then lets do just that. These folks spent at MOST, 46K in real estate commissions — this is assuming they paid their Realtor 6% - which isn’t typical — more than likely it was closer to 38K - a far cry from 60K.

This house would not have sold for 900K last year. It’s location is in south Bernal and it gets a good deal of noise from highway 280 - some other recent South Bernal sales have boosted the price in the area.

I’m not certain I see a softness in the Bernal single family house market — perhaps you have inight I don’t have, but from where I’m sitting on a daily basis - the Bernal single family house market is very strong.

I never intended to over inflate the return - a 57K return per year over 7 years - let’s say they spent 40K in commissions and 100K in a remodel. That’s a 260K return - perhaps they added additional equity through 7 years of mortgage payments. I don’t care how you cut it - 260K in 7 years is a nice return.

]]> By: Dave http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1520 Dave Sun, 08 Jul 2007 17:33:03 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1520 If anybody bought a wooden shack in 2000 and sold in 2007, they made money. You'd have to be a complete idiot not to make money during the biggest housing bubble in the history of this country and it all started in 1997. These folks did not "make $400k" as Greg claims. They made $400k minus $60k in realtor commissions, minus the cost of the work that they put into the house. I have no idea if it was $50k in renovations or $200k but it doesn't add anything to the conversation to overinflate the big win here. Spread that gain over seven years and factor in the boom, and it's not that impressive. I think this house does a better job of reflecting the softness of late, rather than strength. This house probably would have gone for $900k last summer. If anybody bought a wooden shack in 2000 and sold in 2007, they made money. You’d have to be a complete idiot not to make money during the biggest housing bubble in the history of this country and it all started in 1997. These folks did not “make $400k” as Greg claims. They made $400k minus $60k in realtor commissions, minus the cost of the work that they put into the house. I have no idea if it was $50k in renovations or $200k but it doesn’t add anything to the conversation to overinflate the big win here. Spread that gain over seven years and factor in the boom, and it’s not that impressive. I think this house does a better job of reflecting the softness of late, rather than strength. This house probably would have gone for $900k last summer.

]]> By: randy http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1525 randy Fri, 06 Jul 2007 21:35:31 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1525 lol, zig is so down on bernal. he always posts on the CL housing forum about how crappy bernal is and how the east bay is better....obviously not everyone agrees with zig given the prices in bernal. even at 900 sq feet this house was expensive and goes to show how strong the market is in bernal. lol, zig is so down on bernal. he always posts on the CL housing forum about how crappy bernal is and how the east bay is better….obviously not everyone agrees with zig given the prices in bernal. even at 900 sq feet this house was expensive and goes to show how strong the market is in bernal.

]]> By: zig http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1524 zig Fri, 06 Jul 2007 20:24:17 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1524 That's really the shitty side of Bernal: projects and the freeway I'd rather just move to the East Bay that live there That’s really the shitty side of Bernal: projects and the freeway

I’d rather just move to the East Bay that live there

]]> By: randy http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1523 randy Fri, 06 Jul 2007 00:25:36 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1523 I saw this house and it's not even close to being 1200 sq feet. While it was nicely renovated it was very small. The pictures are deceiving. I would say the 900 sq foot tax record info is close to if not completely accurate. I saw this house and it’s not even close to being 1200 sq feet. While it was nicely renovated it was very small. The pictures are deceiving. I would say the 900 sq foot tax record info is close to if not completely accurate.

]]> By: Greg Angilly http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1529 Greg Angilly Thu, 05 Jul 2007 23:07:52 +0000 http://thefrontsteps.com/2007/07/05/463-nevada-in-bernal-on-950000-out-775000-yes-thats-under-asking/#comment-1529 630 is below the average price per sqft for single family homes in 2007. There are homes fixers that sell for well under $630 per sqft and some incredible houses on the north slope of bernal that have crossed the $800 per sqft mark. In short - just below the average - I'd call it a smart buy - it's not the best deal in San Francisco - but i suspect both buyer and seller walked away pleased. 630 is below the average price per sqft for single family homes in 2007.

There are homes fixers that sell for well under $630 per sqft and some incredible houses on the north slope of bernal that have crossed the $800 per sqft mark. In short - just below the average - I’d call it a smart buy - it’s not the best deal in San Francisco - but i suspect both buyer and seller walked away pleased.

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