This Precita street Bernal Beauty was on and off the market in a flash. I’m not going to harp on over asking or anything. But I do want to point out that such a sale, no matter how lovely the home, would not have happened on Precita street three years ago, let alone four years ago, five years ago, etc.
I do know we’re in a downturn, even in SF. However my theory is that the runup that’s now over was not only aided by easy credit, and housing policies, but by the change in the workforce/economics around here. A consequence of the workforce’s change has been the gentrification of Bernal Heights, for one. The Pacific Heightsification of Noe Valley is another. The Noe Valleyfication of North Slope Potrero is a third. The Bernal Heightsification of the Mission is a fourth. We’ve seen high sale prices this fall for North Slope Glen Park; Sunnyside is now thought of as desirable because one can walk to BART; Miraloma Park sales continue to surprise (515 Foerster,with no garage, no views, maybe 1600-1700 sq feet or so, and a smallish backyard went for 830K yesterday) and on and on.
In a nutshell, the city gentrified south. It’s undeniable. And good — well at this point GREAT — properties are getting 2006-2007 prices still. The great properties make it all the more difficult for people selling OK or marginal properties to capitulate by lowering prices drastically. They look at their neighbors and think, “Hey. That house is a little better than mine but so what? I can get that sort of number too.” A stasis has in effect been reached.
Am I preaching to the choir here? Am I being pedantic because this is all fairly obvious to you guys? I’m interested to know what people think.