632 Prentiss initially listed for 779K, and ultimately reduced to 739K, has closed at a reported 730K. Judging from the 2004 listing and the 2008/2009 listing, it’s the same property with a nice looking paint job. The 2004 sales price was 689K, up from a 649K list price.
I’m wondering if certain neighborhoods and also particular types of properties are now valued (via the market) at 2004/2005 prices? It would be interesting to do some analysis.
I’ve looked back at the last five years pretty exhaustively recently. There was a big jump in the last three or four months of 2004. The first part of 2004, not as much. So when you ask is there a rewind to 2004/2005 prices, there is already a need to qualify that with a finer point on the time. This property is near Alemany street at the bottom of South Slope Bernal. It is clearly up 50K from late July 2004 (pretty much precisely when the market really started to spike north). As far as particular properties and neighborhoods, it’s my opinion that SFR values will remain relatively strong in neighborhoods that have seen a good deal of gentrification over the past five years. Bernal is one of them.
I decided not to buy this go-round and rent for another year. Looking to rent a whole house though – funny thing is EVERY house that I’ve looked at has been on the market for sale in the last year.
Typically the pattern is (I won’t mention addresses here):
Owner buys in 2004
Owner tries to sell in 2008 for 2004+(10-20%)
House doesn’t sell after 6 month
Owner decides to rent it out
Rents also seem negotiable and slipping down.
Jay
There’s a lot of that going around too. It wasn’t the case for this one though.