Silver Terrace is a corner of Bayview that often holds out against rising price pressures, even when nearby neighborhoods come to a boil.
As such, the new listing at 1948 Quesada Avenue serves as a particularly fascinating specimen, being a basically brand new, designer home right at the Terrace’s edge, just a few blocks away from the Bayview Opera House, now seeking more than $1.73 million.
For years, this lot held a much less ambitious one-story home, a holdout that met the wrecking ball in 2017, replaced eventually by this six bed, five bath package in 2019.
At first there was a bid to turn this into a rental property, seeking nearly $10,000 per month. By early 2020 that price was down to just under $8,000, but the final lease, signed in summer of that year, ended up just under $5,000.
The first sale attempt came last November, seeking $2.15 million. That listing vanished in December, popping up again just this week with nearly $400K off.
Ordinarily, this sort of new construction single-family home is exactly what deep-pocketed buyers would drop $2 million on. But in all of 2021, just five homes sold in this ZIP code, the biggest sale for only (if you’ll pardon the phrase…) $1.1 million; developer ambitions notwithstanding, the neighborhood still resists market pressure sometimes.
Of course, 1948 Quesada could prove to be a home ahead of its time: If this home sells for big money, developers may seek similar property revisions nearby, which in turn could sell for more, and on it goes.
Or maybe not; for now, let’s just keep an eye on this one place and see what the headwinds look like.
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