October 30, 2008

The Bank Owned 152 Banks Closes Escrow (“Officially” Over Asking!)

152 Banks

As far as the San Francisco Association of Realtors and their reports are concerned, the bank owned 152 Banks Street has officially sold for over asking with a reported contract price of $705,000 on 10/27/08.

Of course that’s only “over asking” with regard to its most recent list price ($699,900) not its original ($749,900). And that’s still $195,000 less than what it was purchased for in April of 2006. But hey, over asking in Bernal Heights!

Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

First Published: October 30, 2008 7:30 AM

Comments from "Plugged In" Readers

Let's just get this out of the way: even though it sold for almost $1 mil, this is not in Real SF. Nor is One Rincon Hill and its "on hold" Tower 2. Real SF doesn't ever decline in price. So any place with price declines (esp ones this massive) or canceled projects is not Real SF. Ergo Real SF will never decline!

Posted by: anon at October 30, 2008 9:26 AM

realSF, schmealSF...I couldn't be happier that this place still got $700K. It makes my little part of not-realSF look rosy.

Posted by: sparky-the-bear at October 30, 2008 9:34 AM

so it's down 22% in 2+ years. yawn. i'm sure the buyer just "overpaid" in 2006. of course, no chance that the buyer today is "overpaying".

wake me up when it (or houses just like it) are down 40%. probably another 18 months at the outside.

Posted by: patient buyer at October 30, 2008 10:01 AM

Bernal Heights is in the dumps... the amazing thing is that the place sold. 45 Nebraska went down 10% in three years since 10/2005.

http://www.redfin.com/CA/San-Francisco/45-Nebraska-St-94110/home/762874

Oh, and have we heard about how many people bid?

But seriously, is there anyone really plugged-in on here who might give us the straight scoop on Bernal? I have noticed DOM going up... would love an objective, in-the-trenches read on Bernal.

Posted by: chuckie at October 30, 2008 11:21 AM

It is healthy overall, but it is a big area. Crescent near the Farmer's Market is not the same as Elsie near Cortland. But if you look at the List price to closing price ratio, you see that in the last couple of months there have been some places priced too high. And they sit there. Actual sales prices are down, for sure.

Posted by: hillychilly at October 30, 2008 12:08 PM

Sales have come to almost a dead stop in Bernal in October. I concur with hillychilly, in that prime Bernal normally sells quickly, and that prices are indeed down. My feeling is that Bernal is now off probably 15-20% from 2006 peak. Inventories are rising and are above summer inventory, when they normally are falling now through year end. MTD there have been only 5 single family sales in all of Bernal - normally there are 12-15/month. About the only bright spot this month was 15 Bradford, remodeled, top of the hill, but hardly a prime location - asking $900, sold for $892 within two weeks of listing.

Posted by: BernalDweller at October 30, 2008 1:17 PM

Chuckie,

You start off by saying that Bernal is tanking and "in the dumps." Then you pause for a rimshot ba-dump bump (heard only in your own head,)"but seriously" folks, then you ask others to tell you if it is tanking or not. Very ingratiating, I'm sure.

But heck with it. I'll answer your insincere question. I agree with the others that it's down from it's 2007 heights. I see too that three or four 1M+ places got into contract in the past week and a half or so. One million plus in Bernal barely existed in 2004. So we'll see. It's down a bit. It's not down and out. 600 a foot seems to be about the average, MLS derived.

Again, look at Bradford versus Banks. It's all very micro.

Posted by: fluj at October 30, 2008 3:14 PM

You need to have your head examined if you pay 700K in this location for this dump.

Posted by: anon at October 30, 2008 3:53 PM

Wasn't this the one that was supposed to fly off the shelves at $750K??

Posted by: Foolio at October 30, 2008 4:51 PM

I asked for an "objective, in-the-trenches read on Bernal".

BernalDweller nailed it. Absolutely.


Posted by: chuckie at October 31, 2008 9:05 AM

Here are the stats off the Schtuff for October...I rest my case. This includes all of district 9, so Bernal is an unknown subset, but it supports my stats:

District 9 Oct-07 Oct-08
Number of Sales 19 10
Median Selling Price $925,000 $772,500 off 16.5%
Average D.O.M. 34 61

Thanks, Chuckie, for the nice post.

Posted by: BernalDweller at November 3, 2008 11:44 PM

Now, since you've got those great stats for District 9, how about District 5? I am only about 200 feet from the beautiful District 5 (where there seems to be tons of beautiful inventory.)

Posted by: hillychilly at November 4, 2008 12:08 AM

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