November 30, 2009

Not Perfectly "Apples To Apples" But A Bernal Data Point Nonetheless

78 Anderson

With a new kitchen and some other seemingly minor renovations (i.e., no pulled permits) since its purchase for $990,000 in December 2007 (the kitchen at the time below), the recent sale of 78 Anderson on 11/19/09 apparently isn’t perfectly "apples to apples."

78 Anderson Kitchen circa 2007

But with a reported contract price of $1,062,000 ($65,000 over asking) it is a data point at $699 per square foot for the 1,519 square foot four-bedroom Bernal home with views.

Apples To Apples On Anderson (#78) Atop Bernal Heights [SocketSite]

First Published: November 30, 2009 8:00 AM

Comments from "Plugged In" Readers

Let the gloating begin!

Posted by: sanfrantim at November 30, 2009 8:37 AM

Let the record show that anonn's estimate was closest - and too low, even.

Posted by: Po Hill Jeff at November 30, 2009 9:06 AM

Surprising. Well, we can be quite confident now that SS isn't "cherry picking" its apples!

Posted by: anonm at November 30, 2009 9:33 AM

^ yes, one positive equals objectivity. It means nothing wrt editors lack of bias- I personally don't think the editor is particularly biased. But I do think many of his readers who feed the apple cart (so to speak) are biased.

Posted by: 45yo hipster at November 30, 2009 9:55 AM

Still no where to put a fridge???

Posted by: J at November 30, 2009 9:58 AM

Who removes windows? Why would someone do that?

"Damnit, there's too much natural light in here.. we need to darken it up."

Posted by: R at November 30, 2009 10:07 AM

one positive equals objectivity.

Depends on the market. In a declining market, you should not expect too many positives. Expecting an equal number of positives and negatives under all conditions is tantamount to reporters that believe "balance" implies giving equal time to arguments on both sides of an issue, no matter how absurd the claim may be (e.g., "Some scientists claim that the Earth is round, but others disagree with them...").

Still waiting for the first "previous buyer underpaid" claim... ;-)

Posted by: anonm at November 30, 2009 10:17 AM

the kitchen was much nicer before. it went from charming to austere and gloomy. At what point did dark and austere become "luxury."

Posted by: ugh at November 30, 2009 10:17 AM

I sure hope the new buyer pulled some 2007 scam and got a $150k+ back for improvements.

Posted by: rolfsf at November 30, 2009 10:43 AM

Cute house. Bernal is a great area to live in.

Posted by: snark17 at November 30, 2009 11:08 AM

Looks like you were wrong, anonn. :)

But seriously, good win for the seller -- I wonder how much money they put into the remodel. I liked the old kitchen better like some of the other commenters.

Posted by: sfrenegade at November 30, 2009 11:37 AM

But seriously, good win for the seller -- I wonder how much money they put into the remodel.

Agreed this is a fantastic outcome for the seller given the period during which they bought and sold.

Nevertheless, it is important to note that they still lost tens of thousands of dollars after considering transactions costs, remodel costs, and carrying costs (relative to rental costs)! It would have been much better not to have bought at all.

But, given that they did buy, they did very, very well to only lose as much as they did.

Posted by: anonm at November 30, 2009 12:28 PM

Waiting for someone to give theories on why this went over asking :)

Posted by: bornnraised at November 30, 2009 2:49 PM

clearly, the buyer must have believed that there was or would be competition for the sale. Anyone have any insider knowledge on whether this was a multiple offer situation?

Posted by: sanfrantim at November 30, 2009 3:31 PM

It could be an outlier. There were a few outliers in 2005-2007, and there are also some today. Maybe the buyer is overpaying at this price.

Posted by: Maybe an outlier at November 30, 2009 7:38 PM

"Waiting for someone to give theories on why this went over asking :)"

Take your pick, bernal gentrifying, someone fell in love, bidding war, virtual bidding war, etc.

All I know is into the apple barrel it goes. A data point of strength in the bernal market.

"the kitchen was much nicer before."

Did the flipping public really beleive that re-pergraniteeling and already pergraniteeled kitchen would actually add any value?

Posted by: diemos at November 30, 2009 7:45 PM

Several offers were made, and countered. So it went slightly above asking. That's just a guess.

Posted by: anonn at December 1, 2009 8:55 AM

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