Unfortunately the sale of 108 Bronte for a reported $579,000 last week isn’t apples-to-apples with its sale for $560,000 in July 2003 as the South Bernal Heights home was remodeled (inside and out) in between.
Also in between those sales, a refinancing in August 2007 with loans totaling $745,000 (for which the Bernal Heights home would had to appraise) and a subsequent sale on the courthouse steps for $425,200 cash in August of last year.
∙ Shhh…Bank Investor Owned In South Bernal: 108 Bronte [SocketSite]
Wow. Color me surprised. I guess Bernal is not ‘cratering’ quite as much as some had hoped.
Over $700 sf down the hill near the Farmer’s Market and freeway.
So, eight years later, after inflation of 20% during that period ($112,000), after a kitchen remodel, this place sells for $19,000 more than the 2003 price before the latest bubble got going. And it is hailed as an example of relative strength. My how times have changed!
I agree that Bernal generally has not “cratered” as badly as some other areas. But as I’ve said before, we have only degrees of bad in SF. Looks like a good outcome for the REO buyer.
The seller made out like a bandit on the flip, and this was a great result for them. All they did was make sure the waterproofing work started before they came along was done. It needed $653K to beat that 2004 price on inflation, even without the remodel. The expired permit doesn’t indicate much of a remodel: kitchen/bath for $13K.