September 12, 2012
Before And After At 455 Prentiss: Contemporary Bernal Heights
Purchased for $467,500 as 2,080 square foot bank-owned home with an eviction in process this past December, 455 Prentiss has just returned to the market as a renovated 2,800 square foot "Bernal Heights masterpiece" with a "fashionable clear cedar and contemporary stucco facade" and a rather contemporary list price of $1,549,000.
As the property appeared in December in a less fashionable state:
In 2006, the property was financed with a $637,000 note which was past-due by $20,517 in the middle of 2010 before being taken back by the bank a year later.
∙ Listing: 455 Prentiss (4/3.5) 2,800 sqft - $1,549,000 [paragon-re.com]
First Published: September 12, 2012 11:00 AM
Comments from "Plugged In" Readers
For supposedly improving this house by a million it is odd that the developer didn't spend the trivial cash to hide that electrical meter tacked onto the facade.
And if you're going to tear out a mature tree at least replace it with a new one.
Nice to see the garage restored to service though!
Posted by: The Milkshake of Despair at September 12, 2012 11:10 AM
I'd be surprised if it went for $1.5M in that part of BH.
Posted by: PDXer at September 12, 2012 11:38 AM
Does seem like a high price for the hood but 356 Prentiss up the block was a remodel and sold last month at $642/sf.
There are three major remodels in Bernal for sale right now at $1.5M. One of them, 1755 Alabama is pending already after only 6 days.
[Editor's Note: 'Bama By Three(s) Up In Bernal Heights.]
Posted by: Boo at September 12, 2012 12:03 PM
I could definitely be wrong... but 1755 Alabama isn't a great comparison since its on the north side of the hill in a much more desirable location
Posted by: PDXer at September 12, 2012 2:37 PM
I wasn't suggesting that Alabama directly supported 455 Prentiss. I was suggesting that 356 Prentiss did. I just thought it was neat that there were 3 listings in the same week for major remodels in Bernal at the same price. A buyer will see all three I expect.
It will be interesting to see how they settle out. Prentiss is about 800 sf bigger than 83 Banks and not sure how big 1755 Alabama is but I'm guessing it's smaller than Prentiss too. Does the extra space mitigate the location issue? We'll find out. Probably fairly soon too by the look of things.
Posted by: Boo at September 12, 2012 4:26 PM
Holy crap! Speaking of Bernal top end comps... what happened to 295 Coso? Sold in 2006 for $1.25M and listed July 13th for $1.25M. Ended up selling two weeks later for $1.6M? $988/sf? Dang! I didn't see any recent permits online and it looks to be in same condition as it was when it sold in 2006. Seller looks to have done very well.
Posted by: Boo at September 12, 2012 4:53 PM
Whatever it sells for the neighbors must be thrilled that eye sore has been taken care of.
Posted by: wc1 at September 12, 2012 5:37 PM
Rumor has it the one on Montezuma pending is going to be in the same price range as 295 Coso. Pretty much called all this nicer southern sales activity, and explained why, pointing to southeard gentrifying and tech jobs, many times. To a chorus of, "I don't really know the area but it sucks and here's one example as 'the market' brand hatred. LoL..
Posted by: Anon1 at September 12, 2012 5:39 PM
I live down the street from Coso and they definitely did some work to the place a few years back...maybe unpermitted. I would bet that renovation costs, property taxes, SF transfer taxes, and realtor fees ate up a good chunk of that profit. Still....North Bernal is looking strong and appears to be getting spillover from Noe.
Posted by: NB1st at September 12, 2012 6:16 PM
295 Coso doubled in price between 2000 and 2005. Was most of the renovation done then, or between 2005 and this sale?
Posted by: Dan at September 12, 2012 10:09 PM
Some things are a bit strange with this one: That electric meter, the lack of a tree out front, that cedar box above the front door.... and is that the front door?? Doesn't seem very safe or pleasing....more like something they found on sale....
Posted by: 4oceans at September 13, 2012 10:13 AM
re 295 Coso... the majority of the work was done between 2000 and 2005.
Between 2006 and the present, the owners remodeled the downstairs studio, but did no work to the main level upstairs. There is definitely some deferred maintenance upstairs, but the views in that place go from the golden gate to past the bay bridge, and the layout and light is fabulous.
Posted by: PDXer at September 13, 2012 10:59 AM
Indeed, 16 Montezuma fetched 1,600,001.
Posted by: Anon1 at September 14, 2012 11:25 AM
Same price as Coso but a lot more house. Only $711/sf instead of $988/sf at Coso.
And what's up with the $1 on the Montezuma sales price. Was it really a "Price is Right" type deal?
Posted by: Boo at September 14, 2012 3:16 PM
This place isn't in the same league as Montezuma or Coso. It might be bigger but it's a generic and cheap looking remodel. The untouched electric meter says it all.
Posted by: CH at September 14, 2012 3:42 PM
My previous post was not clear. I was saying that Montezuma was a lot more house than Coso but for the same price. I was wondering why Coso closed for such a high price/sf compared to Montezuma. But I guess we should be talking about Prentiss.
Posted by: Boo at September 17, 2012 12:08 PM
^i think solely because of their individual micro markets, and the old adage about beauty + eye of the beholder.
Posted by: Anon1 at September 17, 2012 12:34 PM
Posted by: BernalDweller at September 26, 2012 4:29 PM
So the timing from listing to pending for the three $1.5MM properties in Bernal went 1755 Alabama, then 83 Banks, and finally 455 Prentiss. If you only consider location then that makes sense according to most folks opinions. It will be interesting to see what price they all close at.
Posted by: Boo at September 27, 2012 11:25 AM
The crazy thing is listing to pending was 4, 10, and 19 days.
Posted by: R at September 27, 2012 12:06 PM
Prices followed the timing. Alabama closed for $1.605M on 8/10, Banks closed for $1.575M on 10/16 and Prentiss closed for $1.549M on 10/17.
Maybe Prentiss would have gone for over asking if that pesky electrical meter was hidden. Sure looks like there is an appetite for nice stuff in Bernal though.
Posted by: Boo at October 18, 2012 3:08 PM
I meant Alabama closed 10/10 of course.
Posted by: Boo at October 19, 2012 8:51 AM