505 Anderson in Bernal Heights is a single family home that has been on the market and off the market for the past several years. It provides a great perspective on how the San Francisco real estate market has changed in the past few months.
The home is small – about 750 square feet, doesn’t have parking, but does have two bedrooms, one bathroom, and is a single family home. So, in other words, it has some upsides – single family home. And some downsides – on the small side, no parking.
It was listed in 2010 for $489,000 and then withdrawn after about a month on the market. 2010 = No Sale!
The home was listed for sale again in 2011 for $489,000 and sat on the market for about 3 months before being withdrawn. 2011 = No Sale!
The Bernal heights home was listed again in the spring of 2013 for $499,000. It was the same house, with only minor changes made since the last two sale attempts (new windows and siding in 2012), and plans had been drawn up showing how you could make a larger bedroom and add one car parking.
In 2013 the home was on the market for about 3 weeks, and after listing for $499,000 it closed for almost 125% of the asking price, closing just over $620,000. 2013 = Over Asking Sale!
In a nutshell, I think 505 Anderson is a great indication of how the market has changed in San Francisco. Homes that languished on the market in 2010 and 2011 are now being snapped over for substantially over their previous listing prices. And the only substantial difference is that the market has changed – not the house.
What are your experiences with the San Francisco market this year? Can you think of other homes you saw for sale in the past few years that didn’t sell but ended up doing phenomenally well in 2013? Leave a comment below, I’m happy to do some more research and share what I can about the sales.