And now, more evidence of what you already knew: Bernal Heights real estate is hot. Average sales prices here have topped $1 million, and according to realtor dpaul Brown, Bernal Heights (along with the Inner Mission, Noe Valley/Castro, South Beach, and Hayes Valley) is not merely hot — it’s actually white hot:
Virtually every area of San Francisco and the Bay Area has been experiencing dramatic home-value appreciation in the past 12 to 18 months. Some that were hard hit by distressed property sales, which experienced the largest price declines, have surged in price but remain 20% – 30% below previous peak values reached in 2006 – 2008. As a state, California is still about 25% below its 2007 pre-crash median home price. And in San Francisco itself, many if not most neighborhoods now appear to have re-attained or moved slightly beyond previous high points.
But in this past quarter, a handful of neighborhoods and districts in the city have leapt well beyond the highest average home values achieved in the past. Interestingly, comparing these white-hot areas with one another, there are often huge differences in property type, era and style of construction, and neighborhood culture or ambiance. But all of them have been very affected by affluent – often newly affluent – high-tech professionals of one age group and level of affluence or another. Naturally, these neighborhoods are highly desired by other buyers too – often professionals in finance, bio-tech, medicine and law – but the high-tech-buyer dynamic has generally super-charged these markets in particular.
The article goes on to add that Bernal appeals to people who want “family-friendly neighborhood ambiance, but at a more affordable cost.” And freeways.
IMAGES: Photo, Library of Congress. Chart, via dpaul Brown. Hat tip: Neighbor Anita