Which SF neighborhoods saw the most sales in 2014?

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  • 5915d bayview remodel Which SF neighborhoods saw the most sales in 2014?


MLS

After a flip this year, the property at 2909 Jennings in the Bayview was on the market in October for $649K.

Image 1 of 19 – Before and After: 2909 Jennings

After a flip this year, the property at 2909 Jennings in the Bayview was on the market in October for $649K.

After a flip this year, the property at 2909 Jennings in the Bayview…was on the market in October for $649K.

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The outside of 2909 Jennings in Bayview when it sold for $256K in April.

Image 2 of 19 – Before and After: 2909 Jennings

The outside of 2909 Jennings in Bayview when it sold for $256K in April.

The outside of 2909 Jennings in Bayview when it sold for $256K in…April.

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The interior had been gutted, but not yet rebuilt.

Image 3 of 19 – Before and After: 2909 Jennings

The interior had been gutted, but not yet rebuilt.

The interior had been gutted, but not yet rebuilt.

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More interior shots mid-flip

Image 4 of 19 – Before and After: 2909 Jennings

More interior shots mid-flip

More interior shots mid-flip

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A shot from the interior looking at the entry

Image 5 of 19 – Before and After: 2909 Jennings

A shot from the interior looking at the entry

A shot from the interior looking at the entry

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Walls were torn down to the studs.

Image 6 of 19 – Before and After: 2909 Jennings

Walls were torn down to the studs.

Walls were torn down to the studs.

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Studs

Image 7 of 19 – Before and After: 2909 Jennings

Studs

Studs

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Supporting beams

Image 8 of 19 – Before and After: 2909 Jennings

Supporting beams

Supporting beams

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Just framing beams remained

Image 9 of 19 – Before and After: 2909 Jennings

Just framing beams remained

Just framing beams remained

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Another interior shot

Image 10 of 19 – Before and After: 2909 Jennings

Another interior shot

Another interior shot

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The home was ready to be remodeled.

Image 11 of 19 – Before and After: 2909 Jennings

The home was ready to be remodeled.

The home was ready to be remodeled.

MLS

After the flip was completed by the new buyers, the home came to market at 649K.

Image 12 of 19 – Before and After: 2909 Jennings

After the flip was completed by the new buyers, the home came to market at 649K.

After the flip was completed by the new buyers, the home came to…market at 649K.

MLS

A new bathroom

Image 13 of 19 – Before and After: 2909 Jennings

A new bathroom

A new bathroom

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A simple, but finished, bedroom.

Image 14 of 19 – Before and After: 2909 Jennings

A simple, but finished, bedroom.

A simple, but finished, bedroom.

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Another bedroom, one of five in the home.

Image 15 of 19 – Before and After: 2909 Jennings

Another bedroom, one of five in the home.

Another bedroom, one of five in the home.

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Another bedroom

Image 16 of 19 – Before and After: 2909 Jennings

Another bedroom

Another bedroom

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Another bathroom, one of three.

Image 17 of 19 – Before and After: 2909 Jennings

Another bathroom, one of three.

Another bathroom, one of three.

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The entry

Image 18 of 19 – Before and After: 2909 Jennings

The entry

The entry

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The new facade

Image 19 of 19 – Before and After: 2909 Jennings

The new facade

The new facade

As we reported last week, 2014 was a big year for more “affordable,” outlying neighborhoods in S.F. as homebuyers tried to find homes that fit their budgets in a still-rising market. “The majority of S.F.’s house sales occurred in the neighborhoods running along its western and southern borders, Outer Richmond through Sunset/Parkside and across through Oceanview, Excelsior and Bayview, ” according to Paragon Real Estate’s year-end report. “Generally speaking, these districts are the most affordable areas in the city.”

Bayview on the Rise

But maybe not for long. As buyers race to snap up lower-priced homes in these areas, their values are quickly increasing. Take 2909 Jennings Street in Bayview, which had a big year in 2014. After a foreclosure in 2013, the home (featured in the gallery above) was listed in January 2014 (apparently mid-flip) for $190K and sold in April for $256K. The new buyers finished the flip and put the newly completed 5-bedroom, 3-bath home on the market in October for $649K. On December 3, the home went into contract for the second time this year, though the sale has not yet closed so a final sales price was not available.

“I think Bayview has some real potential to see big gentrification and appreciation,” said Patrick Carlisle, chief market analyst at Paragon. “It’s very inexpensive now by S.F. standards, full of older buildings with great charm, has dramatic views—and the big Shipyard development in Hunter’s Point is going to dramatically change the demographics in the entire area.”

Perhaps because of this perceived upward trajectory, District 10 (Bayview, Excelsior, Portola, Visitacion Valley, Crocker Amazon, Mission Terrace and Silver Terrace) saw 512 or 21% of single-family home sales in 2014, according to Paragon. District 2 (Sunset, Parkside, Golden Gate Heights ) had the second-highest number of sales for the year, with 435 sales or 18% of the total. Meanwhile, tonier districts like District 7 (Pacific Heights, Presidio Heights, Cow Hollow, the Marina) has only 120 single-family home sales, though these tended to represent some of the largest single-family sales of 2014.

Top Neighborhoods for Condos

Condo buyers, on the other hand, were largely drawn to the brand-new and pretty pricy developments in South Beach, SoMa, Yerba Buena and Mission Bay. “The greater South Beach-SoMa-Mission Bay district, which wasn’t even a residential area 25 years ago, now dominates condo sales in the city,” says Paragon. There were 776 sales in these neighborhoods in 2014, or 25% of all condo, co-op and TICs sales in the city, and these figures don’t even include the hundreds of new condo sales that were under contract but still had not closed at year’s end.

267 of those sales took place at Arden, a new Mission Bay condo development which will be ready for occupancy in fall 2015, according to Bemi Jauhal, director of sales and marketing at Bosa Development. It took only 120 days for all of the units to sell at over $1,000 a square foot, said Jauhal, who added that the larger (and more expensive) three-bedroom plan with views of the bay, bridge and city was among the most popular.

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  • 062f3 244 arden 2 Which SF neighborhoods saw the most sales in 2014?


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Renderings of the exterior of Arden as seen from Channel Street in Mission Bay

Image 1 of 8 – Arden in Mission Bay

Renderings of the exterior of Arden as seen from Channel Street in Mission Bay

Renderings of the exterior of Arden as seen from Channel Street in…Mission Bay

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The East Lounge at Arden

Image 2 of 8 – Arden in Mission Bay

The East Lounge at Arden

The East Lounge at Arden

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The library lounge

Image 3 of 8 – Arden in Mission Bay

The library lounge

The library lounge

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The party room

Image 4 of 8 – Arden in Mission Bay

The party room

The party room

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A kitchen

Image 5 of 8 – Arden in Mission Bay

A kitchen

A kitchen

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A living room

Image 6 of 8 – Arden in Mission Bay

A living room

A living room

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The pool

Image 7 of 8 – Arden in Mission Bay

The pool

The pool

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The roof

Image 8 of 8 – Arden in Mission Bay

The roof

The roof

Article source: http://blog.sfgate.com/ontheblock/2014/12/25/which-s-f-neighborhoods-saw-the-most-sales-in-2014/

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