Potrero Hill Real Estate
Realtor Greg Angily was kind enough to send me Potrero Hill real estate data for 2004, and through August 5 of this year (ok, I confess I've been sitting on this data for a while):
Keeping in mind that we don't have sales figures for September and the entire 4th Quarter (a strong sales period on Potrero Hill), it's still pretty evident that real estate in Potrero Hill continues to appreciate. I crunched the numbers and it looks like year-over-year average sale prices have increased 4% for single family homes, 16% for condos, and 7% for Multi Unit Buildings.
Greg's observations are similar:
• Is this good for Potrero Hill?
• How does it affect the neighborhood?
• Is it positive? Negative?
• Do you think we will continue to see this type of appreciation on the ‘Hill?
• How will the new developments – Sierra / Texas St, Hole on Rhode Island St, Large project @ Townsend “circle” effect real estate values?
Keeping in mind that we don't have sales figures for September and the entire 4th Quarter (a strong sales period on Potrero Hill), it's still pretty evident that real estate in Potrero Hill continues to appreciate. I crunched the numbers and it looks like year-over-year average sale prices have increased 4% for single family homes, 16% for condos, and 7% for Multi Unit Buildings.
Greg's observations are similar:
Clearly this isn’t an exact science – we are looking at average prices and as anyone on the ‘Hill or familiar with the ‘Hill knows, no two homes are identical. Given that, we can still use the data to draw some general conclusions regarding our market. As with most of San Francisco real estate, Potrero Hill has seen a good deal of appreciation over the past few years.Greg poses the following questions to the residents of the hill, so feel free to post your comments. If you're interested in hearing his opinion, he's happy to share his thoughts - greg (at) potrero-hill.com:
• Is this good for Potrero Hill?
• How does it affect the neighborhood?
• Is it positive? Negative?
• Do you think we will continue to see this type of appreciation on the ‘Hill?
• How will the new developments – Sierra / Texas St, Hole on Rhode Island St, Large project @ Townsend “circle” effect real estate values?
4 Comments:
I think these insane prices are bad for the city as a whole.
Eventually they will fall, and the payment adjustments will be a challenge for the new owners.
Working people leave SF and have to commute to their jobs.
It's only booming because the Chinese buy T-bills and keep our interest rates low.
Camille - thanks for your feedback. I agree that if and when prices do fall, there will be some people -- those who purchased with 5% and 0% down that will struggle to make payments. That being said, historically this is one of the safest cities to invest in real estate.
I suspect we'll see more of a flattening and less of bubble bursting.
I am shocked to see the # of homes that are now pushing the 2 Million range in Potrero. A brand new listing today came on the market for 1.9 million and the new construction on Utah and 22nd St are priced above 2 million with one already in escrow.
When I moved to the 'Hill it was considered an off the beaten path type of neighborhood to live -- sunny, affordable, great people. I have clients who purchased and will sell their home next month in Presidio Ht's for less money than the new listing on Southern Heights -- to me, that seems crazy.
Thoughts?
Greg,
Do you know what the project is at the Townsend traffic circle? There are no signs up and Googling gets no result either.
I've been searching as well -- it appears it's residence over retail -- I'm trying to figure out whether it's rentals or condos for sale. If they are for sale, I'll be very interested to see how they effect the condo market. With the development on Texas/Sierra St set to open in 3-4 weeks, and the "hole" being developed, we're looking at quite a few new units. There's demand, no doubt about that, but how does 150 new units effect current owners of lofts and condos -- namely the people in Victoria Mews.
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