A curious reader posed this question via email:
Guys- This closed at $700/sf? Is this the first sub-1500sf sale to close above $900k? Am I going crazy here?While we're not qualified to make a diagnosis regarding his mental state, the answer is "No." Our reader was inquiring about 15 Forest Side Drive, a 2-bed, 1-bath house built in 1951 that closed yesterday for $905,000, or $700 per square foot. We can argue all we like about neighborhood boundaries, but the San Francisco Association of Realtors does not. In the past six months, three houses have sold in the West Portal neighborhood (as defined by the SFAR) and 243 Vicente Street, a 3-bed, 2-bath, 1,320-sq-ft (per public records) house tops the trio with $837 per square. Our friend at 15 Forest Side Avenue comes in at second with $700 and $106,000 over the original asking price. In answer to the next question, broker Leon De-Levi confirmed there was a bidding war.
Meanwhile, not far away, 260 Claremont Boulevard sold for $691 per square. As far as we could find, there are currently no houses under 1,500-sq-ft on the market in West Portal, and in the rest of 94127 close to West Portal, most houses this size have closed for under $700-psf. Which may soon change.
While our reader may be crazed (or thrilled- hard to say) we can come up with two solid reasons for the price. The first is that while the house is apparently well-maintained, it's never been renovated, so you're not paying for and demolishing someone else's c.1995 Tuscan kitchen. The second is that the MUNI West Portal station is within a few minutes walk, making Mid-Market an easy commute while being in a stroller-friendly neighborhood, and challenging buyers' assumptions about where they have to live.
· 15 Forest Side Avenue [Redfin]
· 15 Forest Side Drive [Leon De-Levi/PacUnion]
· 243 Vicente Street [Redfin]
· 260 Claremont Boulevard [Redfin]