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Nov 20

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Portola housing market update

This month we’ve been contacted by a new Portola citizen. Realtor Helena Zaludova. She has spent the last year doing a lot of research into the statistics of the housing market in our neighborhood. So much so, she ended up buy a house here! Welcome to the Portola Helena.

Her research found such positive news about the turn around in the housing market and how it has affected our neighborhood. The Portola Planet asked her if she was willing to share some of this data and she kindly wrote up the following report. Thanks Helena…

The city of San Francisco as a whole has been enjoying a real estate renaissance of sorts.  We are experiencing historically low mortgage interest rates (as of 10/26/2012 you can find a 30-year fixed in the 3.6% range) and the Bay Area job market is bursting at the seams, attracting well paid talent to its tech and biotech industries. All this reflects in the real estate market and our Portola neighborhood has been no exception!

In Portola specifically, distressed property sales (bank-own properties, foreclosures and short sales) are down 62%, homes stay on the market on average 32 days (down from 104 in the first part of 2011) and the median home price jumped up to $625,000 year-over-year from $530,000.

Some recent notable sales include 1600 Felton, a turn-of-the-century 3 bedroom 1 batch cottage.  It was previously listed in 2011 for $549,000 without a sale (it’s important to note that this is no reflection on the agent – she is a dedicated professional). It was brought back to the market in July of 2012 at $519,000 and five weeks and 13(!) offers later, the sale closed at $620,000 with all the deferred maintenance that was there in 2011 still untouched.

Another interesting sale took place just a half a block up at 1643 Felton Street. Modest, but freshly updated 2 bedroom/1bath cutie of a house with not much of a street presence and square footage hovering right at about at 1000. Listed in mid-September for $598,000 and sold less than four weeks later with 6 offers at $650,000.

All this so say that things are looking up and our little neighborhood is enjoying just as much of a positive “bump” as the rest of the city. The saying goes that a picture is worth a thousand words – in our case we’ll have to settle for the charts above as they paint the pretty picture. If you want more information about any specific property sale in the neighborhood, or wonder what your home is worth let me know.  I just moved to the neighborhood myself and would love help in any way I can. In the meantime, spread the good news!

Thanks for the information Helena and if you want to contact her directly, head to her website at www.helena7x7.com.

Permanent link to this article: http://portolaplanet.com/2012/11/portola-housing-market-update/

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