Home prices in the city’s Bayview district have gone up nearly 60% in the last two years, according to a recent piece in the SF Business Times. Of course, many neighborhoods in San Francisco have seen dramatic price increases since 2012. According to the Business Times, “The fact that the Bayview, a long economically depressed neighborhood, is changing isn’t much of a surprise, but it’s the rapid rate of appreciation and gentrification that has caught people off guard.”
One sign of the times: the neighborhood just reported its most expensive single-family sale to date—this despite the home’s (shall we say) eclectic interior.
“With a little bit of love,” the listing said, “this will easily be one of the most spectacular houses in the red hot Bayview district.” Obviously, buyers agreed. The 1870 “Quinn House,” featured in the gallery above, sold in June for $1.3 million after being listed May 19 for 899K.
Even though the neighborhood may be heating up, it is still significantly less expensive than many others in the city. According to data from Trulia, the median sales price of $541K in the Bayview is still 43% lower than the median sales price in the city as a whole. However, the price per square foot is up 23% year-over-year in the neighborhood ($378 a year ago versus $465 today). For the city at large, that number is only up 16%.
This data supports the realtors quoted in a recent SFGate piece, who pointed to the Bayview as a neighborhood to watch. According to Kevin Birmingham of Park North Real Estate Group: “The growth of the Bayview is the story of the future. Trends show that the Bayview will have more new development than any area outside of Mission Bay. Crime is still a concern, but it is at a similar rate to the Mission. The weather is great, the housing stock and buildings on Third Street are aesthetically pleasing, and it has great proximity to Silicon Valley. In 10 years, a house in the Bayview will be more expensive than one in the Outer Sunset.”
Emily Landes is a writer and editor who is obsessed with all things real estate. She also has a DIY problem that she blogs about at pritical.com.