I like to keep tabs on my neighborhood, Presidio Heights. I live not far from the Presidio Gate and it has been a real lifesaver during this time of Covid to walk into the Presidio and down to Crissy Field and arrive at the Bay. I never tire of looking out at Alcatraz or the Golden Gate Bridge. It has been a good escape during this time.
I sit on the Board for the Presidio Heights Association of Neighbors; it has been pretty quiet this year with not many neighborhood issues to address. However, one issue has recently arisen: a cannabis dispensary has been proposed for Laurel Village, a shopping area in the neighborhood. Needless to say, my guess is that there will be opposition to this among some of the neighbors. Whether our Board takes a position on this will be decided once we receive neighborhood feedback from a poll that has just been distributed to neighbors.
The San Francisco market has been particularly resilient during this time and with the low supply of homes on the market it has been very competitive. Low interest rates have brought out a large number of buyers competing for a limited inventory of homes. My real estate company, Compass, had their best overall year this past year which tells you something about our market.
Let’s see what property sales have been like in Presidio Heights for the past year.
Home Sales
According to the Multiple Listing Service, 15 homes have sold in this neighborhood over the past year (ending March 16, 2021) at an average price of $7,562,667, slightly up from $7,315,438 in the prior year. The highest and lowest sales prices in the past year were $11,745,000 for a 5,970 square foot 7 bedroom home and $2,050,000 for a smaller 2 bedroom home. The average time on the market for these homes has been 55 days this past year, more than the time of the prior year’s 48 days. Volume is down slightly with 1 fewer home having sold this past year than the prior one.
Condo Sales
Over the past year (ending March 16, 2021), 17 condos have sold in this neighborhood at an average price of $2,370,313, slightly down from an average of $2,432,905 in the prior year. The highest and lowest sales prices in the past year were $3,375,000 for a 3 bedroom condo and $1,195,000 for a two bedroom. The average time on the market for these condos has been 41 days this past year, longer than the prior year’s 36 days. Volume is down with 4 fewer condos having sold this past year than the prior one.
The above numbers do not include any off-market sales that may have occurred. Whether or not this is a good idea, was discussed by me in a previous blogpost. You can compare these sales to sales in 2018 as discussed in my prior blogpost.
Conclusion
Over this past year of Covid, home and condo values have not changed that much in Presidio Heights with home values spiking up a little and condo values decreasing slightly in value. However, both homes and condos have taken a little longer to sell. Considering the impact on how we could sell properties this past year – no open houses and no Broker Tours – this neighborhood fared pretty well. The market is starting to heat up again so next year’s numbers may look even better. If you are looking to sell your home or condo with someone who is very familiar with the neighborhood, please don’t hesitate to contact me!
