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SAN FRANCISCO (KPIX 5) — One of the most economically disadvantaged neighborhoods of San Francisco is seeing home prices soar as it joins the current real estate boom.
The Bayview-Hunters Point District of San Francisco has because a booming real estate market for buyers that are looking to cash in on this big boost in value that has come and is expected to continue.
The Bayview now attracts homebuyers who even a year ago wouldn’t have considered moving there. Even though home prices there have soared 59 percent in two years. the area is still much more affordable than other parts of San Francisco.
Agents say the market is crazy. The median price in the Bayview is now $477,500 according to the San Francisco Association of Realtors, while the median price across San Francisco is now $1.2 million.
“The Bayview is one of the last frontiers in real estate in San Francisco,” said agent Scott Rose of real estate group My Team SF.
Rena and Gary Meyer have been looking to buy up from their condo in the Mission District to a single-family home, and recently looked at a recently “flipped” home whose owner is asking $699,000.
Agents know they’ll get at least $100,000 over the asking price for the remodeled home once the offers start coming in.
“A couple blocks away two months ago, there was a two-bedroom listed for $599,000 – also a flip – and it went for $300,000 over asking.
A comparable home in San Francisco’s Noe Valley would’ve been listed at $1.7 million.
While the Bayview has a reputation of being unsafe – and a high crime rate – that doesn’t faze the people snatching up property here.
“We think it’s going to get better,” said Rena Meyer. “Where we live in the Mission it was always high crime rate … it changes over time.“
The Bayview has been economically depressed for decades, but even though higher real estate prices could be good for the neighborhood, they still have a downside for some.
“’Cause people can’t afford to buy homes here … that’s why they move out to Stockton and Tracy,” said Bayview resident Johnny Robertson.
Advocates working with Bayview homeowners who still haven’t recovered from the market slide in 2008 worry.
“So you going to have a few people coming in driving up the prices, but if rest of neighborhood cannot afford … not sustain a mortgage associated with a refi … we’re headed for trouble again,” said housing advocate Ed Donaldson.
One historic landmark building which needed work recently sold for $1.3 million – $400,000 over asking – a record price for the Bayview, a rough neighborhood in transition with no shortage of buyers.
“These are people who realize, yes, it’s rough around the edges, but I see where it’s going to be in five years,” said Rose.