Hi Mike,
Did you end up selling your home? How did it go? I recently helped clients successfully sell their Portola home. Properly priced and presented homes ARE selling though it is a tougher market due to the distressed property sales in the neighborhood.

However, things are picking up and FHA loans are perfect for Portola homes which means access to good financing for more buyers. Buyers are out there if you know where to look!

Anyway, if you have a question or need any help, let me know.

Cheers,
Danielle

Danielle Lazier, San Francisco Realtor
Zephyr Real Estate
415.731.5000

http://daniellelazier.com/properties/detail.php?ID=160

SFMike:

Great News: In the second quarter of 08, the real estate market in the Portola district rebounded and activity doubled from the first quarter results; however, the values were off about 8% from this time last year. That's not bad considering values have fallen like a house of cards outside of the bay area.

The Portola district is on the rebound and I expect it to remain solid thru the third quarter.

Hiya Mike!
Jed & Danielle are both right. You only have control over the condition of your home, the sales price you'll advertise it at and how available it is for prospective buyers to see; you won't have influence over the buyers side of the market. I can't stress how important it is to have your property in perfect showing shape, everything will flow from there. Let us all know on Trulia how your strategy works out; and we'll all bring some buyers by if you're priced right!

Sfmike,
First to answer your question. Portola district over the past 6 months had an average list price of $651,577 with 1,392 SF at an average list price of $490/SF. Sold after 57 days on market at average $647,707 or $488 /SF.
The whole city for properties under $700,000 had an average list price of $565,087 at 1,215 SF for an average list price/ SF of $489. Sold in 57 days at $565,072 or $489/SF.
Now what is going on in the market where you live? When the demand was higher than it is now more people were looking in your area, Visitacion Valley and the Excelsior. Now that credit has become very tight there are fewer buyers in the market.
So what to do if you want to sell or have to sell? You need to make your property rise above the others on the market. You have to attract the next buyer or better yet all the buyers that are ready and willing to buy in your neighborhood.
You live in a very nice and unknown neighborhood. Old families of Irish and Italian heritage, good weather, great access to the rest of the City and the Peninsula, you can grow fruit and vegetables in your yard probably, but it has it's draw backs too. No vibe like Noe or Bernal, no resturants or coffee shops within walking distance blah blah blah. That is to say that you can't attract all the SF buyers, you need to know who is buying in your neighborhood and then focus on putting out the honey to attract them.
Obviously the main sweetner is the listing price, but curb appeal, interior presentation and rear landscaping is also important.
The listing price doesn't neccessarily have to be what you want for the house. It's a tool to be used to bring in as many buyers as there are in the market for a house in your neighborhood. Here's the scenario; you prepare the property to look better than the competition, and you go on the market at a price that is better than the competition. Buyers flock through the house on the first open, see all the other buyers flocking through and want to own your home above all the other houses in the neighborhood. They go home and they talk to their Realtors, the Realtors tell them that the house is underpriced for the market and that if they want it they will have to offer market or better to secure it over the other buyers who are having the same conversation with their agents right now.
That's the gist of the SF market. Beware of overpricing. Our screwy little market does nothing with over priced or even market priced homes in a downturn. They sit and wait till the seller gets desparate and lowers the price. Then when the price shows value they step up and pay market for it. I've seen it over and over. An example is you price it at $748,000 nothing happens till it is lowered to $698,000 and then an offer comes in at $735,000. $13,000 less than the original list price but $37,000 over asking at the time the offer is made. They will pay you market price but only when it's offered to them below market.
There are nuances to this stratagy and I won't give away all my secrets on a public forum. I also won't say contact me because if you want to you will.

Hi Mike,
The answer to your question is really going to depend on your house's condition and pricing strategy during the marketing period. I have a listing coming up in the Excelsior so I have been watching these areas closely.

It is true that Portola and nearby districts like the Excelsior have seen amongst thebiggest declines since the peak back in 2005. However, there is more to the story. Yes, there are short sales and foreclosures nearby but there are also homes that are selling quickly and sometimes with multiple offers.

There is a great variance in the quality of the listings in your neighborhood, both the quality of the houses AND the quality of the agent's marketing plans.

Without seeing your house, I couldn't say exactly how it would fare in today's market but what I can say is that if you choose to properly present and price your home and list with a top-notch local SF Realtor, you should do just fine.

Of course, I am happy to discuss this with you further if you'd like to see how I can help.