Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
I assume you mean what will Bernal Heights values look like in 5-10 years? This is a good question and I am sure it will illicit different responses from agents/brokers. But for me, what happened in Bernal Heights in the last 5 years was very interesting and I think values will be affected. Growing up in San Francisco, Bernal Heights was always a neighborhood that was family oriented. Many owners bought homes here in the 70's and moved their families in because it was affordable, and priced lower than many other areas of San Francisco. When demand & prices for homes in San Francisco skyrocketed, so did properties in Bernal. Many buyers, who were out priced in Noe Valley, came into Bernal to purchase. Financing was easier and accessible to all. Bernal is a great neighborhood and there are many great qualities as to why owners would want to buy here. i.e amazing views, easy access to Hwy 101 for commuters, open space, real community feel, etc.
But with current market conditions, something might give. If owners who bought during this time frame are able to hold their properties for the long term, then that will be good for the neighborhood. But if owners bought outside of their financial reach and they are struggling, we can certainly expect properties to come back onto the market as short sales, REOs and foreclosures over time. Will these sales affect the values of homes in Bernal? Unfortunately, yes but this is not only unique for Bernal.
Let me know if you have any questions or require further information.
CA DRE # 01410815
Salma & Company