Dolores Park, The Line That Divides Home Values?
The Mission District is rich in culture, alive with activity. It offers the city’s most eclectic choices in delicious, affordable food and supports a wide array of art, creative thinking and shopping.
So why do home values not reflect this? I have noticed there are notable property value differences between the Castro and the Mission, and interestingly enough, there is a physical divide separating the two communities, which I can best define as Dolores Park.
Dolores Park may be a dividing line, but it is a treasure enjoyed by all San Franciscans. In recent weeks, any day there is a bit of sun, the park looks more and more like a festival filled with all types of city denizens, from hipsters to parents and all types in between.
In most cities or towns, owning on the “wrong side of the tracks” typically makes all the difference in property value. This seems true to those owning property west of Dolores Park vs. those owning east of the park. (Dolores Street actually runs much longer than the park, but for the sake of this piece I will only focus on this portion of the dividing line.)
Here is an example of an equal property showcasing the price difference I am referring to, with only Dolores Park to divide the way.
In the Mission a single family home:
Days on Market: 90 days
Square Footage: 2486 (appx)
Bed/Bath: 4bed/2bath
List $ vs. sale $ price: $750K list, $700K sold
In the Castro the same type of home:
Days on Market: flew off market (0 days)
Square Footage: 1512* (apprx, not listed but per tax records)
Bed/Bath: 3bed/2bath
List $ vs. sale $ price: sold for asking at $1.1mil
* Please note: marketing remarks state the home is in Noe Valley which is inaccurate per MLS districts
An overview of both properties and location can be summarized via this link.
One reason I surmise there is a price difference is the sense of community created by the neighbors. How well do you know your neighbor? Do you trust them? Would you go next door to borrow a cup of sugar? Would you care if your home was the only one without curb appeal?
Getting to know your neighbors creates community and a sense of security, but it also can mean a loss of privacy. Privacy has its own drawbacks, but that loss of community can create lower home values. Both communities offer a wide array of amenities and public transit options.
I will add that I don’t see this lasting much longer. As I write this, the invisible divide seems to be shifting in the condo and TIC market; soon it will impact the single family home values as well.
If you are interested in purchasing or selling please contact me at 415-901-2765 or at stasi@stasimartin.com.