Wednesday, April 13, 2005

What A Steal

Today's Wall Street Journal has an item on "urban neighborhoods with upside potential." They highlight three homes for sale in supposedly gritty areas of Chicago, Boston and San Francisco — the idea being that you'll find an undiscovered gem in a gentrifying neighborhood.

OK, but the place they pick in San Francisco is a four-bedroom Victorian on Webster that costs $1.1 million! It's technically in Hayes Valley, which is a gentrifying neighborhood, but it's on the edge of the area and just two blocks from Alamo Square's postcard row (hardly the hood!). Is this really the best example they can come up with?

As a post script, I checked the selling realtor's Web site, and the asking price must have gone up (perhaps because of the story) — it's now $1.25 million.