I know South/North Park very well. I sold my house because it was in a bubble, mid 2004 and have been wishing the outrageous bubble prices of 2004 would return ever since. I sold for 669K (bought 289K in 1999)and it would probably fetch 800K today.
My house was on a canyon, yet didn’t fetch that much more because it lacked a backyard, it was kind of a wash.
I personally feel a canyon should add significant value but at the same time there are a lot of canyons and if you lose a usable back yard that must be taken into account.
I don’t know about any particular house but I think that the area will be one of the last areas to give up bubble pricing. However, the popularity of the area will mean prices will not fall as much as others.
As far as freeway access, I think it is highly accessible but one of the great things about living in North/South Park was the fact that I rarely had to use the freeway. Everything you need is in the area.
