728 Duncan
As we wrote a year ago last month:

Listed for $2,550,000 in March, the list price for the self described “Noe Valley modern cool” home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.

Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).

Withdrawn from the market without a sale in 2010, the Noe Valley home has returned to the market in 2011 listed for $2,150,000, twelve percent below its 2007 purchase price.
∙ Listing: 728 Duncan (4/3.5) – $2,150,000 [MLS]
A Cool $165,000 $255,000 Off At 728 Duncan [SocketSite]
Apples To Apples For A Hip “Cool” Noe Home: 728 Duncan [SocketSite]

Comments from Plugged-In Readers

  1. Posted by anon

    Nice ‘chicken and hens’

  2. Posted by tipster

    The 10 phases of real estate in San Francisco:
    1. I wonder how much equity I already have. Where do I sign these purchase contracts?
    2. I wonder how much MORE equity I have. Honey, the movers are here to box up our stuff.
    3. Honey, the movers are ready to leave. More equity.
    4. Ready to sell 3 years later. I wonder how many hundreds of thousands of dollars I made. I know real estate went down everywhere, but I was really savvy. I’m sure that in a competitive market like I bought in, I somehow got a “deal” and so I’ll be making a profit in spite of the fact everyone else is taking a loss.
    5. Hmmm, it’s not selling. Lets hop on some real estate blogs and talk it up.
    6. Hmmm, still not selling. Must be the holidays 18 weeks ago that are preventing buyers from looking. I’ll keep the same price.
    7. OK, maybe I’ll have to sell for what I paid. I’ll ignore the transaction costs and still think I am not taking a loss
    8. Man, I need to sell. Guess a quarter million isn’t too bad. Drop the price on this place, but only a little I’m not desperate to sell.
    9. Now what? Take it off the market, I’ll think of something else.
    10. SELL this horrible thing. I’m DESPERATE and need to move. A half a million dollar loss is only my life’s savings. My parents cannot believe I could have been this stupid. I lost everything I worked for on one house purchase. My retirement savings is now in shambles and I’ll have to retire to a trailer park in Des Moines. My trophy wife will probably divorce me and take the kids.

  3. Posted by [anon.ed]

    Your childish brand of petty malice would be funnier if you were warmer/ could write better.

  4. Posted by around1905

    Can the ceilings on the main floor be as low as the appear? Judging from the height of the patio door (typically 80-84 inches), the ceiling height in there seems to be only 7 1/2 feet….

  5. Posted by fred

    11. Guy jumps off bridge.
    12. Tipster dances on grave.

  6. Posted by lol

    13. Tipster collapses from hyper-ventilating

  7. Posted by *

    haha. bravo tipster.

  8. Posted by EBGuy

    Mere mortals would be thwarted by a parcel number that show up on Redfin as APN: 0056588. Put on your decoder ring kids, because the real APN is 6588-005. Oh, and the SF Recorders site shows a NOD on July 7. I’ll let the experts handicap this one, but I’m not giving it good odds as it appears that WaMu and National City were the mortgagees in 2007.

  9. Posted by sfrenegade

    “Oh, and the SF Recorders site shows a NOD on July 7. I’ll let the experts handicap this one,”
    Looks like tipster might be right on #12. Everyone else doth protest too much, it seems. Where are Jason and Lori W telling us how awesome this place is?

  10. Posted by A.T.

    So tipster’s phase 11 should, in fact, be:
    11. Eff it – why should I eat that half million? I’m walking away from this ball-n-chain. The bank can have it (as soon as they get around to kicking me out of my now rent-free ball-n-chain).

  11. Posted by VancouverJones

    Nice list tipster.
    Moral Hazzard in RE transactions is for suckers.
    Watched “Nova: Mind Over Money” the other day. Entertaing look at behavioral economics. Shed lot’s of light on why such a list might exist…

  12. Posted by blaise5000

    a scam artist was offering to rent this place for $2000/month on Trulia. i went along with the hoax and it went so far that he called me from his home country – probably somewhere in Africa.

  13. Posted by eddy

    New Price = $1,950,000

  14. Posted by [anon.ed]

    The 10 phases of real estate in San Francisco:

    ha. yeah. Real unilateral stuff right there. In point 10 I guess I should say thanks for conceding the bank of mom and dad thing finally, tho.

  15. Posted by sanfrantim

    a year ago i predicted this place would need to get down to about $2 million to move, but the sellers took their time getting there. we’ll see if they missed the window or whether market conditions are still holding up sufficiently for this, in all fairness, quite good and large Noe property, though with flaws (steepness of the block being primary in my mind).

  16. Posted by El Bombero

    This is not “Real Noe” and it’s on a busy street. 21% fall from peak is not enough in my book – the sellers should be happy if it turns out that they only lose the 650k or so that a sale at current asking implies.

  17. Posted by SocketSite

    The list price for 728 Duncan has just been reduced to $1,799,000.
    Purchased for $2,448,000 in August 2007, as plugged-in people know, a Notice of Default (NOD) has been filed on the propety as well.

  18. Posted by El Bombero

    Down 27% so far, a pretty typical fall from peak for this corner of Noe. Time to start taking bets on when the bank forecloses.

  19. Posted by El Bombero

    I hadn’t noticed this before, from the listing:
    “Known short sale: Yes”
    I wonder why Lori Wechsler and Jason and the other shills on the original post aren’t posting anymore? Those older comments are hilarious…

  20. Posted by Sanfrantim

    “sale pending” per Redfin.

  21. Posted by EBGuy

    Still pending. NOTS filed on October 24.

  22. Posted by tipster

    A stunning 3/4 million dollar loss for 728 Duncan: Sold for 1.821. Purchased for 2.475, and initially listed for 2.550.
    Ahh, another day in the life for SF real estate. Maybe we could just focus on the percentage and ignore 3/4 of a million dollars went up in flames here?
    http://www.redfin.com/CA/San-Francisco/728-Duncan-St-94131/home/11893846
    Yes, I’m hyper ventillating!

  23. Posted by eddy

    It sold for over asking! Seems the banks took it on the chin here more than anyone. Seems this under pricing strategy works.

  24. Posted by El Bombero

    Down 26% since 2007, resulting in a 100% loss of their entire downpayment. Not quite the result that their realtor was promising back in 2007: “leverage means you’ll double your money in a few years!” Now, it’s all “they overpaid”, “it’s a steep street” and “it’s practically steps to Diamond Height Safeway”. Gotta love it.

  25. Posted by [anon.ed]

    You don’t know what the realtor said or didn’t say, buddy. Get some new material already.

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