4148 23rd Street

The four-bedroom Noe Valley home at 4148 23rd Street underwent a down-to-the-studs remodeling circa 2008 and was listed for $1.799 million that April.

Withdrawn from the market in 2009, at which point the asking price had been reduced to $1.538 million, the home was relisted for $2.498 million last month, at which point a foreclosure auction was already in the works but unmentioned.

And while the list price for the home has been reduced to $2.199 million, and it’s still active on the MLS, the home actually sold on the courthouse steps for $1.897 million in cash yesterday.

Keep in mind that the property currently lacks a garage and there are nearly 60 steps from the curb to front door, but plans for a garage and elevator have been drafted.

Comments from Plugged-In Readers

  1. Posted by observant neighbor

    Are 2008-vintage “down to the studs renovations” now fixers today? The sale price suggests as much. It’ll be interesting to see if the investor who bought this place redoes the kitchen and baths and expands into the attic before relisting.

    • Posted by soccermom

      The sale price reflects the condition of title, possession of the house, and the availability of financing at the time of sale.

    • Posted by Serge

      Many 2008-vintage renovations are DOA right out of the gate.

  2. Posted by jaguar

    “a foreclosure auction was already in the works but unmentioned”
    “And while the list price for the home has been reduced to $2.199 million, and it’s still active on the MLS, the home actually sold on the courthouse steps for $1.897 million in cash just yesterday.”

    Wow, I wonder how many of these exists in SF. Is this legal since notices of default and sale are public info and all RE sales are under full disclosure. Wouldn’t withholding information or misleading information during advertisement be fraud?

    • Posted by jaguar

      This was listed on Zillow as a foreclosure trustee sale. Pics and renovation look great. Sold for $800,000 below Zestmate but comps could go up to $3M.

  3. Posted by no_ vally

    The $1.897mm price paid in cash on the courthouse steps is simply the baseline value an investor is willing to set for a no contingency, all cash, immediate purchase. So now that buyer owns it free and clear. But if a more traditional buyer were to come along and offer the new owner $2.2mm subject to say traditional 30 day contingency and financing outs, maybe the current owner just walks away with 300k for stepping into the risk position for 30d. Not a bad gain for a month’s worth of “work.” And if it doesn’t sell, just get ready for a big dig and garage/elevator add.

  4. Posted by SocketSite

    UPDATE: The listing for 4148 23rd Street has just been withdrawn from the MLS…

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