As we outlined in October of last year:

Joining the ranks of newly reduced homes is 4085 20th Street, a modern 3,720-square-foot Dolores Heights home perched above Dolores Park, with “breathtaking views” from each of its three levels, “outstanding craftsmanship, thoughtful design and ethereal beauty,” and a two-car garage with a (new) Tesla charging station and driveway parking for three cars.

Having been rebuilt in 2014, the three-bedroom view home was listed for $4.995 million in March of 2015 and sold for $4.5 million that May.

And having returned to the market listed for $5.595 million this past July, a sale at which would have represented total appreciation of 24 percent for the luxury home over the past four years, or roughly 5.4 percent per year on a straight line basis, the list price for 4085 20th Street has just been reduced to $4.495 million with an interim reduction to $4.85 million last month.

Subsequently withdrawn from the MLS and then relisted with an “original” list price of $4.6 million and an official “1” day on the market according to all MLS-based stats and aggregate reports in January, the list price for 4085 20th Street has just been “REDUCED [an additional] $605K!” to $3.995 million, a sale at which would now represent depreciation of 11.2 percent for the Dolores Heights home since mid-2015 on an apples-to-apples versus “median price” basis.

Comments from Plugged-In Readers

  1. Posted by [Sri]

    Given the nearby way smaller (2400 sq ft) 4127 20th Street sold for $4.2 million less than a year ago when mortgage rates were 100 bps higher, one has to ask what is going on here. The market has softened in the last year. Can’t deny that. But speficailly, this home – 4085 20th – has way too many quirks.

    – Notably, a relatively hard and annoying garage to access
    – A lot of square footage on that 1st floor that’s not really all that functional. How often is a family going to use this when the kitchen and living room are on the 3rd floor? So is this home more like a functional 3000 sq ft home? In which case $4 million makes more sense price wise.
    – The 3rd floor is basically the kitchen and master suite. That’s quite an odd combo. You have guests over sleeping on the 2nd floor. They want to use the kitchen and to do so, they have to come up to the space across from the master bedroom?
    – The BIGGEST issue – NO OUTDOOR SPACE! I feel like to get $4 million plus, you gotta at least have a nice roof deck or a backyard. One or the other, but having neither is tough.

    The interior quality is great, the location is great, the views are great – but the combo of no outdoor space, a weird garage access, the kitchen + master bedroom top floor, and a hardly functional first floor – and this whole saga makes sense and to me doesn’t really reflect on the market as a whole.

    • Posted by SocketSite

      The market has softened in the last year. Can’t deny that.

      That’s weird, because when we noted that the market was actually slowing last year, despite anecdotal reports of booming “open house traffic” and misreports of a wave of millionaires that were poised to “eat San Francisco alive,” this was your response:

      “…prices are soaring. More and more are selling way above asking again. The main reason is the 30 month low on mortgage rates attracting buyers to buy now and lock in the lower rate. I am seeing (factual not anecdotal) the most number of “sold for at least $100,000 or 10% above asking, whichever is higher” in 2 years. Red hot market in SF is BACK!”

      And once again, the relative “quirks” of the home above haven’t changed since 2015 (when they fetched a $4.5 million price).

    • Posted by haighter

      I don’t think the master bedroom and living area being on the same floor is that much of an issue. The bedroom area is on the other side of the stairs giving some privacy. Agreed on the pointless ground floor, outdoor space, and annoying garage access. The other big problem here is that to walk in your front door you have to hike up those ugly little concrete steps next to the driveway, and then you’re still another flight of stairs away from your living room. Plus, a huge chunk of the lot is given away to that ugly driveway.

  2. Posted by sparky-b

    Well my guess on the sales price in the earlier thread was no good it seems.

  3. Posted by Ohlone Californio

    Everyone always nails it the first time. It’s only the second time a property trades that matters. That’s according to Socketsite, anyway.

    • Posted by SocketSite

      That’s a strong pivot from, “this is much ado about nothing in the end. This property’s story here has not been written. And I happen to know it’s still garnering a great deal of attention at [$4.495 million]” (four months ago).

      • Posted by Ohlone Californio

        Not really. All those things remain true.

        Meanwhile everyone is a genius the first time round and an idiot the second time ’round, according to you.

        • Posted by two beers

          I think we can all agree that when a property increases in value, it’s hot hot hot! and an obvious store of future value, but when a property decreases in value, it’s due to poor staging and small closets.

          • Posted by johny come lately

            Funny thing. Lots of closets been shrinking lately. They all seem smaller than they were in 2015…

        • Posted by anon13

          Genuinely confused about “All those things remain true.”

          “I happen to know it’s still garnering a great deal of attention at [$4.495 million]” remains true?

          I’m wondering because that seems like such classic realtor speak to pump something up or try to get their client to bid a place up. And it hasn’t sold and is now listed at $3.995 million.

  4. Posted by 94114

    In escrow.

    • Posted by sparky-b

      c’mon overbid!!! I might still be in this thing. Maybe just maybe there was a last minute multiple offer over bid situation

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