Listed for $1,900,000 in June 2008, the sale of the single-family home at 3883 23rd Street closed escrow one month later with a recorded contract price of $1,855,000.
This past January the four-bedroom home in “prime” Noe Valley returned to the market asking $1,849,000. In March the list price was reduced to $1,799,000. In April the list price was reduced to $1,749,000. And in May the listing was withdrawn from the MLS after five months on the market without a sale.
On Friday the home was listed anew at $1,699,000 and with an official “one day on the market” according to MLS based reports and stats.
And while the MLS was just updated, on December 1 the sale of 3883 23rd Street closed escrow with a reported contract price of $1,677,000, for a 9 percent drop in value over the past two years on an “apple to apples” basis despite selling for an “official” 1 percent under asking and just “47” days on the market according to those industry reports and newsletters.
∙ Apples To Apples And Just “3 Days On The Market” In Prime Noe Valley [SocketSite]
June 2008 was a peak level market, price wise in SF. 9 percent down over the past two years doesn’t tell the tale. What would it have gone for in December 2008 after the 9/2008 sea change? Probably something close. Possibly even less.
Classic example of non ‘prime’ location getting ‘prime’ prices as was typical towards the edge of the bubble. I’m surprised this sold at this price as it could have gone lower IMO.
A 9% drop on a summer 2008 apple is good news, although still at what seems like a relatively healthy $730/sqft. Why would they move so quickly? It is strange that their original listing was timed to move after about 24 months. Was this a flip gone bad?
what’s not prime about this location? Just wondering….
Not a bad location, just further east in Noe than I would prefer if I were buying a home in NV.
Location is fine. You could be 3-4 blocks up, out of the way from the rush hour / saturday crowd looking for parking. But this is as Noe as it gets. Walk to everything and don’t even break a sweat!
It’s a fine home and a desirable location, IMO. What held it back in both ’08 and ’10 is its lot size, at only 1750 and change.
terrific location from a street / area of Noe, but it’s got that small lot (hardly any yard) and right I think it’s back yard is right next to that Noe Valley Ministry building.
I looked at this place. It is nice, but as others have said basically no yard due to the very small lot. I really liked the location, one of the best in Noe for me. I prefer to be closer to BART rather than up the hill.
A 9% drop from peak is better than I had expected, it looks like the Noe 4/3s are holding out better than most places. This is a bummer to me though, since this is what I would like to move into.
I live close to this house––it’s a fantastic location. The weather is better than farther up the hill, and it’s a short walk to BART and a shorter walk to the J-Church.
I don’t understand why someone would pay close to the same price as this for the much smaller 156 Vicksburg on a similarly small lot. (I’m assuming the buyer paid asking for 156 Vicksburg since it sold so quickly.)