Of the three houses currently for sale over on 22nd street in Noe Valley, two have been reduced. The price on 3963 22nd was just reduced by $80,000 (5.6%) after 44 days on the market, while after a month on the market, the price on 3704 22nd was reduced by $146,000 (9.2%). The one holdout: 3647 22nd (which has been on the market for almost three months).
∙ Listing: 3963 22ND ST (3/3) – $1,349,000 [McGuire]
∙ Listing: 3704 22ND ST (3/3) – $1,449,000 [BJ Droubi]
∙ Listing: 3647 22ND ST (3/2) – $1,385,000 [Coldwell Banker]
Not sure about the latter two, but 3963 last sold in March of ’04 for $929K. So after the reduction, only $420K markup on this one. No idea if they’ve renovated, but internet shows the house at 1,145 sq. ft., so even after the reduction it’s priced at $1,180/sq. ft. MLS listing and ad seem to leave off the square footage…maybe they don’t want people to know what a great value it is……
I remember when 3647 came on the market a few months ago, I actually laughed out loud at the property wishing price.
These places are all using these comps:
https://socketsite.com/archives/2006/07/the_cost_coming_down.html
which are now several months out of date and wouldn’t even fetch the reduced prices that those properties caught.
I must admit though that I am surprised that the level of homes moving into contract is remaining steady in SF. There is a good post from a few days ago over on Matt Lannings site. I always like the conversations that spew from his market assessment posts.
“Dude” – there is no way 3963 is only 1145 sq.ft. Looks to be relatively recently renovated (quite nicely) and I’d bet they finished out the lower level adding at least 600 sq.ft. to the total.
I can’t help but notice that Matt seems to have a unique definition of “steady” these days:
https://socketsite.com/archives/2006/10/those_numbers_sure_can_be_tricky.html
iirc, Matt has never worked in a prolonged downturn. I think he (correctly) sees no “crash” and dismisses the possibility of a slow and prolonged decline.