Two Out Of Three For Single-Family Homes In Noe Valley Isn’t Too BadJanuary 15, 2008
While the list price for 4400 24th Street has been reduced by another $196,000 (now listed $296,000 under original asking), a reader’s recommendation at 525 Jersey closed escrow for $1,810,000 ($115,000 over asking), and our “deck-o-licious” 1039 Noe closed escrow for $2,612,501 ($417,501 over asking).
UPDATE: Sorry for any confusion, but according to a seriously plugged-in reader the sale of 1039 Noe did not include the art. Now about those Jake Gyllenhaal rumors…
∙ Another Contemporary Remodel (And Resale) In Noe (4400 24th) [SocketSite]
∙ Weekend Wrap-Up And Reader Recommendation(s): 525 Jersey (Noe) [SocketSite]
∙ It Pays To Be Popular (And Price Appropriately): 1039 Noe In Contract [SocketSite]
Comments from Plugged-In Readers
Saw 24th Street on a whim two weeks ago. It is as rock star as they come. A showplace. I asked if they could knock of the top floor and give it to me for 1.250 but sadly that wasn’t an option! It has all the bells and whistles you could ever want. Lots of interesting choices by the architect. It will take the right buyer though. Not really child friendly single family home as much as rock god or dot com lifestyle pad.
20% over asking for 1039 Noe seems like an insane bid. I guess that there are still a few buyers who aren’t paying attention to the market. I think it’s a dead cat bounce type of a sale. But there are clearly some folks who want to be in Noe Valley at any price. I think that an earlier post predicted buyer’s remorse for this sale. At $2.6M and nearly $1,100 psf, I agree.
Yes, the buyer of 1039 Noe was clearly not paying attention to the market. Apparently neither were the other 11 bidders who put offers on the place…
nooooo- it did not include the art- that went back to mom.
[Editor’s Note: Thanks for setting the record straight. And if mom ever feels like moonlighting, have her drop us a note.]
“Yes, the buyer of 1039 Noe was clearly not paying attention to the market. Apparently neither were the other 11 bidders who put offers on the place…”
Dave, you don’t know what those 11 people actually bid, so your statement is nonsensical.
I talked to a neighbor about his underpriced property that was eventually sold in the Marina. He got 5 offers. 3 were UNDER the asking price that was already low to begin with. 1 was at the too-low asking price. Only one was over. Here’s the killer: it was 15% over. That bidder could have bid .001% over asking and won the home.
I’m sure every agent in the area was “breathless” when they told their clients how the 5 bids proved the market was ON FIRE, and all, but the reality is 4 of the 5 bids my neighbor got were absurdly low. I’m sure that the fear the winning bidder had when he learned there would be multiple offers caused him to bid way over what was needed.
Kudos to you Dave, for trying to convince people that 12 bids means anything. If I stand on the street corner and offer $20 bills for $19, if I had lots of takers, Dave would say the market for $20 bills is ON FIRE. And not point out the fact that if you underprice anything, you get a lot of hopeful people coming out of the woodwork.
And kudos to the real estate agent of the winning bidders I described above: that agent scared the buyers into placing a bid far higher than they needed to place, and in the process secured the commission for himself.
The Nasdaq is going to drop near its 52 week low tomorrow. Folks, we may have ourselves a few less tech millionaires to bid Noe Valley to the sky and another real test for the superstar cities theory coming soon.
Sorry folks, this was a gorgeous house – from the 4 car garage to the stunning kitchen, outdoor space and outdoor shower. Bottom line was, market or not, someone obviously loved it enough to pay $2.6 Million for it, had the money, and I’ll bet, will be very happy there. I doubt anyone was coerced into paying more than they wanted to – you guys are pretty silly.
Did anyone find out who bought it? Jake?
Tipster you are just full of it.
I was surprised because you are usually a very sensible poster.
The 2.6M did shock me, but I’m certain that if there were 12 offers, most of them (if not all) were above asking. 12 offers indicate a large interest in today’s market, especially winter, and it’s safe to assume many of the offers were well above the asking price.
Either way, it’s possible that the 2nd highest offer may have been 2.3/2.4M-ish range.
Someone – let’s not making any assumptions…
We don’t know what those 12 offers were. We don’t know if they “were well above the asking price.”
Comments are closed.