As a reader has already noted, 576 30th Street closed escrow this past Friday (4/11/08) with a reported contract price of $2,195,000. Purchased for $2,125,000 in December of 2006, the sale represents annual appreciation of 2.4% over the past sixteen months.
That being said, do consider the words of a plugged-in (and perhaps pleasantly surprised) neighbor:
I’m betting it goes 1 to 2 percent less than what it sold for last time, neighborhood improvements essentially cancelling out market floundering.
I live at 30th and Noe, a block downhill from this place, and can honestly say I prefer it to 24th Street. We have a bunch of new restaurants like La Ciccia, Pescheria, and Toast, which have opened since this house last sold. We have Drewes Brothers and Church Street Produce, neighborhood institutions that just get better and better. At long last our new park — the Upper Noe Valley Rec Center — is nearly done. It’s a $10 million project that includes new playgrounds, gyms, field, dogwalk, seating areas. The construction process has been painfully slow (One Rincon was built in less time) but I think the park, a full city block, will be one of the best rec centers in the city.
So I think you could argue that downtown Noe Valley — which by the way is a leisurely 10-15 minute walk from our part of town– has not improved one iota in the last five years while outer/upper noe has blossemed.
At the same time, and a few blocks closer to 24th Street, 1420 Douglass was withdrawn from the market after three months and a one hundred thousand dollar price reduction. Purchased for $1,945,000 on 8/09/2007, 1420 Douglass was last listed for $1,995,000 without finding a buyer.
∙ Another Modern Apple Is Up On The Noe Valley Tree: 576 30th Street [SocketSite]
∙ Another Look At 1420 Douglass (And A Reader’s “Lazy Noe Indicator”) [SocketSite]