3342 Divisadero: Living
Two and one-half months ago 3342 Divisadero hit the market with a list price of $1,295,000. Two bedrooms (but only one bathroom), two car parking, top floor, remodeled, and in the heart of the Marina (District 7).
Five weeks ago the list price was reduced $46,000. And yesterday, the price was reduced another $44,000. Now asking $1,195,000. That is $45,000 more than the contract price of two years ago (which would suggest annual appreciation of 1.9% over the past two years). But if a plugged-in tipster is correct, both the kitchen and bath have been remodeled since (which might effectively suggest no appreciation at all).
∙ Listing: 3342 Divisadero (2/1) – $1,195,000 [MLS]
Apples To Apples: 3342 Divisadero (2 Bedroom Condo In The Marina) [SocketSite]

21 thoughts on “An Update (And Reduction) For A Marina Apple To Be: 3342 Divisadero”
  1. So,if it sells at asking, a couple of twentysomethings will get a fresh start, having spent 150K over the cost of renting, when all is said and done. They had to spend a couple of miserable months. So money that could have gone to law school or biz school will now instead line the pockets of the realtors and mortgage industry, likely representing a lifetime of lost earnings.
    And this from a home that appears to have appreciated in value.
    The good news is, for all the downside, they DID get to paint the walls. Mostly, they painted them white.

  2. Wow — what’s with all the negative/snarky editorializing today: “2 bedrooms (but only one bathroom)”, “on more stable ground in the marina” and so forth?

  3. actually, I wouldn’t call the “one bathroom” remark snarky… as it could be a reason why this home isn’t selling fast.
    a second bathroom is huge.
    It would be truly a bad sign for RE if this home didn’t sell and it was 2Br 2Ba
    as for the “more stable ground” I found it more tongue in cheek than snarky
    however, the moderator is clearly a little more down on RE of late, at least since I joined a year and some ago…
    as for the property: IMO it’s nice enough… in the end the owners will likely have paid a fair amount to live here… and if I am to believe what I hear every day then the owners are likely rich and won’t mind losing money.
    at least someone else will be able to live there now.
    the terrible truth is that at some point housing needs to fall in value. I just don’t see it as a “good” thing that people are so overextended in terms of housing costs here.

  4. Why all the negatives for this beautiful property?This is the best value in the Marina right now. Dollar per square foot $800.00 Top Floor and remodeled kitchen and bath. I have seen the garage and the parking is 2 car spacious.The building has had full seismic retrofit for earthquakes. I would think an investor would purchase this as the rents are so high now. This would rent for $4500 a month. Marinagirl have you seen this?

  5. “So money that could have gone to law school or biz school will now instead line the pockets of the realtors and mortgage industry …”
    Jeesh. How do you know the evil realtors did not send their kids (or themselves) to law school or biz school? Are you seriously suggesting lawyers and MBA’s have more nobility than salespeople (I’d have let you slide with medical school)?
    People sure are grumpy this morning! 🙂

  6. Jane – you seem to know the Marina market well. Would you care to predict its sales price ?

  7. I think it’s about 20% over valued based on the $4500 rental, but I’ll venture it will sell for $1,160,000.

  8. Is the two car tandem parking for this unit, or, shared with the downstairs neighbor?
    If the latter, as bad as only 1 bath is, it is a hell far more palatable then sharing tandem parking with a neighbor. the mere thought…

  9. agree with janeknowsbest that this is a relative deal in the marina (especially with the love fest going on with the $2.695M Avila street property). it’s priced right now and i predict it will sell for asking. the parking is 2 tandem spots for THIS unit. with some creativity you could cut out the DR/Kitchen wall, smallen the kitchen and add a half bath behind.

  10. @jane:
    i’m sorry; i haven’t seen the place (other than the daily stroll-by), but it looks very nice. i agree with your assertion that it would rent for $4500ish. as such, i still see the rent/own equation as being severely imbalanced, so i can’t begin to be serious about looking to buy something like this in this price range.
    incidentally, i was chatting with a realtor who told me “san francisco is an appreciation market.” i saved myself a four-hour arguement by not mentioning that i thought we’d see a ‘negative’ thrown in ahead of ‘appreciation market’. 🙂

  11. honestly, i don’t think this wold rent for a penny over $3500/month. I have many friends in the area that pay significantly less for a comparabel 2bd 2ba, even peoplee who have rented recently.
    I think this property sells for under $1M.

  12. i guess we’re paying too much in rent, then. yikes! on the other hand, if rents are that much cheaper, i should feel better about my intuition wrt that rent/buy imbalance. seems to be more out of whack than i’d guessed, and certainly more out of whack than where we traded into it. 🙁 bah. the two parking spots at this place (3342 divis) are pretty sweet, though, and getting more timely by the day. with today’s oil prices i can’t afford to take my car out of the garage anymore. divisadero is right on the 30 muni line, conveniently enough.

  13. If I remember correctly, the DQ data indicates that the market has been pretty much flat since ’05. This “data point” seems to conform with that. Perhaps I am missing something?
    (I already know the bulls have been cheering D7 of late)

  14. I think the market is sideways at best these days, but a well located flat in the Marina will still draw good demand. I don’t consider Divis. to be a very good address though. No trees and a bus line out in front. Nothing special, IMO.

  15. agree that fair rent is closer to $3500 than to $4500 but I challenge anyone to find a recent comp in distric 7 that suggests this property is worth less than a million.
    ….and i’m NOT a bull on SF real estate. if the agent is listening and is OK with $999K, write me back and i’ll be over with a check in 5 minutes. at that price, in the upper tax bracket, the buy/rent seems like a wash.

  16. Hi resp at 5:12p, no harm in writing an offer at $999K. You never know. Every month is another wad of dough down the drain for these sellers and times will get worse before they get better IMHO.

  17. Why haven’t we heard from “Sleepiguy” on this one?
    He must be on vacation…Sleepiguy, if you are out there we need your opinion, please!

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