CFAH

1470 Noe: Kitchen
If you’ve been plugged-in to SocketSite since 2006 you probably already know that 1470 Noe once belonged to Mr. Moises Alou. And that it was on the market in October of 2006 asking $1,949,000 (closed escrow for $1,865,000 in January of 2007).
1470 Noe: View
You’d also know where to find a few interior shots of the home despite the fact that its new listing at $1,850,000 doesn’t offer any (or at least not yet). Oh, and that Moises paid $1,875,000 for the property in March of 2005.
∙ Listing: 1470 Noe (3/2.5) – $1,850,000 [MLS]
Another On Noe (1470 Noe Street) [SocketSite]

Comments from Plugged-In Readers

  1. Posted by anonn

    Moises and co. were trippin on that 1.949M asking. I remember it well. Backyard, location, stairs = all issues. Nice home tho.

  2. Posted by LMRiM

    I’ll take a wild stab at predicting this one. If it sells at all, it will sell for about $1.575M, resulting in a roughly $350-400K capital loss after transaction costs, selling expense, etc.
    Waiting a year or two will result in worse losses IMO.

  3. Posted by Jeffrey W. Baker

    Compared to others I have seen at similar prices, this interior floor plan is a standout winner.

  4. Posted by unearthly

    What’s with all the Friday listings lately? Bunch of 3/2’s in Noe listing on Friday; other recent 3/2’s include:
    414 27th St. is selling for $1.55M; purchased 4/30/07 for $1.55M
    3963 22nd St. is selling for $1.3M; purchased 1/29/06 for $1.34M
    4271 24th St. is selling for $1.7M; purchase 8/1/05 for $1.48M

  5. Posted by anon

    who is moises?

  6. Posted by RenterAgain

    Yes, I have my eye on 3693 22nd Street and also on 3917 26th Street, asking $1.349M and purchased in 2/2004 for $986K.
    There’s also 70 Vicksburg, a 4/2, asking $1.549M, purchased in 7/29/2005 for $1.41M.
    There have been so few sales in Noe recently that it’s hard for me to even make a guess at what these will sell for.

  7. Posted by another anon

    anon: Ever hear of a search engine? Sheesh.
    He’s a baseball outfielder.

  8. Posted by Ebro

    Might want to give the house an extra deep-cleaning: http://slate.msn.com/id/2100652/

  9. Posted by Debtpocalypse

    You can read about Moises in Exoidus.

  10. Posted by Grimwood

    hfs, Debtpocalypse – that was brilliant! 🙂

  11. Posted by someone

    I saw this house when it was originally sold to Mr Alou just after the renovation.
    It has it’s problems as anonn pointed out, BUT the comps unearthly pulled are totally irrelevant. This place is worth at lest $250K more than any of them.
    Having said that I was looking at the house next door when it was sold as a fixer 2 yrs ago and decided to pass, and surprisingly a greedy developer went and built something very similar to this one, albeit larger and in some ways nicer and tried to flip it in today’s market for an extra $1M
    Whatever….

  12. Posted by sparky-c

    why a “greedy” developer?

  13. Posted by Chiu-Chi Chen

    Looks like a interesting home that might sell a lot lower then it was sold because of the market and its current conditions.

  14. Posted by sf

    I don’t think “rich” people realize, they live in tract homes. All their homes look the same. YAWN.

  15. Posted by anonn

    I don’t think you realize what on earth you’re talking about. But hey, it’s Socketsite. The website of “blanket statement snark.” TM
    (was that proper use of “fake quotes” ? TM)
    (I’m a “fake quotes” newbie.)

  16. Posted by sf

    This is the future home of a “rich” person. There is a difference between rich and “rich.” Don’t see the difference? Maybe you’re stuck in quotes.

  17. Posted by sunnyvalesteve

    after following Ebro’s link above I’m out of the market for this one…eeeeeww!

  18. Posted by anonn

    “Maybe you’re stuck in quotes.”
    Do you know what, I don’t think we disagree. I think interior design tastes have been stuck on suck for about 10 years. However, this particular house does not look like everything else, facade wise.

  19. Posted by someone

    @sparky
    Because the developer of 1466 (is it you??) built a house with many similar issues to 1470, identical location which suffers from this very terraced structure with crappy backyard. 1470 during good times couldn’t cross the $2M, and in both times sat on the market for few months.
    Why would you think your exit is so much higher? They originally listed it at $2.895 and that’s post-Lehman which is truly retarded
    BTW, 313 Duncan is in contract immediately following a price reduction, which I suspect was a counter offer to the final buyer.
    I expect it to close in the $2.3M-ish range.

  20. Posted by sparky-C

    someone,
    I am not the developer. I looked at it and passed for all those reasons as well. But from your description I see the buyer being a stupid developer, but not a “greedy” one.

  21. Posted by someone

    @sparky
    We are in agreement. All I’m saying is that greed often leads to stupid decisions.
    The most amazing thing to me is that fixers haven’t adjusted much.
    If you could flip a +3K sqft house for the $2.7M you could justify $1M for a lot. Now that these are selling for the 2.3M range. Lot prices need to move back to 600K to make any sense.

  22. Posted by anonn

    313 Duncan will turn a tidy profit. They got that one for 725 …. and that is what fixers should be costing doggone it! I wonder what would have happened if they had priced it at a flat 800 a foot to start with. I bet they would have sold it a lot sooner. The Duncan property is sort of like 234-236 Valley, if anybody remembers that one, than it is like the ~3M view homes Noe has seen. There have only been nine sales over 2.8M in Noe Valley.

  23. Posted by Geo

    Yes, I have my eye on 3693 22nd Street and also on 3917 26th Street, asking $1.349M and purchased in 2/2004 for $986K.
    And 3917 26th just reduced to $1.298 today….

  24. Posted by anonn

    1470 Noe is in contract with a 1.85M list.
    also in contract today: 286 31st ave 1.8M list, 731 Douglass 2.15M list, 123 Laurel 2.995M list.
    That’s the most larger ticket contract activity I’ve seen in one day for some time.

  25. Posted by anonn

    Oh, also 501 El Camino Del Mar is in contract with a 1.88M list

  26. Posted by Auden

    Hi Socketsite Editor – Since 1470 Noe was featured as a soon-to-be apple, would you consider a follow up post? Also a note of interest that may well be worth mentioning- Noe has had 44 sales so far this year, the most of any neighborhood in the city by 21 sales. Not reporting on this actually seems odd in my opinion, since this site is following all things market related. We all know we are in a recession and volume/prices/expectations etc. are falling, so data like this is interesting to people like myself who are watching the market. I favor a balanced approach.

  27. Posted by anonn

    1466 Noe got into contract today

  28. Posted by SocketSite

    The sale of 4271 24th Street referenced by a reader above closed escrow on 3/24 with a reported contract price of $1,620,000.

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