4552 19th Street: Dining
With a $300,000 cut late yesterday, the recently renovated 4552 19th Street in District 5 joins the high-end million dollar (and over 30%) price cut club. Now asking $2,999,000 or $1,300,000 less than what was expected in October.
Also reduced late yesterday, 3271 Baker Street is now listed for $2,275,000. Hitting the market last July asking $3,395,000, expectations for the recently renovated (hmm…) Marina home have been lowered by $1,120,000 or 33% over the past seven months.
3271 Baker Street: Hall
Keep in mind that MLS based industry reports on the state of the San Francisco real estate market now reflect 33 days on the market and a 12% drop from its “original” list price of $2,595,000 in January for 3271 Baker Street.
But hey, what’s six months, $800,000 and 20% between friends?
∙ Listing: 4552 19th Street (6/4.5) – $2,999,000 [MLS] [4552-19thst.com]
∙ Listing: 3271 Baker Street (4/2.5) – $2,275,000 [3271bakerstreet.com]
4552 19th Street Joins The High-End Half-Million Dollar Cut Club [SocketSite]
Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
Less Great Expectations: 3271 Baker Drops Its New Year Asking 24% [SocketSite]

43 thoughts on “4552 19th Street Joins The High-End <strike>Half</strike> Million Dollar Cut Club”
  1. You must be mistaken.
    I’ve been repeatedly assured by the professionals that buyers for high end properties would be completely unaffected by any economic issues and that prices for high-end homes would be immune.

  2. It looks like a lot of imaginary specuvestor wealth has disappeared with these two properties.
    The original listing prices never made sense anyway, and it looks like the market is teaching these specuvestors a useful lesson.

  3. 750 psf for a COMPLETELY redone family view home with a fantastic layout in Noe? It’s simply astounding how fast the market is falling.
    I’d be shocked if this isn’t gone in a week, there’s always one buyer ready to go, but I can only imagine what prices will be like in a few months!

  4. Can someone explain what is going in the backyard at 4552 19th? If you look at photo 31 on the MLS and look to the right you will see a staircase heading away from the house and a door to what looks for all the world like a war time bunker …

  5. 3271 Baker was well overpriced even if the market had not changed.
    And so is 16 Commonwealth in Jordan Park, ridiculous at $4.3, about double what he paid.
    The profession of flipping is endangered.

  6. Conifer – I literally laughed out loud when I saw the listing for 16 Commonwealth.
    Hope springs eternal, I guess.

  7. “The profession of flipping is endangered.”
    People want to live in SF so every dwelling will sell … at some price. Whether that price will justify replacing currently run down dwellings with nicer ones I do not know. The only thing I do know about flipping is that it’s a lot easier to turn a profit when prices are generally rising than when they are generally falling. In a couple of years only the pros will be left, but that’s not a bad thing.

  8. The same lister (and developer?) at 16 Commonwealth also had the NW corner of California and Scott, and that didn’t seem to sell, but left the market. Also overpriced for its location.

  9. curious, yes the bunker is the garage, with artificial grass on top of it.
    This isn’t a great part of 19th to put a huge family home IMO. The demographic is couples and singles without children. It’s also not the part of the Castro that the new hetero families moving in seem to pick- they like near dolores park, or near noe. Which limits the buying pool considerably for a 6/4. Also, wrong price point for the neighborhood. But besides that, minus the facade, the home is pretty well constructed and looks nice on the inside.
    I wonder if it will move at this price?

  10. curious: that’s the garage. from the site: ‘The TWO CAR GARAGE is at the rear of the property and accessible from the rear alley.’

  11. I’m not an expert on these areas, but I always thought that 4552 19th is Eureka Valley. However, an “expert” once told me that $900 psf there was “easy”, lol.
    In the earlier thread on this property (in October 2008,when it was asking $3.75M), poster “76 Caselli Smackdown” threw out a $2.8M estimate of what 4552 19th should have been asking. Looks like we’re getting closer. The market’s gotten a little worse, though. The specuvestors and listing agent should have paid more attention to the peanut gallery.

  12. LMRiM, snark not needed. Everyone knows its commonly called the Castro, but is still referenced on SF Realtor maps and some other maps (including city maps probably) as Eureka Valley. It is most commonly known by San Francisco residents as the Castro.
    But you already knew that.

  13. Crap, I mixed this one up with another and didn’t recheck the map. Not Noe by a long shot.
    Thanks for correcting me, Auden.

  14. Sorry tipster, I thought you were doing that on purpose to make it appear that this house was a sign of brand new quality construction in Noe sinking like the titanic. (It sort of is, but this house is not an example of it.)

  15. Eddy, 3.3 for 16 Commonwealth? That’s under $800 psf.
    I think it depends on how quickly the seller chases the market down. If he dropped to 3.6 tomorrow, I bet it would sell easy ($850 psf). Great location, superb layout and A++ condition. If he chases the market down, maybe it sells for less. It doesn’t look like the economy is going to get better any time soon.

  16. I still love this house (on 19th) except for the facade.
    I have no idea what it should be or was worth, since I think all San Franciscans have gone insane with their pricing, but it is very pretty.
    that said, given the square footage (4000+ sq ft), this is one of the more reasonably priced homes that I’ve seen in SF for a while.
    the danger is the neighborhood. It’s a great neighborhood and I would live there in a second… but it’s not quite “there” yet. Thus, one must wonder what will happen if RE pricing continues to fall.
    Location Location Location matters most in down markets.
    if I was forced at gunpoint to buy in SF now I would restrict to Pac Heights, Cow Hollow, Sea Cliff, etc… I’d even avoid Noe, because as many of you know I still don’t consider it in the same leage as the above 3.
    I’ve lived in gentrified areas that ungentrified (if that’s a word)… not interested in that again.
    (FWIW: I don’t anticipate Noe to fall into a slum or something… but wouldn’t be surprised for it to fall back to upper middle class again… whereas I doubt that will ever happen to Pac Heights).

  17. 4552 19th St. is in the Castro, not Noe Valley, as has been noted above. And don’t the flippers know that we gay boys want to do our own fluffing, not buy somebody else’s already done up place? They will learn on this one.

  18. LOL Noe is not in the same “league” as Pac heights, cow hollow, etc.
    Tell that to people shelling out 6M to live there.

  19. Tipster, you’re pretty much dead on I think. 16 Commonwealth is pretty fabulous; only a little too close to California St. It is a little high IMO. Given that 123 Laurel still hasn’t sold and is on the better side of the street; granted it needs work — but has a lot of potential. My guess is that it get’s pulled from the market. 3388 Clay just went into contract and it looks like it’s 960/psf if is sells at asking. I’m sure the buyer looked at 16 Commonwealth. 3388 is a little nicer finished, and has pretty nice views. If we throw out the 1040/psf that 16C is asking and use 3388 as a comp; I’d say that there is a very real discount of ~$100/psf for views/location and ~$25-50/psf for finishes that knock 16Cmwth down to $830psf or so.
    I’m sure there are some flaws in my assumption / logic but this is just one persons opinion.

  20. Tell that to people shelling out 6M to live there.
    I would if I knew’em. They are fools IMO to spend 6M on a fairly newly gentrified hood. Pac Heights has been an established top nabe in SF for many decades.
    It wasn’t long ago (1990’s) that Noe left the middle class. it’s nouveau riche to the extreme. it’s also highly dependent on the South Bay. in a major downturn we all know that Pac Heights will still be one of the top neighborhoods in the city. with Noe it’s not quite as clear. it may again return to middle/upper middle class. It would suck to pay $6M to live in a middle class neighborhood.
    Like I said, I’ve lived in neighborhoods that ungentrified (degentrified?). I’d hate to shell out Millions for the privelage.
    Pac Heights is SF’s Beverly Hills/Bel Air
    Noe is SF’s West Hollywood.

  21. Who cares? the only question you should ask yourself is: Do you enjoy living there?
    Anything else is pointless. You should always try to buy less than more.

  22. The people who have paid $6M to live in Noe Valley total is 0, right? 625 duncan got close for a brand new house 2 lot custom everything etc. etc.

  23. 123 Laurel was just pulled off the market. A sub $3M home in one of the best parts of the city can’t sell. My guess is they didn’t get a single offer at their original, or their reduced price. Crazy market.

  24. I personally don’t think Noe ever really was anything but an upper-middle class neighborhood, the very few $3M+ sales notwithstanding. Even the new sales at the top never averaged higher higher than $1.5M.
    I guess it depends on what qualifies as “upper class” but in my mind the $200-250k family income crowd does not qualify, at least not in this city, where two mid-career police officers or firefighters can make that pretty easily. Or two mid-career employees in most jobs that require a college degree.

  25. Oh, I agree with you on the “degentrification” pressure, since the demographics of immigration is going to tend to put population pressure on the Mission which could easily expand as a result. This was probably more likely 10 years ago than today though.
    If you really wanted to feel secure in your investment, a place like Forest Hill or Jordan Park is probably a better bet. I tried to make that case to my wife, but she nixed the area because of the fog. We ended up just staying put, which is probably just as well.
    If I had to pick a neighborhood in LA to identify as being like Noe, I would pick Venice though, not W. Hollywood.

  26. The list price for 4552 19th Street has just been reduced another $404,000. Now asking $2,595,000 or $1,704,000 (39.6%) under its original asking this past October.

  27. Also, the latest 13% cut is a sensible strategy IMO, and kudos to the seller for being brave enough to try it. It’s large enough to garner attention, and says that the seller is serious. I bet this is in the ballpark to move – I’ll throw out a wild guess of $2.5M as a selling price (what is this site if we can’t engage in reckless amd wholly uninformed speculation?).

  28. The big question here is whether if this kind of house is a white elephant or if this what the future looks like for this neighborhood (along w/Eureka Valley and Noe). Redos like these are so extensive (and quite pricey) that I doubt we will see many of them again before long.
    This is why I side for the first option (albino pachyderm variety). The numbers cannot work with overall construction/holding costs when resale $/sf is low. At 750-850 to 1000/sf, the pressure was there to unlock sweat equity. At 650, it’s more doubtful. At 500 or under it will be a no brainer: better keep the place as it is.
    I’ll bet 2.35M.

  29. And with a list price of $2,595,000 or $1,704,000 (39.6%) under its original asking, 4552 19th Street is in escrow “firm.” We’ll let you know when it closes.

Leave a Reply

Your email address will not be published. Required fields are marked *