Purchased for $1,230,000 in December 2003, the remodeled Noe Valley home at 350 Valley returned to the market in September 2009 but was withdrawn in December after a price cut in October (last asking $1,499,000).
And while it hasn’t been re-listed for sale (yet), 350 Valley is now available for rent at $5,800 per month. We’ll let you run your numbers. And we’ll also note a rather attractive and modernized four bedroom Victorian on 22nd Street (number 3711) that’s also available for rent at $5,900 per month, asking once again.
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]
∙ Rental: $5800 / 3br – 2.5 ba – Striking/High End Renovated Home [Craigslist]
∙ Rental: $5900 / 4br – Beautiful 4 bed/2.5 bath Victorian in Prime Noe Valley [Craigslist]
Good to see these rentals coming back down to earth. There are close to fair market rents. I guess we will see. Everyone was asking 8k for these types of homes 6 months ago
Curb had a nice post on the 3711 22nd street a few days ago.
$5800/mo is “fair market” rent? Ho ho ho.
Think “recession/depression,” “unemployment,” “foreclosure,” “bankruptcy,” “budget cuts,” “eternal war,” “bank bailouts,” “Big PhRMA bailouts,” etc.
They’ll be lucky to get $3800.
Here’s the Curbed post that auden refers to:
http://sf.curbed.com/archives/2010/01/08/more_dangling_beds_and_antlers_in_noe_valley_victorian.php
Note the dangling beds in one of the bedrooms — this time not folding into the ceiling!
Guess again, two beers. You should see what $3800 gets you in Noe. I think $5000 +/- a little is where this should be at on the current rental market.
My understanding is that 22nd street isn’t actually the whole home. If you drive by there is a second door that looks like it belongs to an inlaw – its address is a 1/2. The curious lack of commentary around the garden (and the suspiciously small amount of space described for the garage – one car and two closets for the whole ground level) make me think someone else would be living under you. That would justify a meaningful discount for the rest of the home and makes this not the far off the old 8k asking prices from a few months ago.
Note that the driveway in the photo on the left uses the grass plantable lattice pavers. The developer created quite a nice looking (and permeable) frontside without sacrificing parking or greenery.
The house is two units (down the side alley and at the garden level) and the owner illegally converted the attic space into living space in their renovation. The narrow winding stair to the attic was added after the renovation was signed off. The owner considered herself “the mayor of 22nd Street” and caused problems for other neighbors that were doing work on their houses. Then she went and created that illegal space. An example of the typical “I’ve got mine, you can’t have yours” attitude so common here in SF. Shame!
Then why didn’t someone turn the “mayor of 22nd st.” in?…
Why haven’t you turned her in noearch, that is a good question.
For Sale: $1,395,000