CFAH

111 Hoffman
Purchased for $2,100,000 at the end of August 2005, 111 Hoffman ended up being taken back by the bank in September 2009 without an opening bid of $1,533,000 on the courthouse steps. It then returned to the market in December asking $1,469,250.
This past Friday, the sale of the Noe Valley single-family home closed escrow for a reported $1,500,000 ($566 per square foot), 3% over asking but 29% under its sale price in 2005.
Another Bank-Owned Multi-Million Dollar (In 2005) Noe Valley House [SocketSite]
Bank Owned In Noe: Is There (Another) Doctor In the House? [SocketSite]

Comments from Plugged-In Readers

  1. Posted by diemos

    Well here’s hoping that no one used that 2.1M number as a comp.

  2. Posted by wow

    Interesting outcome. There was a market at 1.5M but not at 1.533M on the courthouse steps. The difference? Not enough all cash buyers ready to bet this was a good deal? Maybe the pros didn’t see an obvious upside there at these prices. Anyone knows how much of this purchase is real cash vs. other people’s money?

  3. Posted by anonn

    The issues of this property were thoroughly discussed in the other thread(s) about it. If it was used as a comp it was used as a comp along with dozens of other properties that still command the ~2M+ range in the area.

  4. Posted by diemos

    Meanwhile on Hoffman a 945K total fixer a block away, with no garage, probably in need of 700 – 800K worth of work, and a backyard completely flanked by dozens of windows from a development above and behind, is probably going to fly into contract within the next week.
    Posted by: anonn at January 6, 2010 12:48 PM

    So how did that turn out?

  5. Posted by anonn

    Despite what I heard — and shared — it didn’t fly into contract. What did you ever hear or share on here? You think that one’s a wrap? The next time you have an opinion other than general sardonic dismisiveness will be the first I’ve seen in a while.

  6. Posted by what

    parts of noe valley are to close to the nortenos and surenos gangs in the mission.how are prices in noe valley holding up compared to places like st francis woods ,lake street etc.?

  7. Posted by tipster

    Here’s another one:
    “This is a great data point, let’s see what is actually goes for. The bank has priced it to move.
    I will guess $1.75M. Any other estimates?
    Posted by: NoeValleyJim at December 8, 2009 12:55 PM”
    1.5M (actual price) *1.16 = 1.74, so you were a bit over 16% higher than the market price, NVJ.
    Perhaps it’s time to recognize that prices are falling faster than you think.

  8. Posted by wow

    Despite what I heard — and shared — it didn’t fly into contract.
    For a total fixer in Noe at 945K? Our dear Sparky who often voices his dismay at these crazy flipper prices should be very happy to hear that! This market is getting realistic at last.

  9. Posted by anonn

    You don’t have the credibility to belittle other people’s guesses. Go look at something you talk about once out of every 100 times. That would be a start.

  10. Posted by The Milkshake of Despair

    $566/sq.ft. sounds a lot more reasonable than what Noe had been getting during the boom. I hope this translates into smaller houses.
    “parts of noe valley are to close to the nortenos and surenos gangs in the mission…”
    True, but this gangsta proximity seems to be entirely irrelevant for Noe.

  11. Posted by anonn

    For a total fixer in Noe at 945K? Our dear Sparky who often voices his dismay at these crazy flipper prices should be very happy to hear that! This market is getting realistic at last
    I viewed it with Sparky. And I listed its issues. We didn’t even like it for 750. That’s why I expressed surprise at the CW surrounding it.

  12. Posted by charlie

    Anonn – where did you list out the issues with the 945K fixer? I can’t find the thread. I agree with you on valuation (and the market seems to agree). The open house was surreal – the house was a mess with rotting food in the kitchen and a horrible stench was in every other room. Best of all, the son of the owner (who apparently occupies the property at times) was lying in bed watching TV the whole time. The icing on the cake if it wasn’t the smell was the door to nowhere cordoned off with caution tape. I heard the owners had a deal in place for this one but I guess they backed out when they saw the condition of the property and the possibility of having a squatter too. All in all, this was the worst open house I have ever attended.

  13. Posted by wow

    True, but this gangsta proximity seems to be entirely irrelevant for Noe.
    Correct. Any time you have a hill you have peace in SF. Think of the crazyness of Broadway in NB. Go one block up Kearny (if you dare!) and you’d think you’re in another universe. For Noe, it seems to be both 24th up Dolores and Liberty Hill that create the hurdle.

  14. Posted by Anon E. Mouse

    $2.1M in 2005 = $2.31M in 2009 when adjusted for inflation. Quite a big drop on this one — 35% real drop, 29% nominal.

  15. Posted by anonn

    Any number of pockets of criminal activity can be found in this small city that are closer to nice areas than, say 21st and Florida is to Hoffman street. I didn’t think that post was serious in nature.
    Charlie, I just said the property needed 700 to 800K, was practially viewless, garageless, and backed up to a towering property behind it. The yellow tape and the squatter I didn’t even get into.

  16. Posted by lolcat_94123

    Big drop. I blame the “new internet marketing guy.”

  17. Posted by anonm

    1.5M (actual price) *1.16 = 1.74, so you were a bit over 16% higher than the market price, NVJ.
    But in fairness, he technically did have the closest guess, even if it was over by a substantial amount. No one else guessed.

  18. Posted by diemos

    “What did you ever hear or share on here?”
    If you have a sweet tooth you should try the caramel salted pot de creme at starbelly. It’s delicious.

  19. Posted by EBGuy

    Does this mean that 869 Alvarado will finally throw in the towel?

  20. Posted by NoeValleyJim

    1.5M (actual price) *1.16 = 1.74, so you were a bit over 16% higher than the market price, NVJ.
    Perhaps it’s time to recognize that prices are falling faster than you think.

    Sure, this is a good data point. Let’s see what 1606 Castro goes for before we get too excited.
    Willing to make a guess on it? I have not seen it (and did not see this one) so it is a little hard to make an estimate based only on the MLS listing.

  21. Posted by tipster

    1606 is a tough call. That looks like a very good buy in 2006 on 1606 Castro: I think they’ll do OK. It’s a very pretty interior, so I think they could easily clear their 2006 price if they can get it sold soon.

  22. Posted by EBGuy

    NVJ, Don’t know if this is in your immediate vicinity, but 1081 Noe St just (Jan. 19) went back to the bank for $850k; originally bought for $571k in 1999. Hmmmm, how’d that happen?

  23. Posted by sparky-b

    Meanwhile on Hoffman a 945K total fixer a block away, with no garage, probably in need of 700 – 800K worth of work, and a backyard completely flanked by dozens of windows from a development above and behind, is probably going to fly into contract within the next week.
    Posted by: anonn at January 6, 2010 12:48 PM
    “So how did that turn out?”
    It didn’t fly into contract, but it’s in contract now.

  24. Posted by anonn

    Right. Diemos, will you turn down the snark now that I’ve proven you incorrect for the 500th time?

  25. Posted by diemos

    “will you turn down the snark”
    No can do, amigo. Courage! 687 days left.
    “proven you incorrect”
    me!? I don’t recall saying anything about this property. I was curious how it had turned out.
    “is probably going to fly into contract within the next week”
    Since it did not fly into contract in the next week I am unclear on the basis for your victory dance.
    BTW, did you get a chance to try the pot de creme?

  26. Posted by anonn

    See, I said “probably” but you still found it snark worthy. All-star Snarkworthy, and that is why you fail.

  27. Posted by anonn

    See, I said “probably” but you still found it snark worthy. All-star Snarkworthy, and that is why you fail. Oh. I’m not a dessert sort of guy. Unless the dessert happens to be Porto or something like that.

  28. Posted by eddy

    Back @ 1.75?

  29. Posted by eddy

    The new listing says, “A Rare Opportunity”. Ugh, how is 3 times in 6 years rare?

  30. Posted by [anon.ed]

    No can do, amigo. Courage! 687 days left.
    That was 538 days ago. It’s not looking good for you.

Add a Comment

Your email address will not be published.

Recent Articles