Never mind transaction costs or whether or not a one year hold typically makes for a good return in real estate, instead focus on the apples-to-apples aspect of the listing.
Purchased for $1,200,000 in August 2009, the Eureka Valley condo at 3563 21st Street with “designer finishes & city views” is back on the market for $1,149,000 today. A sale at asking would represent a 4.3 percent drop in value for the property over the past year.
In the words of a plugged-in tipster, “has the market stabilized since August 2009 or not?”
∙ Listing: 3563 21st Street (2/2.5) 1,570 sqft – $1,149,000 [MLS]
Whats a matter, couldn’t stand the Jline, in the backyard? oh and why does the agent say “minimalist” design (which seems to be misused a lot here in SF). This is not minimalist at all, agents should be forced to take a couple crash courses in architecture or at least interior design before they run around trying to cop 3%
Taunting with the pistons I see…
It’s not sold yet so who knows on this one. But buying new construction is like buying a new car. There is a premium, and instant depreciation. So, make of it what you will….
“instant depreciation” the new “instant equity”.
The home is nice, but I agree it is maybe contemporary and definitely not minimalist. Clearly move in condition, although I would paint a few rooms and rip out the cheap baseboards and put in nicer ones, but I’m particular about that.
Love the kitchen work triangle.
Floors are nice.
always loud living next to MUNI. I’d think anybody who lives in SF would know that.
But buying new construction is like buying a new car. There is a premium, and instant depreciation.
this is a good point, but I hadn’t heard that in a while. I would argue that this was clearly not the case during the RE bubble years… back then people would buy new, flip it right at sale for a profit, and then flip it again 1 month-2 years later for yet another profit. perhaps we are finally getting back to rational thought? that one needs to buy and hold for 10-20 years for it to make sense? That would be nice.
that said, @eddy: was the seller the first buyer of this place? it was built in 2008. did it sit empty for the first 1+ years?
of interest to me is how to correlate this not-yet-closed data point with the oft-stated fact that SF has been up YOY the last year or so…
if this sells at asking it will be a drop. if this price was set to encourage a bidding war then we’ll have to see. If this just sits here again we’ll just have to see.
all that said: today is a very different market than Aug 2009. In August 2009 many people believed in the ridiculous V-shaped recovery “green shoots” meme, and stocks were still in the latter stages of their stratospheric bear market rally.
today, not so much.
ex SF-er, may i plumb your knowledge for a minute? from which pictures can you ascertain the quality of the baseboards? please understand that i’m asking as someone who views a “kitchen work triangle” as the proximity of freezer – microwave – wine glass.
This is actually a great home. The J Line is very quiet and not obtrusive in the least. The design is certainly contemporary but minimal in comparison to most (ie plumbing fixtures, lighting fixtures, etc).
I doubt this will go above asking but it should sell quickly at/near asking.
Thanks for the early morning chuckle, marina girl ! I like your work triangle.
You can see on photo 11/23 that the baseboards are a basic paint grade wood composite. There are actually cheaper baseboards which look like this but are narrower. Higher quality baseboards are made from real wood. You rarely ever see paint grade pine/fir baseboards anymore because the composite versions look identical and are cheaper. The most expensive baseboards are made from hardwoods like oak and can take a clear finish.
In my opinion the most expensive option is no baseboard at all because it requires such skill to pull off interfacing the floor and wall with a clean line. And then you’ve got an ongoing maintenance issue.
^pulling off .5″ recessed baseboard, now thats skill!
Beautiful. I really like this place. Very nicely done.
marina girl – put the wine glasses in the cupboard over the microwave and you are all set.
i’m asking as someone who views a “kitchen work triangle” as the proximity of freezer – microwave – wine glass.
Brilliant 🙂
ex SF-er, may i plumb your knowledge for a minute? from which pictures can you ascertain the quality of the baseboards?
milkshake answered it perfectly.
On a side note: I’m really snobbish about baseboards, and so I do wood ones, and no they are not painted white. (the horror!).
My baseboards are 16 inches tall. I like BIG baseboards. I also like baseboards with more detail. the ones above are just boards.
mine are shaped something like this but they are 2x taller and mine are nicer wood and also stained. (with “American Century Stain” a stain that was popular 100 years ago… but that fits my 100 year old home).
http://farm4.static.flickr.com/3641/3365642947_340d2c5eb6_m.jpg
I mixed my 1909 home with slightly contemporary but casual furniture and very contemporary wall colors so the house doesn’t have a “grandma” look to it at all.
on a side note: I do like white baseboards, but it is criminal to paint 100 year old baseboards white, so I didn’t do it. I restored them for lots of money.
If I were buying new I’d probably go with a paint grade wood or maybe a composite and paint it white, but I still want detail and TALL baseboards.
no thin boards for me!
lastly: the baseboards above aren’t terrible, I would just replace them myself. But they would work for 99.99% of people, most of whom couldn’t care less.
thanks for the discerning eyes and the depth of knowledge. always appreciate the insights.
agree with SF You; the J is about as subtle as a 30-ton vehicle can be.
“close to the J Church line” HA…….
Try…..” just jump from you deck to the J Church line” The J car runs directly under your window in this unit. It was overpaid in 2009 after sitting for a while and it will sit again.
Dare I say it will sell around $1mil if they are lucky >
The J Church noise is not the problem here, it’s the homless people hanging out at the Muni stop just below the baclony. The owner was the first buyer of the project, there is still one unit on the market(house next door), and is moving for family reasons. The building is well built, with lots of nice features. However, I’m surprised they didn’t do a better job of cleaning the place. It’s in pretty disgusting shape right now. Especially the bathrooms…Yuck!
The list price for 3563 21st Street has been reduced to $1,095,000 after a month on the market. Once again, purchased for $1,200,000 a year ago.
Having fallen out of contract, the list price for 3563 21st Street has been reduced to $1,039,000. Once again, purchased for $1,200,000 a year ago.
And didn’t this sell for $50,000 under asking last time? So by the logic of some here, the current asking is really a drop of 17% rather than 13.5% since the 2009 “bottom.”
Someone correct me if I’m wrong, but don’t most of the condos in the Castro in this price range have 3 bedrooms or more? Is that what’s keeping this place down? Hard to believe they paid $1.2M for this in 2009.