Purchased for $1,410,000 in August 2002, 636 28th Street sold for $1,600,000 in January 2005 (effective annual appreciation of 6% per year from 2002 to 2005) and then sold for $2,100,000 in March 2007 (effective annual appreciation of 13% per year from 2005 to 2007).
The Noe Valley four bedroom is back on the market today and asking $1,895,000 ($673 per square foot), a sale at which would represent effective annual depreciation of 3% per year from 2007 to 2010 (a drop of 11%).
Other Noe single-family apples back on the market this week include 1610 Sanchez (purchased for $907,000 in 2005, listed for $849,000 today), 4214 26th Street (purchased for $1,553,000 in June 2007, listed for $1,495,000 today).
And as previously noted, 1420 Douglass returned to the market today asking $1,549,500 (purchased for $1,945,000 in 2007).
what happened to the lap pool it had a few years ago?
$1k/sq for the 2/1. Gutsy!
Do you think there is enough data now where one could mine the socketsite “apple” postings to create a meaningful price index?
We were the owners of this between 2002 and 2005. It’s a great house, but on a very steep street, which meant as soon as you stepped out the door, you fell over. My mother used to warn my relatives, “bring your suction cup shoes.” The reason it didn’t appreciate more until 2002 is that the previous owner asked too much when he tried to sell it and it sat on the market. We were surprised it was still there when we checked again later as we loved the design (although the living room area is small). WE offered a lot less and got it. Everything is built very well and all the built-ins are of great quality. As for the lap pool, that thing was a disaster. It was old and cost a ton to heat. The first month we were in there, we accidentally left the heater on and the first utility bill came in at $1200! While it may have looked good in a listing, it was really pretty bad and inefficient. So we had it chopped up and removed the thing and put in a new hot tub and decking.
Not much in the way of SFH homes in NV under 850K so it will be interesting to see how much interest 1610 Sanchez generates. 861 square feet is really tiny but there does appear to be some additional unwarranted space and the yard looks really nice.
In this market if the seller gets an offer for 799K the should take it.
Here are my predictions:
1) 1610 Sanchez sells for a little over asking.
2) 4214 26th St. sells at 5-10% under current list.
3) 636 28th St. doesn’t sell at this price point and is withdrawn.
UPDATE: The Noe Apple At 1610 Sanchez Drops…But Not Yet Into Our Cart