In July 2008 a newly remodeled three unit TIC project hit the market in Noe Valley. At the time, 1278 Church was listed for $1,395,000, 1280 Church was listed for $1,245,000, and 1282 Church was listed for $1,365,000.
The sale of 1278 Church ended up closing escrow in September 2008 with a reported contract price of $1,368,000 while the list prices for 1280 and 1282 were reduced the very next month and then eventually withdrawn without selling.
Public records would suggest 1280 Church ended up selling for $950,000 in June 2009. And yesterday, 1282 Church Street returned to the MLS asking $1,195,000.
∙ Listing: 1282 Church Street (3/2) 1,550 sqft – $1,195,000 (TIC) [MLS]
∙ Newish Construction In Noe: Three TICs At 1278-1282 Church Street [SocketSite]
∙ Second Mover’s Advantage In Noe Valley? (1278-1282 Church Street) [SocketSite]
$770 a sq/ft…say what? That’s a lot for Noe Valley, let alone a TIC with tandem parking.
When backpacking through Bali an outdoor shower in the middle of lushes gardens makes perfect sense. In foggy and urban SF I can’t image using this for anything more that dog bathing. But let’s be honest the buy buying this has a dog that gets spa treatments at Wags. What a waste.
$770 a sq/ft…say what? That’s a lot for Noe Valley, let alone a TIC with tandem parking
Don’t forget being forced to constantly rewind your dvr/dvd player since the noise from the J train drowned out the most important part of the dialog.
Are these things currently in the lottery?
Ahh, the old first unit “comp” trick. Fortunately, no one fell for it. Anyone doing anything but laughing at the sales price for the first unit would have been out $300,000 in a year.
Ignore the first unit or two. Either it’s a legitimate sale to a complete buffoon, or a manipulated sales price. Do your comps with the rest of the neighborhood, and beware of all of the manipulations that are in the rest of the neighborhood as well.
Japan real estate prices fell 87% in ten years: you have all the time in the world. The buyer of 1280 church saved $300K by ignoring the first unit comp and waiting less than a year.
Remember back a few years ago when this building, before the full remodel, was perhaps Noe Valley’s ugliest building..and known as a drug house as well.
The remodel is awesome, clean, fresh, modern. But I still bemoan the fact that the developer/owner did not plant ONE single tree in front, or put in sidewalk landscaping. The current look is still harsh, with 19′ of concrete from curb to building edge. Why isn’t the Planning Dept. enforcing the rules about new planting?
Looks like this has an open house coming up. I’ll check it out. Would be fun to meet other socketsite fans there. You can recognize me because I’ll be naked, with a copy of the San Francisco Chronicle folded up under my right arm. Remember that, newspaper under right arm.
Ishmael, you still BUY the Chron?
Ishmael Jones – would you be coming straight from the outdoor shower – you know cold water makes “it” shrink
and the Chron is already a pretty small paper
[Editor’s Note: And on that note, back to the TICs on Church…]
I loved this place, wanted to buy it, but TIC and parking (and of course price) didn’t make sense when toured in July. At the time they were offering a Mini if you bought. I’d buy for $1M today if they’d kick out my tandem parking spot neighbor so I got both spots. Then I’d feel I was getting a deal.
The list price for 1282 Church has just been reduced to $1,149,000.
The list price for 1282 Church has been reduced another $50,000, now asking $1,099,000. And once again, listed for $1,365,000 in July 2008 when 1278 Church was listed for $1,395,000 and sold for $1,368,000.